About
Our vision
To establish an internationally recognised centre of excellence in floating offshore wind, which will work towards reducing the Levelised Cost of Energy (LCOE) from floating wind to a commercially manageable rate, cut back development time for FOW farms and develop opportunities for the local supply chain, driving innovation in manufacturing, installation and Operations and Maintenance (O&M) methodologies in floating wind.
Our mission and objectives:
Drive the commercialisation of floating offshore wind for the UK’s benefit – through a reduction in the UK’s carbon emissions and an increase in economic Gross Value Added (GVA).
- Establish the UK as the leading FOW market in the world;
- Establish an internationally recognised centre of excellence in FOW;
- Reduce the LCoE from FOW to a commercially manageable rate;
- Cut back development time for FOW farms;
- Develop opportunities for the UK supply chain;
- Attract investment in FOW research and development in the UK.
Photo of the Kincardine Offshore Wind Farm project courtesy of Principle Power
Funding for the FOW CoE
Core funding for the FOW CoE activity is provided by industry partners. However, this funding is utilised to leverage funding from other sources to maximise the impact of the FOW CoE and the core funding invested.
For a typical financial year the leverage of an industrial partner’s funding is estimated to be at around 25:1.
Core funding for the FOW CoE activity is provided by industry partners. However, this funding is utilised to leverage funding from other sources to maximise the impact of the FOW CoE and the core funding invested.
For a typical financial year the leverage of an industrial partner’s funding is estimated to be at around 25:1.
The FOW CoE is ultimately governed by an Executive Governance Board on which each industry partner has a single representative. The ORE Catapult also sit on this Board, alongside a representative from our Academic partners and the Department for Energy, Security and Net Zero.
Impact and Additionality
The FOW CoE recognises there is a range of relevant activity within the broader offshore wind industry and is seeking to augment this through working in collaboration and formal partnerships where this is in the interests of relevant stakeholders. More specifically, it is seeking to ensure that floating offshore wind specific risks and opportunities are considered in the short term, alongside the broader risks and opportunities for the offshore wind industry in the UK and more broadly.
Photo of the Kincardine Offshore Wind Farm project courtesy of Principle Power
The global opportunity is set to grow significantly, with potential for over 10GW of installed capacity by 2030
