Aker Solutions have confirmed investment in floating wind power technology company Principle Power, aiming to share sector knowledge of floating energy.
The Norwegian oil services company have purchased an initial 5% stake in renewable energy firm Principle Power with the intention to increase to 10% by the end of 2018.
The investment demonstrates Aker’s intention move into floating offshore wind after the success of the Statoil Hywind project off the coast of Scotland.
Luis Araujo. Aker Solutions Chief Executive Officer , said: “”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.”
João Metelo, chief executive officer of Principle Power, said: “Partnering with Aker Solutions will strengthen our leading market position and accelerate the wider development of the offshore wind industry, with floating wind acting as a key industry enabler at a time when demand is increasing globally.”
Neither Aker Solutions nor Principle Power were willing disclose the value of the deal at this stage.
