Principle Power was founded on the belief that competitive floating offshore wind technology is necessary to unlock the massive deep water renewable energy potential of the ocean.
Offshore wind resource offers a tremendous opportunity to meet the world's imperative need to decarbonize. The International Renewable Energy Agency estimates that offshore wind alone can power planet earth 18 times over.
Offshore wind is the world’s fastest-growing renewable technology. It captures energy more efficiently than most traditional and renewable energy sources, such as coal or solar. With capacity factors ranging from 40-60% and individual projects that can power 1 million homes (GW-scale), offshore wind is globally placed at the forefront of the fight against climate change.
Over 80% of global offshore wind resource is located in waters deeper than 40 meters, where traditional fixed-bottom foundations are no longer economically viable.
Principle Power has proven the WindFloat® in several projects over the past decade. The emergence of proven, cost-competitive floating platforms like the WindFloat® enable any coastal nation to tap into their local offshore wind resources, unleashing a massive source of local renewable energy towards targets for climate, energy independence, and renewed economic development.