Tuesday, 11th April 2023
Dublin, Ireland – ESB, a leading Irish energy company, has announced that it will invest in Dublin Offshore Technology (DOT), a company specialising in floating offshore wind mooring technology. This investment will allow DOT to expand its business in the growing market for floating offshore wind energy.
DOT has developed a unique and innovative technology solution for floating offshore wind mooring systems which provides significant design improvements for the wind farm. The optimised mooring system delivers these benefits using locally-sourced materials tried and tested in the offshore environment with no degradation over the full lifetime of the wind farm.
ESB's investment in DOT is testament to the potential of this technology and demonstrates the company's commitment to investing in sustainable energy solutions to deliver its net zero ambition. By partnering with DOT, ESB will be able to leverage its expertise and resources to accelerate the development and delivery of their floating wind project portfolio. With the support of ESB, Dublin Offshore Technology positions itself as a global leader in this rapidly growing market.
Commenting on the investment, Paul Lennon, Head of Offshore Wind and Hydrogen at ESB, said: “We are delighted to come on board as an investor and first customer to support our floating offshore wind project development ambitions, particularly off the south and west coasts of Ireland. This investment is an important step in our efforts to support the delivery of Ireland’s net zero ambition. We believe that floating offshore wind has enormous potential and this mooring technology will be a key component in delivering a clean, green future for Ireland. We look forward to working with the Dublin Offshore Technology team in the delivery of our floating wind projects."
Speaking on behalf of the Directors of Dublin Offshore Technology, Darren Hayes added: "We are delighted to have ESB as a strategic investor and partner in our business. This investment will enable us to accelerate the development of our mooring system solution and to bring it to market faster. We believe that our innovative approach will enable us to compete in the global market, and we are excited about the opportunities that this partnership with ESB will bring."
Floating Offshore Wind is attracting increasing investment and political support because it can access the estimated 80% of total offshore wind energy generation potential that is in water depths greater than 60 metres. There, wind is more consistent which increases the capacity factor for the farm however the water depths are too great to install traditional bottom fixed foundations.