Ocean Wind International to Sign MoU With Oil Major

Ocean Wind International reports it is close to agreeing and signing a Memorandum of Understanding with oil & gas major Petronas following extensive talks over the last three months.

HONG KONG - July 19, 2021 - (Newswire.com)

Ocean Wind International Industrial Limited, the floating wind power generation pioneer, says it is confident that it will soon agree on the terms of a Memorandum of Understanding (MoU) with Malaysian integrated oil & gas major Petronas, with a view to securing what it refers to as a "substantial investment" from the energy conglomerate to help further improve the efficacy of its floating wind turbine mooring infrastructure.

The development comes following more than three months of exploratory talks between senior executives at both companies, and it is hoped that the MoU will help establish a foundation that will undoubtedly help Petronas to accelerate its own carbon neutrality and renewable energy production transition ambitions. 

The Hong Kong-based company says it hopes to have full details of the MoU by the end of August and will make a formal announcement at that time.

Ocean Wind International is understood to be keen on improving its Poseidon turbine and platform product's stability in waters over 1 km in depth, compared with the current 800 meters in order to make Poseidon more suitable to deployments further out to sea.

Jeremy Fitzroy, Ocean Wind International's Chairman & CEO, said, "This is probably the most significant development for us and represents an exciting time for the development of Poseidon. Petronas's expertise in mooring, ballast and, of course, the financial investment to help us facilitate the integration of their technology, will hopefully come to be looked upon as a defining moment for Ocean Wind International."

Press Release Service by Newswire.com

Original Source: Ocean Wind International to Sign MoU With Oil Major