The economy of Floating Power Plant


Offshore hybrid to generate power to the grid.

€25 mn

Finance raised to date


Value to 2050 of the 20GW target market.

Floating Power Plant has secured total funding exceeding 25 million euros to date, with an impressive contribution of over 15 million euros from a diverse group of more than 240 private shareholders.

Carsten Sonne-Schmidt, Vice-chair

Fiscal year reports

You can find information at the official company register.

For fiscal year reports go to Accounts / Regnskaber.

We develop in partnerships

The unique business setup includes partnerships with key industry leaders and guidance from both an active board of directors and a board of advisors, all with extensive business experience.

Yes, we get help and we are grateful

The unique business setup includes partnerships with key industry leaders and guidance from both an active board of directors and a board of advisors, all with extensive business experience.

The current forecast for investors is a 5-10 times return on their invested capital.

Public funding

SEAWORTHY: Sustainable dispatchable Energy enabled by wAve-Wind OffshoRe plaTforms
with onboard

Floating Power Plant has received 26m€ for SEAWORTHY: a groundbreaking venture poised to transform the offshore energy landscape. Our pioneering technology, P-Demo, seamlessly combines a 4.3 MW Wind Turbine Generator, 0.8 MW Wave Energy Converter, and a cutting-edge hydrogen system. Deployed at PLOCAN’s test site in Spain, it marks the world’s first wind-wave-hydrogen unit, generating 11.05 GWh annually, steering clear of 25,557 tonnes of CO2 in its initial decade.

What sets us apart? P-Demo optimizes wind and wave resources, boosting power quality and consistency. Our innovation integrates hydrogen production systems, up to 300 MWh of energy storage, and fuel cells, delivering truly dispatchable renewable power. This amalgamation reduces the investment per megawatt, leveraging shared infrastructure and shipbuilding techniques for efficient series production.

SEAWORTHY aligns with EU’s Offshore Renewable Energy Strategy and climate neutrality goals, addressing REPowerEU’s call for energy storage. Our adaptable design facilitates diverse manufacturing options, fostering a distributed European supply chain. Beyond its technical prowess, SEAWORTHY fosters local job creation, even in regions with limited marine industry presence. Join us on this transformative journey toward sustainable offshore power.

Floating Power Plant Canarias

Floating Power Plant Canarias, within the framework of the INVEST IN SPAIN Programme, has been supported by ICEX and co-financed by the European Regional Development Fund (ERDF).

The ICEX Invest in Spain 2022 program granted the Spanish subsidiary FPP Canarias for the development of the project ” RENEWABLE AND DISPATCHABLE OFFSHORE WIND AND WAVE ENERGY PRODUCTION WITH HYDROGEN STORAGE “, which main objective is to design and deploy a demonstrator of FPP’s wind-wave-H2 device in the Canary Islands.

This grant will support the expenses for FPP Canarias employees and the preparation of the technical and economic documentation for a new binding report (including the H2 system) from the Spanish Ministry to certify the R&D Tax credits for the P-DEMO demonstrator that will be deployed in Plocan test site in Gran Canaria.

On- and offshore full-scale wave energy PTO test, demonstration, and optimization

This project is funded by EUDP and has a budget of 17.8 million DKK, where EUDP has supplied 11.5 million DKK and the partners provide the rest. 

This project will upscale and complete the detailed design of a full-scale wave energy Power Take-Off (PTO) system, developed by FPP and partners. The PTO system will be taken from its current scale to full size – ready for deployment offshore. This full-scale PTO system will be built and tested in a new test rig. The test setup will allow the PTO to be demonstrated, optimized, and showcased. The PTO system and test rig will be the largest wave power test setup of its kind in the world and the development and testing will result in a highly efficient and cost-optimized PTO system. The project is linked to FPP’s first full-scale demonstration unit to be deployed in Spain at the Plocan test site. The design developed will be used to build four offshore PTO systems for full-scale offshore demonstration (not part of this project). The test rig will be reused to commission the four PTO units before deployment in Spain and as an onshore twin to the offshore PTOs. This will enable FPP and partners to further improve the system by testing new control algorithms and components in a safe environment before offshore deployment.

The project will be done by Floating Power Plant and our partners Hawe Energy Solutions A/SSeasystems, and Aalborg University

“The fact that we are, where we are, is a recognition of the enormous potential in developing complex test facilities of this size as part of creating a reliable sustainable energy source. We are happy to offer both technical expertise and experience, and we’re excited for this project to unfold over the coming years.” – Mads-Ole Astrupgaard, CEO Fritz Schur Energy.

“We like to think of the PTO test rig as a very large IKEA test. By subjecting our technology, the very worst conditions on land before going offshore in full scale, we can remove a lot of the risk from our commercial projects.” – Anders Køhler, CEO in Floating Power Plant.

“Wave power has to date not been able to prove itself as a reliable power source and we believe that Floating Power Plant has the potential to overcome the challenges. The EUDP funding is an important contribution to this realization. Seasystems look forward to participating in this project.” – Torkjell Lisland, managing director at Seasystems.

“This project can crack open one of the hardest nuts to crack, that has kept wave energy technology from becoming a stable part of the energy supply.” – Morten Kramer, associate professor at Aalborg University.

For more information, you can read our press release or reach out to us.