Mass-produced floating offshore wind turbines aiming to be cheaper, better and faster.
- Disruptive, green and internationally scaleable business
- 30.4% CAGR forecast from 2020-30 for floating offshore wind
- $108bn global annual offshore wind CAPEX spend by 2030/Bloomberg
- Led by an experienced team of industry experts
FloatWind Ltd aims to disrupt the £20bn offshore wind energy market with our floating turbine solution. Up until now, offshore wind farms have been installed at sea, using expensive and slow methods, in often dangerous offshore conditions. This installation process can have damaging effects on the marine environment, is time-consuming and costly. These costs are, in turn, passed directly to you, the energy consumer.
FloatWind Ltd is different. By working with global product partners, we aim to be the first harbourside floating wind turbine manufacturer, starting in the UK. By building on land and then floating our ready-to-float turbines out to sea, we aim to reduce environmental damage, substantially reduce costs, and make offshore wind energy cheaper.
The FloatWind team have decades of experience in renewable energy, specifically in the wind and offshore wind sector. FloatWind Ltd is now on the road to concept commercialisation, with this investment being used to advance the company along its Technology Readiness Level (TRL) journey.
The serviceable offshore wind market for FloatWind Ltd is expected to reach in excess of £16bn p.a. by 2030, targeting specifically offshore projects in water depths greater than 40m. We believe FloatWind Ltd can reduce the Capex (and therefore energy costs) by as much as 10% per project. In a market where the average Capex spend per megawatt is £1.57m, and the average project size is £1.3bn, this offers material savings and also greatly reduces the environmental impact.
Substantial accomplishments to date
FloatWind is a start-up company founded in 2020, aiming to revolutionise the offshore wind market. The accomplishments to date include:
- Established an experienced advisory board with senior industry specialists
- Appointed well-known communications agency Blue Communications as PR agency
- 3,000+ followers on LinkedIn gained in the last four months
- Selected for UK Innovate Edge business mentoring programme (6 months)
- Greentech South grant application to be submitted September 2021
- UK Internationalisation Fund application in preparation
- Selected for SetSquared business mentoring seminar May 2021
- Appointed international accountancy firm Azets
The FloatWind strategy for monetisation follows a carefully developed plan.
A typical offshore wind farm project in UK/European waters (2020: 96 turbines, fig. by WindEurope) has an average Capex spend of around £1.3bn. The Ready-to-Float product offering from FloatWind Ltd is approximately 76% of the CAPEX spend on a project. Other suppliers will cover other parts of the project.
The first product sale to a customer for FloatWind Ltd, based on the average size of an offshore wind farm in Europe, has the potential to be worth up to £1bn, consisting of around 100 x Ready-to-Float units. We expect the first sale in 2022/23 and therefore revenues to start flowing from 2023 onwards.
Use of proceeds
This investment will fund team growth which will enable FloatWind Ltd to develop its product and engage with customers through marketing and PR for international expansion and to scale FloatWind Ltd globally.
It will allow the company to establish and protect its IP through the development of patents, trademarks and copyright.
Invested money will facilitate drawing down grants already applied for and allows for de-risking.
Areas of priority that the proceeds will be used for include:
- Build out the team by hiring top talent
- Software development
- Assembly hub location selection
- Partnering with manufacturers
Please note, investments in this round are expected to be eligible for SEIS tax relief.
The company has £150,000 of SEIS allocation offered here on a first come first serve basis.
Investment beyond £150,000 is expected to be eligible for EIS tax relief.
Tax treatment depends on individual circumstances and is subject to change in the future.
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