SolarDuck sets sail with €15 million to propel offshore solar power technology

SolarDuck has recently announced the successful acquisition of additional funding dedicated to advancing offshore floating solar power technology development and implementation. This financial boost propels the company forward on a trajectory of sustained expansion, enabling it to strengthen its prominent role in the Offshore Floating Solar Energy sector. The newfound resources will empower SolarDuck to embark on its inaugural commercial projects and amplify its influence, aligning with the overarching objective of deploying more than 1 gigawatt of offshore-generated solar electricity by the year 2030.

Who funded SolarDuck

SolarDuck has secured funding from existing and new investors, including an international consortium comprising Katapult Ocean, Green Tower, Energy Transition Fund Rotterdam, and Invest-NL. These partners collectively endorse SolarDuck's dedication to expediting the development of a sustainable offshore energy supply through floating solar power solutions. The fresh capital infusion enables SolarDuck to enhance its position by initiating its inaugural commercial projects. Furthermore, the company's skilled and committed team remains focused on refining the technology, expanding into global markets, and hastening the broader implementation of its innovative solutions.

In a world rapidly transitioning to electrification, escalating global population and urbanisation are causing a shortage of land for energy infrastructure. Consequently, the demand for offshore energy generation is on the rise. SolarDuck has developed a groundbreaking technology that can be utilised in regions with limited wind resources but abundant sunlight, serving as standalone offshore floating solar farms. Additionally, the versatility of SolarDuck's technology allows for its integration with offshore wind projects, as exemplified in the upcoming deployment in the Dutch North Sea. The overarching goal of SolarDuck is to make a substantial impact by displacing conventional fossil fuel-based energy sources such as coal-fired power plants and diesel generators. Beyond that, this innovative technology empowers islands, offshore installations, and even entire countries to establish independent and sustainable renewable energy sources.

Floating power solutions crafted with aluminium profiles

Hydro's website announced on April 22, 2021, that SolarDuck is set to introduce its floating solar solution later this month. This marks the inaugural trial to assess the feasibility of the three-sided structure covered with photovoltaic panels, incorporating approximately 3.5 tonnes of specially crafted aluminium profiles supplied by Hydro, as a potential and valuable contribution to global power generation.

The structure, constructed from aluminium, elevates the solar panels and electrical components to a height exceeding three meters above the water level. Each of its three sides measures approximately 16 meters in length.

Dutch-Norwegian cleantech company’s projects: 3 countries + the largest hybrid floating solar plant

SolarDuck boasts a pipeline exceeding 3.5 gigawatts peak (GWp) and has successfully secured projects on a global scale. One notable endeavour includes the development of a 5-megawatt (MW) demonstrator project set to be deployed at the Hollandse Kust West VII offshore wind park in the North Sea, Netherlands, in collaboration with RWE. Once completed, this venture will stand as the largest hybrid floating solar plant globally.

SolarDuck is also pioneering Japan's inaugural offshore floating solar plant, strategically positioned in Tokyo Bay through collaboration with local partners. Concurrently, a third project is underway in partnership with TNB Renewables in Malaysia. SolarDuck is gearing up to launch its offshore demonstrator project named 'Merganser' early next year as a precursor to these ventures. This groundbreaking initiative will undergo installation and testing in the Dutch North Sea.

Investors' opinions

There is consensus among existing investors on this point. SolarDuck has been supported by Katapult Ocean since its inception.

Jonas Svegaarden, the CEO of Katapult Ocean, said, "We are very excited to announce our increased investment in SolarDuck and to support their next growth phase. To harness the blue growth opportunity, we must also endeavour to build offshore. SolarDuck represents a new category of ocean infrastructure, which has the potential to unlock significant resources towards the global renewable energy mix and to enable enhanced economics to exist offshore renewable assets."

Rik Aalders, the Managing Director of Green Tower, shared this view, "We strongly believe that to accelerate the energy transition, a mix of different technologies should be developed to cater for the needs of different geographical regions, all with their characteristics. SolarDuck offers a unique addition to the existing energy mix, opening a huge potential for further growth of renewable energy via standalone projects and in co-development with offshore wind. Green Tower is pleased to continue to be part of that journey together with the team of SolarDuck."

Rotterdam's Energy Transition Fund and Invest-NL have joined as fresh investors.

Ralph van Drooge, the Senior Investment Manager at Energy Transition Fund Rotterdam, stated, "We are pleased and proud to support SolarDuck in their promising journey in further developing and deploying offshore floating solar around the world. This is a great addition to accelerate the energy transition and very important for the Rotterdam region because of their positive social and environmental impact."

Invest-NL, a fund supported by the Dutch government, sees offshore floating solar as a valuable component in the Netherlands' energy portfolio.

Corine Franken, the Senior Investment Manager at Invest-NL, added, "SolarDuck is a front-runner in the offshore floating solar sector. This innovative, scalable solution addresses the growing demand for renewable energy and the scarcity of land use. Invest-NL is excited to support their strong, professional management team, which has deep knowledge of the offshore and energy industries."

Impulse has been providing corporate finance advisory services to SolarDuck throughout this project.

 According to Feddo Tamminga, the Managing Partner of Impulse, "Current market conditions regarding funding are quite challenging, but due to SolarDuck's easy-to-use and promising technology, their experienced team and their strong traction in the market, it has been relatively easy to fund their next phase of growth and expansion. Working together with the team has been an absolute pleasure and assured the success of this campaign."