Offshore wind technology developer Principle received funding from Tokyo Gas, which joined existing investors including EDP Ventures, Repsol and ASM Industries.
Energy utility Tokyo Gas has invested more than $22m in Principle Power, the US-based creator of a floating wind turbine, as part of a collaboration agreement.
Principle Power has developed a floating offshore wind turbine intended to be able to function in deeper waters where winds are stronger. It is developing wind projects off the coasts of Portugal, France and the UK, and has more than 100 MW of capacity under construction.
The company has now entered Japan, where the agreement with Tokyo Gas is set to form the basis of its activities. The utility will also provide its experience in building and operating large infrastructure projects.
Takashi Uchida, president of Tokyo Gas, said: “Tokyo Gas has been diversifying into power generation over the last few years and building a portfolio of renewable energy projects around the world. We have a strategic interest in offshore wind in order to expand our domestic and international power business and to lead to achieve net-zero CO2 emissions.
“And we strongly believe that floating wind holds a great promise for Japan. Principle Power, with its unparalleled technical expertise and established track record, is the perfect strategic partner for realising our ambition to deploy large-scale commercial floating wind projects in Japan and globally.”
Engineering firm Aker Solutions invested an undisclosed amount in the company in February 2018 to increase its series B round to $13m.
Aker joined existing backers including utility EDP’s investment arm, EDP Ventures, as well as oil and gas provider Repsol, wind turbine component maker ASM Industries and venture capital firm Portugal Ventures in the round.
Principle Power had closed a $2.3m seed round in 2008 consisting of convertible note financing from eight investors on angel network Keiretsu Forum. It added $20m in series A funding the following year, according to Xconomy.
Photo courtesy of Principle Power, Inc.