Japan’s Mitsui OSK Lines (MOL) has become a shareholder in Norwegian floating offshore wind specialist Odfjell Oceanwind.
The size of the investment was not disclosed, but Odfjell Oceanwind said the transaction “generates significant capital” which will be used to further strengthen the company’s position in floating wind.
The deal follows the recently announced partnerships with Source Galileo – a European platform for investments in renewable infrastructure, Japan’s utility Kansai Electric Power and Ingka, the investment arm of IKEA, for the ongoing Utsira Nord seabed lease competition.
Earlier this year, Odfjell Oceanwind launched a foundation design capable of taking 15 MW and larger wind turbine generators (WTGs). Named the Deepsea Star, the floater is a column-stabilised, semi-submersible steel design with centre WTG tower, designed to take the weights and loads from the larger wind turbines that will become available for floating wind from 2025 onwards.
The foundation design has already been selected for the GoliatVIND and UtsiraVIND projects and is currently being considered for several INTOG and Scotwind projects, and for a total of 50 GW of projects globally.
MOL established its offshore wind business in 2021 and has since been growing its marine renewables footprint with a number of technology investments, mostly focused on floating wind. The company earlier this week announced a partnership with floating wind developer EDF Renewables, a subsidiary of France’s utility EDF, to cooperate on the development of the offshore wind sector and to pursue opportunities in green hydrogen.
“This strategic partnership perfectly matches with both companies’ culture, and we, as one of the shareholders, are fully committed to contibute to the acceleration of Odfjell Oceanwind’s ambition to be a global leader in floating offshore wind technologies,” said Masayuki Sugiyama, executive officer at MOL’s wind power project and carbon power solution unit.
Odfjell Oceanwind was founded in 2019 by Norwegian floating wind pioneers Jon Erik Borgen, Eystein Borgen and Geirmund Aasbø. In 2020, Odfjell invested in Oceanwind and renamed it Odfjell Oceanwind. In early 2021, the second-largest Nordic operator of onshore wind, Aneo, and the leading Norwegian investor Blystad Group became shareholders.
Odfjell Technology, combined with the Odfjell family’s direct investment, will remain the largest shareholder in the company.
“MOL is a quality investor that perfectly complements our existing shareholders”, said Per Lund CEO of Odfjell Oceanwind. “Being one of the world’s largest shipping companies operating more than 800 ships, and with a rapidly increasing service portfolio relevant for floating offshore wind, MOL comes with valuable resources and experience that will be important to Odfjell Oceanwind in the time to come. ”
