Adding 1 GW of projects under development and ~1.5 GW of substantiated pipeline during H1 2022
- Good progress on growing the project pipeline as floating wind co-developer and technology provider
- Final investment decision for the 30 MW EolMed project offshore France
- Signed ScotWind option agreement as part of the Floating Energy Allyance for the development of ~1 GW of floating wind project in April after the initial award in January
- Starting first development stage of commercial-scale floating wind project in Iwate prefecture, Japan, with Tohoku Electric Power
- Two feasibility studies for Power-to-Platform projects awarded
- Signed a partnership with EDF Renewables & Maple Power to bid on the Mediterranean floating wind tender (2 x 250 MW) in France
- Extending the Floatgen operation until 2024
Continued focus on cash discipline
- Transfer of equity ownership in Buchan Offshore Wind project (ScotWind) to investment vehicle set-up with ADEME and JERA under consideration
- Cash position of EUR 14.1 million at end of June supporting growth strategy
- EUR 3.2 million operating cash burn during H1 2022
BW Ideol's mission is to create a sustainable future by using floating technology to unlock the vast potential of offshore wind. The Company is executing its dual-track strategy as a co-developer of offshore floating wind projects and as EPCI (engineering, procurement, construction and installation) contractor of floating wind technology. Progress is reflected in a growing project pipeline of commercial-scale projects, new cooperation agreements and participation in tenders for floating offshore wind farm developments.
"We continue to deliver on our long-term strategy and by developing our significant pipeline of offshore floating wind developments. We have established a strong platform for growth as a leading project developer and technology provider and are well positioned to capture new opportunities emerging worldwide. These are driven by an increasingly urgent need for global energy systems to transition to clean renewable power to support long-term sustainable economic growth amid soaring energy prices due to war, supply concerns and recent temperature spikes in Europe and elsewhere," said Paul de la Guérivière, the CEO of BW Ideol.
Interest in offshore floating wind solutions has increased in 2022 due to energy supply concerns and higher prices. This is driven by a normalisation of global economic activity due to easing of the Covid-19 pandemic and increased supply uncertainty created by the Russian invasion of Ukraine. There is a shared ambition by most European nations to become independent of oil and gas from Russia supported by an accelerated development of renewable power generation. To date, the Company has not been subject to any direct negative impact of the war in Ukraine.
Interest is also increasing as nations and corporations seek innovative solutions to decarbonise various industry value chains. This is reflected in two initial feasibility studies for oil and gas companies for creating a framework for power-to-platform projects in cooperation with BW Offshore. BW Ideol is well positioned to contribute to the energy transition at scale as a leading project developer and technology provider with a unique platform for execution of offshore floating wind developments.
Revenue for the first half of 2022 was EUR 3.7 million of which EUR 2.7 million was from design and engineering activities and royalties for projects in France and Asia. This compares with EUR 1.2 million, for the same period of 2021. Operating loss before depreciation and amortisation (EBITDA) for the period was EUR 2.1 million, a decrease from EUR 3.9 million in the same period of 2021, mainly due to an increase in revenue from customers and the accounting of the French R&D tax credit as other operating income under IFRS. At 30 June 2022, total equity was EUR 105.4 million and the equity ratio was 78%. Total cash was EUR 14.1 million, compared to EUR 32.8 million at 31 December 2021.
Please see the attached half-year report and presentation for more information.
BW Ideol will host a live webcast presentation of the financial results tomorrow, Friday 29 July, at 09:00 CEST. The webcast will be held in English by CEO Paul Dupin de la Guérivière and CFO Nicolas de Kerangal.
The webcast will be available by following this link:
You can also dial the following numbers:
Norway: +47 57 98 94 30
Singapore: +65 3159 1234
United Kingdom: +44 20 3481 4247
United States: +1 (646) 307-1963
Please note that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.
For further information, please contact:
Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0) 7 76 87 70 08
About BW Ideol:
BW Ideol is a leading fully integrated platform in floating offshore wind with more than 10 years of experience from design, execution and development of floating wind projects based on Ideol S.A.'s patented floating offshore wind technology and engineering capabilities. The company has a dual-leg growth strategy as a floater EPCI and maintenance services provider and as a wind-farm project developer and co-owner. BW Ideol has two full-scale offshore floating wind turbines in operation in France and Japan, a significant project pipeline, and is supported by BW Offshore’s extensive experience from developing and operating offshore energy production systems.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.