Berkeley, CA (USA), November 16, 2015 – Principle Power, Inc. (Principle Power) is pleased to welcome new equity investors for the WindFloat Atlantic Project in Portugal. EDP Renewables, Mitsubishi Corp., Chiyoda Corp., Engie, and Repsol announced today the creation of a consortium to implement the project.
Additionally, Principle Power has signed a cooperation agreement with Shell for the continued development of floating offshore wind technology. The agreement leverages the collective expertise of Principle Power, in the design of floating offshore wind foundations, and Shell, in the deployment of floating offshore oil and gas platforms worldwide.
We are excited to have such a strong consortium, of industry leaders investing in such an important project for Principle Power,” said João Metelo, CEO of Principle Power. “It is also a great privilege to welcome Shell as a technology partner. Shell provides our team access to an unparalleled knowledge base, crucial in realizing the WindFloat as a paradigm shift, in both cost and risk, to the offshore wind industry. Today’s announcements represent key milestones on the path to commercialization for the WindFloat technology and further demonstrate its financial viability and competitiveness.”
About Principle Power
Principle Power, founded in 2007, is a technology and services provider to the offshore wind industry. Principle Power’s major shareholders include EDP Ventures (the EDP Group corporate VC), Repsol Energy Ventures (the Repsol Group corporate VC), ASM Industries, and Portugal Ventures. Principle Power’s innovative and proven technology, the WindFloat – a floating wind turbine foundation – provides access to transitional and deep-water offshore wind sites. This unique technology assists the ongoing development of the offshore wind industry as a whole, opens new deep water markets, and has the potential to substantially decrease the cost and risk profile of offshore wind projects. Principle Power, with offices in the USA, Portugal, and France, sells the WindFloat as a technology solution and acts as a service provider to developers, independent power producers, and utilities engaged in the rapidly expanding global offshore wind market.
Shell is a global group of energy and petrochemicals companies with around 92,000 employees in more than 70 countries and territories. Shell uses advanced technologies and takes an innovative approach to help build a sustainable energy future.