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Floating Power Plant Sign Groundbreaking EU Innovation Fund Grant for 26m€

Floating Power Plant, a Danish pioneer in renewable energy technology, has just signed a transformative grant agreement with the European Commission's Innovation Fund of 26 m€. This agreement solidifies the EU's commitment to propel Floating Power Plant’s flagship project, SEAWORTHY, into the forefront of sustainable energy innovation.

SEAWORTHY, an acronym for "Sustainable dispatchable Energy enabled by wAve-Wind OffshoRe plaTforms with onboard HYdrogen," stands as a groundbreaking initiative that aims to redefine the future of renewable energy. The project integrates floating wind and wave resources to generate electricity while utilizing excess power to produce and store hydrogen, marking a pivotal breakthrough in the pursuit of dispatchable renewable power offshore and the decarbonization of hard-to-abate areas.

Image2 EUFunding Andy Kohler OSCEO Anders Køhler signing the EU Innovation Fund grant for 26 m€. (Image credit: Floating Power Plant A/S)

Anders Køhler, the CEO of Floating Power Plant, expressed his excitement about this historic development, stating:

"The formalization of this grant agreement marks a key moment not just for Floating Power Plant but for the entire renewable energy landscape. The EU's steadfast support underscores the maturity, potential, and viability of our technology. With SEAWORTHY, we are on the precipice of demonstrating the commercial benefits of integrating wave and wind energy with hydrogen production and storage." Carsten Sonne-Schmidt, Vice-Chair of Floating Power Plant, echoed the sentiment, stating:

"This collaboration exemplifies the power of visionary partnerships in driving the energy transition. SEAWORTHY is not just a project; it's a testament to our collective commitment to sustainable and dispatchable energy solutions. As we embark on this journey, we are confident that our innovative approach will become a new benchmark for what is possible in hard-to-abate areas."

Floating Power Plant is at the forefront of developing offshore floating solutions for areas such as off-grid platforms and remote islands that have traditionally been hard to electrify and for green hydrogen. The combination of technologies employed by Floating Power Plant creates game-changing dispatchable, reliable, renewable energy. As these technologies mature, the company also aims to deliver large-scale, cost-effective green hydrogen as an export product.

3 Illustration of the Floating Power Plant platform 1Illustration of the Floating Power Plant platform with electrolysers, hydrogen storage, and fuel cells on the deck. Also shown is the spread mooring system. (Image credit: Floating Power Plant A/S)

The SEAWORTHY project, situated off the coast of Las Palmas in the Canary Islands at the PLOCAN test site, is poised to elevate Floating Power Plant's proprietary technology from Technology Readiness Level 6 (TRL6) to TRL8. This ambitious leap will be achieved through the construction, testing, and operation of a commercial-scale demonstration platform featuring a 4.3 MW wind turbine, 0.8 MW wave energy converters, and cutting-edge electrolyzers with hydrogen storage and a fuel cell.

"The signing of this grant agreement is not just a formality; it's a catalyst for expedited deployment of our technology. It positions Floating Power Plant to swiftly validate our innovative approach and contribute significantly to the global transition to sustainable energy," emphasized Anders Køhler.

The SEAWORTHY project is poised to validate the technology's immense potential and readiness for broader adoption, aligning seamlessly with the European Union's commitment to fostering clean and sustainable energy solutions.

Carsten Sonne-Schmidt added, "This project has the potential to reshape how we generate and utilize renewable energy. It aligns perfectly with the European Union's vision, recognizing the pivotal role of innovative companies in driving the global energy transition."

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