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Bloomberg
Japanese natural gas company Tokyo Gas Co Ltd has made a bet that the future of renewable power will be floating at sea.
The more than $22 million investment in developer of floating platforms for wind
turbines Principle Power Inc is a sign that fossil fuel companies are continuing to invest to prepare their businesses for a low-carbon future. Tokyo Gas joins existing shareholders including EDP — Energias de Portugal SA, Repsol SA and Aker Solutions ASA.
“It shows that this is not a fly by night sector,†Joao Metelo, Principle Power’s CEO said. “It’s here to stay and floating wind presents a great opportunity.†Technology that allows wind farms to float could vastly increase the reach of offshore wind farms, one of the most efficient forms of renewable energy.