9-figure funding coming to small Danish technology developer

Floating Power Plant, which works with green energy supply in hard-to-reach areas offshore, has just secured significant support from both the EU's Innovation Fund and Spanish authorities. With multi-million-euro funding behind it, the company is now working to realize its groundbreaking project: A full-scale platform that combines floating offshore wind, wave power and an advanced hydrogen plant. This unique plant is expected to take place off the coast of Gran Canaria in early 2027.

The allocated funds are directed at Floating Power Plant A/S and their Spanish subsidiary, the Danish technology developer with visions of high-quality green energy for global challenges, due to the company's innovative approach that opens the door to green opportunities that have so far been out of reach - including the creation of a reliable source of green energy offshore.

Anders Køhler, CEO of Floating Power Plant, explains:

“We are experiencing great interest from areas that have traditionally faced challenges in freeing themselves from fossil fuels. Solar and wind are natural players in a large power grid, but for areas without reliable access to the grid, solar and wind are simply too unstable for green investments to be a reality. Here, our technology can play a crucial role and help in areas where significant amounts of CO2 are currently emitted,” he says.

Started as an innovation project

The story of Floating Power Plant was accelerated through an innovation project O/G Decarb under the auspices of Energy Cluster Denmark. O/G Decarb aimed to reduce emissions from oil and gas production, where direct electrification with power cables was not an option. Here, the company collaborated with the industry’s largest players to uncover how oil and gas plants could reduce CO2 emissions from production by switching to green energy – without stopping production on days without sun or wind.

“The framework of our idea and partnerships through the Energy Cluster Denmark project has been of great importance for our development. The first revenue came last year when an energy company wanted to investigate the possibilities of electrifying offshore facilities using this particular technology,” says Anders Køhler.

Potential in the hydrogen market

Floating Power Plant has grown in line with the increasing attention. When the Energy Cluster Denmark project began, the company consisted of just a handful of employees and has now grown to 15 employees, and they are looking for more future employees.

The figures clearly show that Floating Power Plant is not only growing, but is also in full swing realizing the vision of a greener future, for example within hydrogen, where Floating Power Plant sees potential in becoming a trusted player in the rapidly growing power-to-X market, where the demand for hydrogen is expected to increase significantly in the future.

“Off-grid facilities typically face challenges in maintaining a reliable power supply unless they use a fossil fuel-powered generator. The Floating Power Plant delivers green power by overproducing energy from wind and in some cases wave power, which can then be stored as hydrogen on the platform. After we integrated hydrogen onboard, the market has truly recognized what a unique offering we have. Whether the hydrogen is used as a battery or as a product, we see enormous interest and a promising future for our technology,” says Anders Køhler.

The innovation project is a good example of what it means to collaborate on innovation, says Glenda Napier, CEO of Energy Cluster Denmark:

"The innovation project has provided a proof of concept and delivered real innovation and new solutions. The partners in the project have together demonstrated that it is possible to supply offshore oil and gas platforms with reliable, renewable energy. At the same time, they have emphasized the potential of hydrogen as an important storage option and shown that excess hydrogen as land export can provide greener gas onshore," says Glenda Napier:

"When partnerships both deliver on the green transition and create new jobs, we can only be satisfied with the result," she says.