Floating Power Plant x Innovayt // EU Innovation Fund

For nearly two decades, the Danish clean-tech company Floating Power Plant (FPP) has focused on the critical need to address climate change and drive the green transition by developing and integrating a ground-breaking solution for sustainable energy. FPP specialises in producing offshore renewable energy by combining floating wind and wave energy in a semisubmersible platform, efficiently harnessing ocean energy which is the largest untapped source of renewable energy. As stated by FPP: “We make floating renewable energy solutions to the benefit of the global climate and the health of humanity”.

FPP stands at the forefront of this innovation wave, reshaping the offshore energy sector by further integrating hydrogen technology, a revolutionary feature that ensures a continuous and reliable supply of renewable power. The platform’s capacity to convert excess wind and wave energy into hydrogen, store the hydrogen efficiently, and use the hydrogen to generate power via fuel cells when the wind and wave energy generation is low, positions FPP as an innovative force in the clean energy space as it gives a smooth power supply. FPP’s technology will become a game-changer by providing dispatchable and high-quality renewable power to offshore off-grid and coastal weak-grid applications which currently must rely on fossil fuels.

To realise such initiatives and innovations, not only time but also solid funding strategies and extensive financial support are required. Most recently, in collaboration with Innovayt, FPP secured a €26 million grant from the EU Innovation Fund (EUIF) in the Pilot window. The EUIF, managed by the European Climate, Infrastructure, and Environment Executive Agency (CINEA) and funded through the EU Emissions Trading System (EU ETC), is one of the world’s largest funding programmes for demonstrating and maturing low-carbon technologies. It provides funding through either grants or auctions, supporting projects that contribute to greenhouse gas reduction. For FPP, this multi-million grant supports the SEAWORTHY project which involves developing their technology from Technology Readiness Level (TRL) 6 to TRL 8. Put differently, it allows FPP to further advance and validate their technology by testing and demonstrating how it operates in relevant environments and at a commercial scale for clients and investors. This makes a huge leap towards market and impact.

In this highly competitive EUIF programme, only two ocean energy companies have secured support. This accomplishment shows the relevance and potential of FPP’s technology, especially considering the inherent risks associated with pioneering innovations in floating wind, wave energy, and offshore hydrogen technologies.

Innovayt and FPP have been collaborating for nine years. During this collaboration, Innovayt has helped FPP coordinate several applications as well as provided guidance through various relevant funding opportunities at each stage of technology development. It is important to validate and ensure not only the best possible match between project and programme, but also the level of competitiveness and real chances of success. This guidance has included advice ranging from what funding to pursue or not pursue, such as not applying to the previous EUIF call where ocean energy could not be competitive, to how to strengthen the project scope for each project application. The collaboration between Innovayt and FPP highlights Innovayt’s ability to understand and support complex technologies from early development stages to marketable solutions with important impact.

We have worked with Innovayt for nearly a decade, and it has been a positive experience. Innovayt has guided us through the funding landscape, helped us define funding strategies, and prepared several applications with a very high support rate. Throughout, giving us honest feedback and qualified advice, challenging us when necessary, providing creative solutions, and making sure we are competitive and ready, all which have been highly appreciated. We would recommend collaborating with Innovayt, it has helped us secure key funding and thus significantly advance on our innovation.

– Anders Køhler, CEO at Floating Power Plant.