Draft:Principle Power
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Last edited by BD2412 (talk | contribs) 14 seconds ago. (Update) |
| Principle Power | |
| Company type | Privately held company |
| Industry | Floating Offshore Wind Energy |
| Founded | 2007 |
| Headquarters | California |
| Products | WindFloat |
| Services | |
| Website | principlepower |
Principle Power, Inc, commonly referred to as Principle Power, is a global company that develops technology and offer services for the floating offshore wind energy industry. The company has developed a floating platform technology named "WindFloat." The solution consists of a 3 column semi-submersible platform that allows wind turbines to generate electricity in greater water depths.
History
[edit]In 2011, Principle Power and EDP collaborated to deploy a floating offshore wind prototype off the coast of Póvoa de Varzim in Northern Portugal. The project, known as WindFloat 1, featured 2 MW wind turbine mounted on a floating offshore wind platform.[1]
The WindFloat 1 was the world's first full-scale pilot of a floating offshore wind turbine using semi-submersible technology and delivered approximately 17 GWh of energy to the local grid before it was decommissioned 5 years later. The WindFloat 1 substructure was redeployed in Scotland within the scope of the Kincardine Offshore Wind Farm.[2]
Building upon the first project, the WindFloat Atlantic project was later developed off the coast of Portugal with an installed capacity of 25 MW[3]. Operational since 2020, the project features 8.4 MW Vestas wind turbines mounted on 3 WindFloat semi-submersible platforms. The project is owned by the WindPlus consortium, comprising EDP, Engie (Ocean Winds), Repsol, and Principle Power.
Principle Power also developed technology to Cobra Group for the Kincardine Offshore Wind Farm off the coast of Scotland. The project began generating power in 2021 with an installed capacity of 48 MW and became the largest operating floating wind farm. Principle Power has since provided operational and maintenance services for the project.[4]
In 2023, Principle Power announced a WindFloat technology expansion. The company rebranded the existing technology as WindFloat T and created a new design named WindFloat F. [5] The new portfolio was part of the company's industrialization efforts, enabling the company to cover new markets. [6]
Investments
[edit]Principle Power secured Intellectual Property rights over the "WindFloat" in 2009, following an exclusive license agreement between Principle Power and Marine Innovation & Technology three years before.[7] The companies merged in 2015.[8]
In 2020, Principle Power secured an investment of over USD 22 million from the Japanese natural gas utility company Tokyo Gas, joining the company's existing shareholder base.[9]
In 2022, the Norwegian developer Aker Offshore Wind reduced its share in Principle Power giving Aker Offshore Wind and EDP equal equity stakes in the company.[10]
In 2023, EDP transferred its stake in Principle Power to Ocean Winds.[11]
References
[edit]- ^ "WindFloat 1 Prototype (WF1) Floating Wind Farm - Decommissioned - Portugal | 4C Offshore". www.4coffshore.com. Retrieved 2024-01-13.
- ^ "Summary and Conclusions of the Full Life-Cycle of the WindFloat FOWT Prototype Project". asmedigitalcollection.asme.org. Retrieved 2024-01-13.
- ^ "WindFloat Atlantic Project, Viana do Castelo - NS Energy". Retrieved 2024-01-13.
- ^ Durakovic, Adnan (2021-10-19). "World's Largest Floating Offshore Wind Farm Fully Operational". Offshore Wind. Retrieved 2024-01-13.
- ^ Buljan, Adrijana (2023-09-26). "Principle Power Launches New Floating Wind Foundation". Offshore Wind. Retrieved 2024-01-13.
- ^ "Exclusive analysis: New Principle Power floating platform design aims to conquer global wind markets". www.windpowermonthly.com. Retrieved 2024-01-13.
- ^ Snieckus (undefined), Darius (2009-04-12). "Principle Power takes over IP rights to WindFloat". Recharge | Latest renewable energy news. Retrieved 2024-01-13.
- ^ "Principle Power Merges with Marine Innovation".
- ^ "Principle Power secures $22 million from Tokyo Gas". 4c Offshore. Retrieved 2024-01-13.
- ^ "Aker Offshore Wind to reduce stake in Principle Power". Ocean Energy Resources. 2022-02-11. Retrieved 2024-01-13.
- ^ Memija, Adnan (2023-05-26). "Ocean Winds Increases Stake in Floating Offshore Wind Specialist". Offshore Wind. Retrieved 2024-01-13.