Energy

Ocean Harvesting Technologies AB has been developing the wave energy converter InfinityWEC since 2017. During 2023 and early 2024, focus has been on the ball screw actuation system in the power take-off and refining simulation models for generation six of the technology.

On March 21, 2024, the US Department of Energy's (DOE) Wind Energies Technologies Office (WETO) announced plans to invest $5.1 million from the Bipartisan Infrastructure Law in research and technology development to advance modeling and analysis for next-generation offshore wind turbine blades.

Ocean Winds (OW), the international company dedicated to offshore wind energy and created as a 50-50 joint venture by EDP Renewables and ENGIE, has acquired full ownership of the SouthCoast Wind project off the coast of Massachusetts in the United States.

The Department of the Interior announces its proposal for a second offshore wind energy auction in the Gulf of Mexico. The proposed lease sale includes four areas offshore Louisiana and Texas, totaling 410,060 acres, which have the potential to power 1.2 million homes.

Dril-Quip, Inc., a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, and Innovex Downhole Solutions, Inc. (Innovex), a global leading provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry, announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to create a unique energy industrial platform. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.

In support of the Biden-Harris administration’s goals for deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030 and 15 GW of floating offshore wind energy capacity by 2035, the Bureau of Ocean Energy Management (BOEM) announced it finalized its designation of a Wind Energy Area (WEA) in the Gulf of Maine. The Final WEA has the potential to support generation of 32 GW of clean energy, surpassing current state goals for offshore wind energy in the Gulf of Maine: 10 GW for Massachusetts and 3 GW for Maine.

DNV has handed over a Statement of Conformity to Moss Maritime for their design brief outlining the design methodology for their concept called XolarSurf. This marks a significant milestone in the development of their technology. The recognition helps pave the way for further developments for floating solar in exposed waters and the opportunity of providing clean energy close to shore without the use of area on land.

Export Finance Norway (Eksfin) is providing loan financing of EUR 525 mn to Ørsted of Denmark, one of the world's largest offshore wind developers. The financing is based on the purchase of two transformer platforms from Norway's Aibel for the Hornsea 3 offshore wind farm project in the UK. The transaction increases Eksfin's total offshore wind financing to nearly EUR 3.5 bn.

Talos Energy Inc announces that it has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC ("TLCS"), to TotalEnergies E&P USA, Inc. ("TotalEnergies") for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, combined totaling approximately $148 million. The transaction was based on an effective date of January 1, 2024 and will close later today. Talos intends to use the proceeds from the sale to immediately repay borrowings under its credit facility and for general corporate purposes.

The US Department of Energy (DOE) has selected thyssenkrupp nucera USA Inc. for a $50 million grant (pending negotiations) under the Bipartisan Infrastructure Law's investment in clean hydrogen and electrolyzer manufacturing. With this major funding from the US government, thyssenkrupp nucera aims to further expand its footprint in the North American hydrogen market and support the global transition towards a cleaner, more resilient energy infrastructure.

In support of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030, the Bureau of Ocean Energy Management announced it will initiate the environmental review of a proposed wind energy project offshore New Jersey, which would deliver clean renewable energy to the region.

Maersk Supply Service to partner with Edison Chouest Offshore (ECO) for the construction and operation of a windfarm feeder concept specifically designed for Maersk Supply Service’s next-generation Wind Installation Vessel.