Norwegian offshore service provider Aker Solutions has invested in floating wind power technology company Principle Power, forming an alliance that brings its offshore oil and gas field engineering expertise into a fast-growing renewable energy market.
Aker Solutions purchased an initial 5% stake in Principle Power and will increase this to 10% by the end of this year. It has the option to increase ownership further at a later stage.
The company believes that the partnership will help bring Principle Power’s technology – an innovative floating foundation for offshore wind turbines, known as WindFloat – to a broader market.
“We see a major opportunity in offshore floating wind where demand is growing in the transition to a low-carbon future. Combining our capabilities with Principle Power’s technology will help advance floating solutions for offshore wind, reducing costs and risks for customers and spurring further growth in the sector,” said Luis Araujo, CEO of Aker Solutions.