Floating Power Plant formalizes €26M grant agreement with EU for Seaworthy project

December 5, 2023, by Amir Garanovic

Danish renewable energy developer Floating Power Plant has signed a €26 million grant agreement with the European Commission’s Innovation Fund for the Seaworthy project, which integrates floating wind, wave energy, and hydrogen production.

Illustration/Floating Power Plant's floating wind and wave hybrid concept (Courtesy of Floating Power Plant)

The Seaworthy project, short for Sustainable Dispatchable Energy Enabled by Wave-Wind Offshore platforms with Onboard Hydrogen, has been supported by the Innovation Fund earlier in 2023, along with Simply Blue Group’s Saoirse wave energy scheme.

The project integrates floating wind and wave resources to generate electricity while utilizing excess power to produce and store hydrogen, and is expected to mark a pivotal breakthrough in the pursuit of dispatchable renewable power offshore and the decarbonization of hard-to-abate areas.

Commenting on the official signing of the agreement with the EU, Anders Køhler, the CEO of Floating Power Plant, said: “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, added: “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.”

The combination of technologies employed by Floating Power Plant creates dispatchable, reliable, renewable energy. As these technologies mature, the company also aims to deliver large-scale, cost-effective green hydrogen as an export product.

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 leap is expected to be achieved through the construction, testing, and operation of a commercial-scale demonstration platform featuring a 4.3MW wind turbine, 0.8MW wave energy converters, and electrolysis 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,” noted Køhler.