Floating Power Plant (FPP) has been awarded EUR 1.14 million for the 2 year project “Market maturation of Floating Power Plant’s Floating Wind- Wave- Energy Device – POSEIDON” under the European Union’s Horizon 2020 research and innovation programme under grant agreement No 673976 (SME program).
“This support will significantly speed up and increase the effort for the commercialisation of the UK market,” FPP said. “We greatly appreciate the EUs support/trust and the Utilities and site developers that have provide support and letters for the application.”
FPP aims to bring its hybrid concept to commercial maturity. The company said that, with POSEIDON, it aims to go a step further in its business strategy by overcoming the key barriers that may hinder the successful market uptake of its commercial-scale device – the P80. The innovation project activities will be focused in the UK (primary target market).
According to FPP, P80 is based on a patented technology, which presents several advantages when compared with current offshore renewable concepts: facilitates deployment in deeper waters; enables higher energy yields; allows a reduction in capital costs due to shared foundations, grid infrastructure, and platform (between wind and wave); and allows a reduction in O&M costs due to its unique safe harbour. Overall this translates into a reduction of LCOE (up to € 0.13/kWh), which is the ultimate objective of the EU offshore renewables industry in order to become competitive, FPP pointed out.
POSEIDON is expected to significantly enhance the profitability of FPP, with an expected turnover of EUR 1 billion, 5 years post-project.
Image: FPP