Jones Act WTIV startup Bleutec lands EnCap Investments backing
Jones Act offshore wind turbine installation vessel (WTIV) player Bleutec has secured a capital commitment from compatriot private equity firm EnCap Investments.
The Houston-based company s developing a so-called proprietary binary marine installation solution (BMIS) which is said to enable a cheaper alternative to heavylift jackup WTIVs currently being employed by the offshore wind sector for foundation and turbine installation.
The BMIS is comprised of two dual-fuel construction vessels – a piling installation vessel (PIV) and a WTIV-Light – coupled with accommodation and marine support from a service operation vessel (SOV) for commissioning and long-term operation and maintenance.
The PIV will feature a gantry crane, capable of lifting up to 4,500t, a hydraulic hammer, and deck space for the piles. The WTIVL will install wind turbines of up to around 22 MW on the foundations and the SOVs will provide the necessary accommodation and crew support services.
“We’re excited to partner with Bleutec and help accelerate the management team’s vision to innovate in the deployment of renewables to the US offshore wind sector,” said EnCap energy transition managing partner Tim Rebhorn, adding that the Bleutec team is a natural fit with the EnCap energy transition portfolio.
The Bleutec team is led by Robin Bodtmann and Bo Jardine, both of whom have engineering, construction, and project management experience in the US offshore industry. Bodtmann founded Bleutec in 2019 and serves as the chief executive officer and president.
“Partnering with EnCap, a strategic capital provider with a strong track record facilitating portfolio company growth, provides the necessary support for Bleutec to quickly develop our Jones Act vessels in order to build our competitive advantage in this nascent market,” added Bodtmann.
Financial details were not disclosed, but Bleutec said its management would invest alongside EnCap in the company.
