Offshore oil veteran Aker Solutions buys into Principle Power

International offshore oil contractor Aker Solutions has taken a starting stake in floating wind pioneer Principle Power Inc. (PPI) as part of a deal designed to move the US company’s WindFloat technology on to the “large-scale commercial and industrialisation stage globally”.

Under the “alliance” agreement, the value of which was not disclosed, Aker Solutions will ratchet up an initial 5% share in PPI to 10% by year’s-end with the option of increasing ownership further “at a later stage”.

“We see a major opportunity in offshore floating wind where demand is growing in the transition to a low-carbon future,” Aker Solutions chief executive officer Luis Araujo said in a statement sent to Recharge.