BW Ideol first quarter 2021 operational update

HIGHLIGHTS

  • Creation of BW Ideol AS and listing on Euronext Growth Oslo as an offshore floating wind champion
  • Raised c. NOK 519,6 million of growth capital in connection with listing
  • Signed EolMed engineering contract and license agreement
  • Signed partnership agreement with leading utility for Brittany tender in France
  • Recorded outstanding production performance from the Floatgen wind turbine in Q1 2021
  • Cash position of EUR 51.4 million at end of March

BW Ideol’s mission is to create a sustainable future by using floating technology to unlock the vast potential of offshore wind. The Company was established as a global pure player in floating offshore wind technology on 15 March 2021 following the acquisition of Ideol S.A. and a private placement raising approximately a gross NOK 519,6 million of growth capital including greenshoe option, with a subsequent listing on Euronext Growth in Oslo on 18 March.

To date in 2021, BW Ideol has continued to successfully execute its dual-track strategy as a co-developer of offshore floating wind projects and as EPCI (Engineering, Procurement, Construction and Installation) contractor of offshore wind floaters.  

"We experience high activity and good progress on a number of projects and pipeline opportunities, leveraging our leading position in floater design and engineering, supported by BW Offshore’s project execution skills and deep-water expertise. With the recent capital raise and listing, we have built a strong platform for accelerated growth as a leader in floating offshore wind " said Paul Dupin de la Guérivière, the CEO of BW Ideol.

OPERATION

The operational progress is reflected in several recent agreements. This includes the formalisation of a partnership with an undisclosed leading utility for joint bidding in France’s tender for a commercial floating offshore wind project off the south of Brittany with a capacity of up to 270 MW.  The tender is part of France’s national Multiannual Energy Programme (Programmation pluriannuelle de l’énergie) which is in the process of putting 8.75 GW of offshore wind capacity out to tender by 2028. The tender process was formally launched on 29 April.

BW Ideol also signed an engineering contract and licence agreement for the EolMed project with a combined value of over EUR 4 million. The EolMed project, consisting of three wind turbines with a total capacity of 30MW was fully consented in February 2021.

During the first quarter, the Floatgen demonstrator installed offshore western France, produced 2,015 MWh of electricity and recorded 91.7% availability further confirming the excellent seakeeping performance of BW Ideol’s proprietary damping pool design.  The Floatgen offshore wind turbine’s accumulated production has reached 14.8 GWh since installation in sept 2018.

OUTLOOK

BW Ideol continues progress and expand its pipeline of offshore floating wind projects. The Company’s vision is to be a leading long-term owner of floating wind assets in key offshore wind markets across the globe. The goal for 2030 is to have engaged in approximately 10 GW gross portfolio of floating offshore wind projects by building on our existing pipeline and strong JV partnerships, scaling and optimising our technology, developing globally our organisation and leveraging the partnership with BW Offshore, including on the power to oil&gas platform market.

WEBCAST

The Company will hold a webcast in connection with the first quarter operational update on Thursday 20 May at 10:00 CEST. The webcast will be hosted by CEO Paul Dupin de la Guérivière.

The presentation will be held in English and transferred via live webcast. The webcast will be available by following this link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZTEzODE1ZTUtZmE0Zi00Yjc4LWI0YTQtZWM0ODAxMGZjNmUw%40thread.v2/0?context=%7b%22Tid%22%3a%22904e2f8f-5832-43bf-aea8-7cbfde1c5d4c%22%2c%22Oid%22%3a%227761a5b4-2411-47aa-b6b3-bea1d52824aa%22%7d

You can also dial the following number : +47 21 40 42 22 (Phone Conference ID: 982 158 267#). 

Please find attached the operational update presentation including financial tables.  

For further information, please contact:

Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0) 7 76 87 70 08, ir@bw-ideol.com  

 

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. This stock exchange release was published by Marie Bayard-Lenoir, Communication Officer at BW Ideol, on May 19, 2021 at 12:43 CET.

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