Aker Solutions has recently made its entry in the area of floating wind power with a notable investment in the company Principle Power Inc. The alliance brings the engineering expertise of the company in the field of offshore oil and gas into the steadily expanding renewable energy industry.
Aker Solutions holds vast experience in the development of offshore oil and gas fields, with particular expertise in floating facilities. With this partnership, the company will be able to bring to a broader market Principle Power’s innovative floating wind turbine technology.
The company sees a huge opportunity in the field of offshore floating wind turbines wherein the demand is rapidly rising owing to the increased focus on transitioning from high-carbon fossil fuels-based energy to a cleaner future. The company is hopeful that combining its capabilities with Principle Power’s innovative technologies will help bring advanced solutions in the field of offshore wind power, bring down costs and risks for consumers, and spur further developments in the field.
The collaboration could also help Aker strengthen its leadership position and lead to wider developments in the area of offshore wind energy. Offshore wind energy industry is likely to expand at a promising pace, with the installed capacity expected become more than double of 2016 by 2022. The scenario is thus conducive for Aker’s entry into the renewable energy industry. The company has bought an initial 5% in Principle Power and is planning to increase the stake to 10% by the end of this year.