Ideol and BW Offshore’s new joint venture (JV) has celebrated its first day of trading on the Oslo stock exchange.
BW Ideol attracted “strong interest” from domestic and international investors on the Euronext Growth market, raising a total of NOK 575 million (£48m).
The cash raised from the private placement will go towards funding the company’s project pipeline, working capital requirements and general corporate expenses.
Upon admission to trading, BW Offshore controls about 50% of the shares of BW Ideol.
As a result, it will maintain “significant influence over matters”, with the floating production contractor’s CEO Marco Beenen heading up BW Ideol’s board of directors.
Paul de la Guérivière, the founder and CEO of Ideol, will take up the role of CEO at the JV firm.
BW Ideol was launched to supply floating foundations to the offshore wind industry, offering its patented technology.
The company aims to become a “global leading” fully integrated long-term floating wind assets owner.
In 2018, BW Ideol commissioned the 2 megawatt Floatgen demonstration turbine, which is installed off the north coast of Le Croisic, France.
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