CIERCO appreciates that we are in a transitioning energy system, driven by increasing concerns about our changing environment. Hence, we recognize the need to evolve not only into new areas of technology, but also into technology integration to maximize economic and environmental benefits as well as the fit into the smart energy system of the future.
Our interest focus on activities that center on developing consented financed marine energy sites and the commercialization of new innovative offshore floating wind technologies (including supply and maintenance operations).
New turbine size classes and increasing generator capacity yields distinctive reductions in the cost of energy. As floating foundation design concepts evolve to compensate for the larger wind turbines, there is a non-linear cost relationship that results in an increasing reduction of cost leading to greater project returns.
This will make floating wind increasingly cost competitive compared to fixed bottom offshore wind, eventually making the cost gap disappear. Already 2025, floating offshore wind will reach into the cost range of fixed-bottom offshore wind, projected through our analysis in our “Demowind” LCOE project with BEIS (report due later this spring - see chart below). However, CIERCO envisions an even more aggressive cost reduction utilizing prime wind sites in larger arrays, making floating wind competitive by 2027.
Centered on the new floating wind proposition, CIERCO aspires to become a marine renewable energy development leader. We are directing our efforts in expanding our current strength in site development, project management, engineering know-how and financing strategies through the delivery of key project steps, advancing the floating wind proposition. This includes exploring local values of fabrication and employment and making a project an integrated part among communities and stakeholders, forming a central part of floating wind propositions.
Another opportunity of the next generation floating wind technology is its ability to operate in stand-alone mode, meaning no connection to the electrical grid network. This generates a variety of new opportunities, possibly in combination with one or several technology integration functions.
In this regard, we are keen to explore tailored solutions to meet specific local demands, capable of competing across a broader market. This means to develop project propositions with a particular focus on meeting certain needs by use of innovative and integrated technology choices. For energy-related options, interesting areas are gas or liquid gas generation or co-hosting of multiple energy generation sources. On the non-energy related options, water making systems, data center integration, and fish farming to mention a few.