Octopus Energy’s generation arm has invested in Ocergy, which aims to make floating offshore wind farms across the world become cheaper and faster to build.
Ocergy has an innovative approach to designing and manufacturing floating foundations, drastically reducing the time and cost of building them, according to Octopus.
Headquartered in the US and has operations in France, Ocergy is pioneering a hyper-local supply chain approach, working with local manufacturers and creating green jobs in the areas where the turbines are installed.
Further efficiencies are unlocked through Ocergy’s lighter and modular designs which make the turbine foundations easy to transport and assemble at their final destination, Octopus said.
The green tech disruptor is already working with over a dozen major developers across multiple GW of projects, with their first foundations to be installed by 2025/26.
Octopus’ investment will help commercialise Ocergy’s tech and fuel the company’s rapid expansion into new markets.
It will also enable it to grow its cutting-edge environmental data and biodiversity monitoring system, the investor said.
The investment is made on behalf of Vector, Octopus Energy’s offshore wind fund launched at the end of last year.
It marks the latest milestone in the company’s plans to turbocharge the rollout of offshore wind globally to reduce fossil fuel reliance and boost energy security.
Floating foundations are used in areas with coastlines that are too deep for foundations that are fixed to the seabed.
Around 80% of global offshore wind resources are located in deep waters, underscoring this technology’s vast untapped potential.
It comes as governments across the globe have set ambitious targets for floating offshore wind. The UK alone is targeting 5GW of floating offshore wind capacity by 2030.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Tech and innovation are fueling the energy revolution globally, so we’re always on the hunt for game-changing solutions that accelerate progress.
“Ocergy’s groundbreaking approach has the power to slash the costs of floating offshore wind – and with our investment they will get there faster, paving the way for cleaner, greener energy systems across the globe.”
Dominique Roddier, chief executive of Ocergy, added: “At Ocergy we are incredibly enthusiastic about this collaboration with Octopus Energy Generation.
“It will empower us to scale up our operations and concentrate on delivering both pre-commercial and large-scale floating offshore wind projects.
“There are lots of synergies between Octopus’ forward-thinking efforts in offshore wind and Ocergy’s accomplishments to date – and we foresee significant boost in the bankability of our projects as a result.”