Offshore oil player TechnipFMC rides tide with stake in pioneer Orbital
Franco-American contractor inks partnership with Scottish marine renewables technology outfit to accelerate commercialisation of front-running O2 device
Franco-American offshore oil contractor TechnipFMC has taken a stake in fast-moving Scottish marine renewables outfit Orbital Marine Power to gear up commercialisation of the latter’s O2 tidal power device.
“This TechnipFMC partnership is a game changer for Orbital and the wider sector,” said Orbital CEO Andrew Scott. “Representing a significant milestone in growing the long-term value of the company, it validates our approach and proven track record of delivery.
“Working with this leading offshore energy sector integrator will accelerate global adoption of our innovative technology and support the commercial roll out of our unique vision for tidal energy.”
TechnipFMC New Energy Ventures executive vice president Luana Duffe said: “We are very excited to collaborate with Orbital in the tidal energy market. With their technical expertise and differentiated turbine technology and our integrated operating model, we will be able to scale-up our combined offering to deliver more renewable energy to the market.”
“As a growing renewable business, Orbital is uniquely placed to unlock an entirely new part of the floating offshore energy sector, complimenting global net zero transition targets. Its proven low-cost construction and maintenance model and rapid installation processes will be key to that growth,” the pair said in a statement.
Orbital plans to commercialise the technology through multi-megawatt arrays. “We believe pioneering our vision in the UK can deliver on a broad spectrum of political initiatives across net zero, levelling up and building back better at the same time as demonstrating global leadership in the area of low carbon innovation that is essential to creating a more sustainable future for the generations to come,” said Scott.
Estimates of the size and speed of the potential wave and tidal energy roll-out around the world range widely. Ocean Energy Europe, the industry’s representative body in the EU, is forecasting 100GW of installed capacity by 2050, meeting 10% of member states’ power demand.
(Copyright)