SeaTwirl SIGNED

Project "SeaTwirl" data sheet

The following table provides information about the project.

 Partnership

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Map

 Project objective

Offshore wind is stronger, steadier and more frequent than onshore. Existing solutions in this industry are bottom-fixed and floating wind turbines, both based on Horizontal Axis Wind Turbines technology and marked by certain limitations. Bottom-fixed turbines can only be installed in waters of up to 50m depth, while floating ones struggle to produce energy at a competitive cost, mainly due to very high CAPEX/OPEX. SeaTwirl opens up this vast market potential with a disruptive offshore turbine that combines the Vertical Axis Wind Turbine technology with an effective and smaller spar-buoy. SeaTwirl has key advantages over competition: -Economic: it’s cheaper; has -14% CAPEX, -22% OPEX & -46% DECEX, less service & maintenance; -20% LCoE. -Technical: few moving parts; works regardless of wind direction; can be placed closer together; provides power continuously; uses the water’s buoyancy to carry the weight. -Environment: clean energy; low noise levels; safe for birds; helps protect marine environment. SeaTwirl is highly scalable too. First, we will develop S2, a 1-MW turbine which will pave the way for larger ones: 7MW (2025), 10MW (2028) & >30MW thereafter. SeaTwirl will cover the needs of offshore users without connection to a power grid: a) Isolated public municipalities (Islands/Coastal areas), b) Offshore industry companies (fish farms/oil & gas rigs). We will target these 2 buyer groups, who will acquire S2 for their own use, as well as energy distribution companies that will provide with energy those who do not wish to invest in S2. This project is key for our further development and our huge potential: the offshore wind industry is one of the world’s fastest growing sectors, estimated to grow at a CAGR of 7.7% by 2017-2025. By 2025, we expect to 1) sell 118 MW installed capacity (from a TAM of 2.570 MW); 2) reach over €105M revenues, €19,5M EBITDA, an estimated NPV of €14,3M & an IRR of 44,3%; and 5) create over 50 new direct jobs & about 250 indirect jobs.