Concession in Norway gains legal force

The Norwegian authority Norges Vassdrags- og Energidirektorat (NVE) have rejected an appeal to overturn SeaTwirl’s S2x concession in Norway. The decision can therefore no longer be appealed and SeaTwirl can now progress with the planning and installation of the S2x prototype.

SeaTwirl was first awarded the concession together with Marin Energi Testsenter late March 2022 (see press release from March 29, 2022). As indicated in the prospectus for the recent rights issue, an appeal was filed during the customary preparation period. That has now been rejected and the decision from 2022 has been confirmed by NVE and the Ministry of Oil and Energy.

“A long-awaited decision in a process that is always difficult to predict. The appeals process has created uncertainty around the schedule for S2x which is a capital-intensive project with long lead times. Our main focus is the commercialization of large turbines, SX, in floating wind farms. The outcome provides freedom to choose and plan the installation of S2x in the way that best supports that goal,” says CEO Peter Laurits.

The location of the concession is in Boknafjorden, northeast of Lauplandsholmen, approximately 700 meters from the coast.