Following a recent private placement, the Japanese shipping behemoth Mitsui O.S.K. Lines, Ltd. (MOL) has acquired stock in the Norwegian developer of floating wind technology Odfjell Oceanwind.

The deal brings in a sizeable amount of money that will be used to further bolster Odfjell Oceanwind's status as a pioneer and leader in the field of floating offshore wind technologies. The major shareholder in the business will continue to be Odfjell Technology Ltd. and the direct investment made by the Odfjell family, according to MOL.

With the help of the strategic alliance, Odfjell Oceanwind is now able to go forward with its plan to support and collaborate with offshore wind farm developers to realize floating offshore wind projects based on exclusive Deepsea technologies.

This follows the previously announced collaborations for the continuing Utsira Nord seabed lease competition with Source Galileo, a European platform for investments in renewable infrastructure, Kansai Electric Power, a sizable Japanese utility firm, and Ingka, the investment arm of IKEA.

The Deepsea floating offshore wind technologies are alleged to provide special advantages in terms of standardized and DNV-approved designs for large 15MW+ conventional offshore wind turbines suitable for cost-effective deployment to numerous locations, including the most hostile regions currently designated for floating offshore wind.

For the GoliatVIND and UtsiraVIND projects, as well as for other INTOG and Scotwind projects and for a total of 50 GW of projects globally with COD before 2035, the Deepsea Star semisubmersible foundation design in steel has already been chosen.

According to CEO of Odfjell Oceanwind Per Lund, "MOL is a quality investor who perfectly complements our existing shareholders." "As one of the biggest shipping firms in the world, MOL operates more than 800 ships and has a fast expanding service offering appropriate for floating offshore wind. MOL brings to Odfjell Oceanwind unique resources and experience that will be crucial in the future. With a rapidly expanding international exposure, Odfjell Oceanwind is in a position where its strong presence on the global market fits very well.

We are excited to join Odfjell Oceanwind as we see significant possibilities in their technology with a strong history and background from Odfjell Drilling and Odfjell Technology, said to Masayuki Sugiyama, Executive Officer, Responsible for Wind Power Projects Unit, MOL. As one of the shareholders, we are totally committed to helping to accelerate Odfjell Oceanwind's vision to become a global leader in floating offshore wind technologies. This strategic relationship is a wonderful fit for both firms' cultures.

Japan's Largest, Japan's Largest Shipping Company, Invests in a Norwegian Floating Wind Company