This investment offers the opportunity to assess the application of SBM’s carbon capture expertise in the power market, using its market-ready solution to support low carbon electricity generation. SBM said it aligns with its strategic priority to offer solutions in the decarbonisation space and to broaden its client portfolio.
Olivier Icyk, Chief Business Officer at SBM Offshore, commented, "This investment underlines SBM’s willingness to invest in solutions which support global decarbonisation efforts in our industry. With Norway currently being the prime market for these solutions, we see value in teaming up with a local partner in an effort to penetrate the market. This is why we decided to partner with Ocean-Power, a reputable and well-established business in the Norwegian market."
Ocean-Power promotes the concept of “Blue Power Hub”, which generates electricity using gas turbines in association with carbon capture and storage, resulting in significantly lower CO2 emissions.
The hub is designed to supply power both to offshore assets and to the national grids, enabling the electrification of both the Norwegian Continental Shelf and the United Kingdom Continental Shelf with minimal or even positive impact on the national grid. It also allows for the balancing of renewable energy sources, such as wind power.
Erling Ronglan, CEO at Ocean-Power, said, "This partnership with SBM Offshore represents a significant milestone for Ocean-Power. SBM’s investment is a strong vote of confidence in our concept and vision for sustainable energy production. Together, we can accelerate the development of solutions that not only reduce carbon emissions but also create value for the energy market and society as such."