New entity to strengthen competences and build expertise in fast growing sector
Zurich, Switzerland, March 5, 2012 – ABB, the leading power and automation technology group, has signed an agreement with Inocean AS Norway, to set up an engineering services joint venture specializing in offshore wind integration projects.
ABB will have a majority shareholding in the new entity, ABB Inocean AB which will be located in Gothenburg, Sweden, a region with a shipbuilding history and recognized as a resource base for offshore industry expertise. The new entity will undertake design, engineering and project management activities including fabrication supervision of platforms required for offshore wind connections supplied by ABB. The move is aimed at accelerating the build-up of offshore competence to support ABB’s growing offshore wind power integration business.
Offshore wind power is a fast growing sector with significant potential and is estimated to contribute as much as 100 gigawatts (GW) of additional renewable capacity between 2011-2025,with Europe accounting for around 70 per cent. Many of these offshore wind farms will be located far from shore to benefit from higher wind speeds, lack of obstructions and minimum aesthetic impact. This requires the power generated by wind mill turbines out at sea to be collected on offshore platforms and then transmitted through cable connections to onshore stations for further distribution.
“Offshore wind power is a growing business for us and this joint venture will further strengthen ABB’s competence and expertise in this area,” said Martin Gross, head of ABB’s Grid Systems business, within the company’s Power Systems division. “This joint venture and our recent cable and semiconductor expansion investments, reinforce our leading technology and market position and reiterate our commitment to support the increasing contribution of renewable energies aimed at minimizing environmental impact”.
ABB has already been entrusted with four large offshore wind connection projects - BorWin 1, DolWin1, Dolwin 2 and Thornton Banks and is uniquely positioned with a complete in-house manufacturing portfolio that includes power semiconductors, high voltage sea and land cables as well as AC and DC converter stations.
"The establishment of ABB Inocean AB marks an important milestone for us and provides a unique opportunity for expanding our presence in offshore renewable energy," said Jon Erik Borgen, CEO, Inocean AS. "We are delighted to have the opportunity of teaming up with a global technology leader like ABB, who has already established a track record in this space.”
Inocean is a naval architecture firm that delivers design and engineering services to the maritime industry, worldwide. The company is headquartered in Oslo, Norway and has offices in Poland, Sweden and Brazil.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 135,000 people.