Integrated Wind Solutions Partners with NIB to Drive Offshore Wind Innovation Toward Net Zero

Integrated Wind Solutions Partners with NIB to Drive Offshore Wind Innovation Toward Net Zero

(IN BRIEF) Integrated Wind Solutions (IWS), a Norway-based company focused on the offshore wind industry, is advancing its commitment to renewable energy through a comprehensive range of services that support the entire lifecycle of offshore wind farms. Established in 2020 and listed on the Oslo Stock Exchange, IWS offers Walk-to-Work Commissioning Service Operation vessels and other specialized solutions to enhance operational efficiency. A notable innovation is their “Skywalker Class” vessels, designed for zero-emission operations, which significantly reduce environmental impact while providing comfortable working conditions for technicians. Recently, IWS secured a EUR 50 million loan from the Nordic Investment Bank (NIB) to expand its fleet capabilities, positioning itself to capitalize on projected growth in the European offshore wind market, expected to increase by 20-30% by 2030. Despite facing challenges such as supply chain disruptions and rising costs, IWS remains optimistic about its role in driving sustainable energy and supporting the transition to a low-carbon future.

(PRESS RELEASE) HELSINKI, 10-Oct-2024 — /EuropaWire/ — A recent discussion with Marius Magelie, CFO of Norway-based Integrated Wind Solutions (IWS), sheds light on the company’s pivotal role in the offshore wind industry. While towering turbines often dominate perceptions of wind farms, IWS is dedicated to the myriad interconnected services that support this sector’s development. Established in 2020 and listed on the Oslo Stock Exchange, IWS provides a comprehensive suite of services aimed at the construction, commissioning, and operation of offshore wind facilities.

Magelie expressed excitement about IWS’s position within the offshore wind value chain, stating, “This industry has the potential to deliver large-scale green power, which is essential for the shift to renewable energy and meeting global climate targets.” IWS focuses on enhancing the entire lifecycle of offshore wind projects, offering solutions that address both opportunities and challenges faced by developers.

The company leverages its network of subsidiaries and partnerships to deliver innovative services, including Walk-to-Work Commissioning Service Operation vessels (CSOVs) that facilitate safe transfer of personnel to offshore sites. IWS Fleet provides the vessels, while ProCon delivers top-tier electrical solutions, and Green Ducklings offers consultancy on market intelligence and supply chain management. IWS also maintains a 49% stake in PEAK Wind, which specializes in advisory and asset management to optimize wind farm efficiency.

IWS’s “Skywalker Class” vessels are particularly noteworthy, representing a significant advancement in sustainable marine design. Magelie highlighted their capabilities, noting that these hybrid-powered vessels are among the first to achieve extended zero-emission operations. With a double-ended hull for better maneuverability and the largest battery pack in the industry, these vessels can operate emission-free for up to six hours, dramatically reducing emissions compared to traditional CSOVs.

Moreover, the vessels are equipped with solar panels and energy-efficient systems, ensuring sustainability without sacrificing comfort. Facilities aboard include a gym, sauna, and client offices, providing a conducive environment for technicians working offshore. Designed to minimize underwater noise, these vessels also reflect IWS’s commitment to marine conservation.

In September 2024, IWS secured a EUR 50 million loan from the Nordic Investment Bank (NIB) to expand its fleet. Magelie emphasized the importance of this funding, stating, “The backing from NIB is invaluable as it allows us to confidently expand our capabilities in the offshore wind industry and contribute to the green transition.”

Despite recent challenges in the offshore wind sector, including supply chain disruptions and rising costs, IWS remains optimistic about the future. Magelie pointed to a projected compound annual growth rate of 20-30% for the European offshore wind market by 2030. He believes that with a commitment to innovation and collaboration, IWS can navigate current hurdles and contribute to a sustainable, net-zero energy landscape.

Reflecting on the company’s mission, Magelie said, “Contributing to offshore wind’s growth and building a sustainable energy future is both exciting and rewarding. The potential for attractive investment returns makes it even more compelling.”

This perspective underscores IWS’s vital role in the ongoing transition to renewable energy sources, showcasing how integrated solutions can propel the offshore wind industry toward a greener future.

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SOURCE: Nordic Investment Bank