Ocergy secures investment for floating wind technology

In: Windfarms

Ocergy, Inc, announced it has secured investments from Moreld Ocean Wind (MOW) and Chevron Technology Ventures (CTV) which will support the commercialisation of its OCG-Wind Floating Offshore Wind Turbine (FOWT) technology and OCG-Data environmental monitoring buoy.

Ocergy stated its floating offshore wind turbine foundation has the potential to meet local supply chain and industrialisation requirements with clear value, and the OCG-Data buoy technology enables integrated environmental data-gathering and support for biodiversity.

"We are delighted about this partnership as it will allow Ocergy to advance and commercialize its innovative technologies,"
said Ocergy CEO Dominique Roddier. "With MOW onboard we gain a trusted partner who will be able to provide an EPCI solution for OCG-Wind, a key requirement for many of our clients. We are excited to have gained Chevron's investment and look forward to potential opportunities for their guidance and expertise executing some of the most complex offshore projects in the world," said Roddier.

CTV has a 22-year history of investing in startups across in energy innovation and has track record of collaboration to bring innovation to scale. The Ocergy investment is made from CTV's Future Energy Fund which identifies technology solutions needed for the energy transition including, industrial decarbonisation, emerging mobility, and energy decentralisation.

"Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale,"
said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. "Ocergy has developed technology that could be part of the solution to enable more affordable, reliable, and ever-cleaner energy in a marine environment."

In addition to funding, Moreld announced the formation of MOW, a company focused on delivery of engineering, procurement, construction, and installation (EPCI) contracts in the Floating Offshore Wind Industry. The Moreld Group has experience in the floating offshore wind space, with competencies within FEED, marine services and product solutions. Moreld is owned by funds managed by HitecVision, a private equity investor in the European energy industry specialising in investments in renewable energy.

MOW has recently hired industry veteran Kristian Ravn to serve as the company's CEO. Mr. Ravn has held multiple C-level management positions in companies executing both green and brown field projects.

"MOW will be the spearhead of our combined knowledge within the Moreld group of companies,"
said MOW CEO, Kristian Ravn. "MOW will bring project execution and technical expertise to fully integrated and dedicated EPCI project teams to execute swiftly and flawlessly our EPCI contracts. Supported by our parent- and fellow subsidiary companies, MOW will be able to work with developers to ensure projects are delivered on schedule and on budget," said Ravn.

Ocergy outlined that this investment positions the company as a potential to compete for gigawatt-scale commercial projects and the Cooperation Agreement signed between Ocergy and MOW provides a platform for executing commercial-scale projects for Ocergy's OCG-Wind solution worldwide.

"Closing this investment in the midst of the Covid-19 pandemic demonstrates the importance for our industry in bringing innovative solutions to further lower the Floating Offshore Wind levelized cost of energy, while focusing on local supply chain and industrialization requirements",
said Roddier.

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