Floating Power Plant (FPP), a Danish offshore energy developer, has received €1.14 mln from the European Commission’s Horizon 2020 research and innovation programme.
Under the POSEIDON, FPP aims to bring its concept to commercial maturity, according to Executive Agency for Small and Medium-sized Enterprises (EASME), set up by the European Commission.
Specifically, with POSEIDON, FPP plans go a step further in its business strategy by overcoming the key barriers that may hinder the successful market uptake of its commercial-scale device, the P80.
FPP is developing a commercial P80 platform with a turret mooring system that will host a single wind turbine that can range from 2.3 MW to 5 MW.
The floating platform integrates four wave generation units as well, rated at approximately 400-650 kW each, depending on the wave climate at the selected site.
The combined capacity of wind and wave for the P80 floating power plant amounts to 7.6 MW.
According to EASME, the project activities will be focused in the UK which represents FPP’s primary target market.
POSEIDON is expected to enhance the profitability of FPP, with an expected turnover of €1 billion, 5 years post-project, according to EASME.
The project will last from January 6, 2015 to January 6, 2017.