Orsted Exits France, Octopus Invests in Ocergy, Timken’s Revenue Declines, Ireland’s €100B Offshore Plan

Octopus Energy invests in Ocergy's floating offshore wind foundations, Timken's wind energy revenue declines due to China's shift toward domestic suppliers, Ireland has a €100 billion plan for 37 GW of offshore wind by 2050, and Orsted exits the French market.



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Allen Hall: I'm Allen Hall, president of Weather Guard Lightning Tech, and I'm here with founder and CEO of IntelStor, Phil Totaro, and the chief commercial officer of Weather Guard, Joel Saxum. And this is your NewsFlash. NewsFlash is brought to you by our friends at IntelStor. If you want market intelligence that generates revenue, call us today, then book a demonstration of Interstore at interstore. com.



Renewable energy provider, Octopus Energy has announced a strategic investment in California based floating offshore wind company, Ocergy. Ocergy designs and manufactures lighter modular floating. Foundations for wind turbines aiming to reduce the time and cost of building offshore wind farms.



The investment, which is estimated between eight and 24 million pounds will help commercialize Ocergy's technology and fuel the company's expansion into new markets, including the U S, UK, France, Norway, Italy, Japan, and South Korea. Now, Phil, California offshore. It's going to be almost all floating, has to be.



Does this make sense for Octopus to get in early and to basically choose a winner for a floating platform to move California offshore ahead quickly?



Philip Totaro: Yeah, this is interesting because, there are a number of companies out there with a number of floating platform designs. So that said, with the scale that Octopus Group brings in general to any investments particularly those of subsidiary, Octopus Energy you just rattled off all the countries that they want to be able to go develop projects in.



Most prominently, though, is Octopus has already co invested in some of the projects in the UK and Scotland, where they're gonna be building a ton of, it's I forget how much, it's 8 or 9 gigawatts of floating offshore in the next 10 years. Five, six years and then there's gonna be more, more to come in that market alone.



Plus all these other ones you mentioned again. So this is, I wouldn't necessarily characterize it as they picked a winner. I think they're, placing one bet on one company and they're gonna see how it goes and. They are the type to be a little bit pragmatic and they'll want to potentially spread it around a little.



But this looks like a promising enough technology that you know, given a lot of the lessons learned from. All the early stage prototypes I think this company is Ostergy is well positioned to be able to scale this technology up.



Joel Saxum: Yeah, when you look at the Ocergy technology, it's fairly simple.



It's not a high risk technology either. It's something that's been developed. It's been used in oil and gas for a long time. It's just a. Basically a triangle floater and that's all it is. So they're not taking a wild flyer on something here that hasn't been done. I think the next legitimate investment here or partnering would be make sure that you have a good mooring company as a partner in going to these floating offshore wind farms, because that's something we haven't had to do with fixed bottom offshore wind. But it's going to be a problem for floaters.



Allen Hall: Timken company, a global leader in engineered bearings and power transm...