Magnora Enters Partnership to Develop Floating Wind Power

The new company is to be called Magnora Floating Wind. Magnora's strategic partner also comes from the offshore sector and has decades of experience.

“Our joint capabilities will enable Magnora Floating Wind to become a leading player within the floating wind market. In addition, we believe the collaboration will be instrumental in bringing down the capital expenditure, increasing the revenue potential, and lowering the operating cost for floating windgoing forward,” said Executive Chairman Torstein Sanness.

Magnora Floating Wind has already started operations and has begun its application for the ScotWind round in Scotland, UK. In addition, the company will participate in the first offshore wind application round in Norway, which will open this year. Magnora Floating Wind will also consider entering new markets in the coming months.

“Magnora strongly believes in the electrification of the global economy. Norway has played a leading role within offshore technologies since the late 1960s, and Magnora and our partner bring together decades of combined knowledge regarding the development of profitable floating energy projects to new markets. We are already cooperating on several R&D initiatives tobring down lifecycle costs for floating wind,” added Sanness