Following an MoU signed with Norwegian company Ocean-Power in June 2024, SBM Offshore has finalised an initial equity investment in Ocean-Power.
As a result of this investment, SBM Offshore holds a minority stake in Ocean-Power, and has appointed one director who has joined the company board.
"This investment offers the opportunity to assess the application of SBM’s carbon capture expertise in the power market, leveraging a market-ready solution to support low carbon electricity generation," said SBM.
Ocean-Power promotes the concept of a “blue power hub”, which generates electricity using gas turbines in association with carbon capture and storage, resulting in reduced CO2 emissions.
Two versions of the "hub" are designed to supply power both to offshore assets and to national grids, enabling the electrification of both the Norwegian Continental Shelf and the United Kingdom Continental Shelf with minimal or even positive impact on the national grid.
It also allows for the balancing of renewable energy sources, such as wind power.