Norway-based firm BW Offshore has agreed to purchase a controlling stake in floating offshore wind technology company Ideol.

As per the companies’ agreement, BW Offshore will spend $72m (€60m) on a 50% stake in the company. With this, the companies will create an integrated floating offshore wind company, BW Ideol.

BW Offshore CEO Marco Beenen said: “We see solid opportunities for developing offshore power production solutions to drive energy transition at global scale. We are combining our four decades of offshore development, financing and operational experience with Ideol’s proven floating offshore wind technology and expertise.

“Together we are creating a champion in this emerging market with significant long-term growth and value creation potential.”

Ideol will become a wholly-owned subsidiary of the new entity. Based in La Ciotat, France, Ideol provides planning and construction services for floating-foundations wind farms. The company has installed two full-scale demonstration wind turbines based on its patented floater design.

The company has started development on a pipeline of projects as co-developer, in Japan, Europe and the US.

Ideol CEO Paul Dupin de la Guérivière said: “Our established position in floater design and engineering, coupled with BW Offshore’s track-record of project development and deep-water expertise, provides a strong platform for accelerated growth as a leader in floating offshore wind technology and growing developer of offshore renewable energy projects.”

In October 2019, Ideol signed a memorandum of understanding with Japanese building construction company Taisei. The two companies then collaborated to develop concrete foundations for floating offshore wind in Japan.