Floating Power Plant selected for multibillion euro Innovation Fund grant support
18.07.2023
Danish technology developer and integrator Floating Power Plant A/S is excited to announce that it has been selected to negotiate a significant grant by the European Commission to support its pioneering project at the PLOCAN test site in Spain, SEAWORTHY. This grant can propel the advancement of sustainable dispatchable energy enabled by the world’s first wind-wave floating offshore platform with integrated hydrogen.
SEAWORTHY, an acronym for “Sustainable dispatchable Energy enabled by wAve-Wind OffshoRe plaTforms with onboard HYdrogen,” marks a groundbreaking initiative aimed at revolutionizing the renewable energy landscape. By combining wave and wind resources to generate electricity while using excess power to produce and store hydrogen, the project represents a critical breakthrough in the pursuit of truly dispatchable renewable power offshore.
The SEAWORTHY project will be executed off the coast of Las Palmas in the Canary Islands in Spain at the PLOCAN test site, where it will provide renewable energy from wind, wave, and hydrogen.
“We are humbled by the European Commission’s recognition of and allocated support for our project«, said Anders Køhler, CEO of Floating Power Plant A/S. »This funding allocation serves as a testament to the maturity, potential and viability of our technology. It highlights the significant role Floating Power Plant A/S is poised to play in the global energy transition. With SEAWORTHY, we aim to demonstrate the commercial feasibility and environmental benefits of integrating wave and wind energy with hydrogen production and storage.”
Floating Power Plant A/S is developing offshore floating solutions for traditionally hard-to-abate areas such as off-grid platforms and remote islands, and its combination of technologies creates game-changing dispatchable, reliable, renewable energy. As its combination of technologies matures, Floating Power Plant’s solutions will also be able to deliver large scale cost-effective green hydrogen as an export product.
The goal of the SEAWORTHY project is to advance Floating Power Plant A/S’s proprietary technology from Technology Readiness Level 6 (TRL6) to TRL8. This will be accomplished through the construction, testing, and operation of a commercial-scale demonstration platform. The platform is expected to have a 4.3 MW wind turbine, 0.8 MW wave energy converters, and electrolysers with hydrogen storage and a fuel cell. The grant selection can expedite the deployment of the technology, enabling Floating Power Plant to further validate its innovative approach.