Latest UpdatesPrinciple Power, a major U.S. floating offshore wind technology company, establishes a Japanese subsidiary in Tokyo
Jun 02, 2020
Principle Power Inc. is a California-based company founded in 2007 that provides design services for the floating substructure of offshore wind power facilities. Monopile (fixed foundation) has been the most commonly used and economically viable foundation type for offshore wind turbines, rapidly reducing implementation costs. For the Japanese oceans surrounded by five deep-sea trenches though, many companies are turning to floating alternatives from cost and risk perspectives.
Principle Power’s WindFloat®, a floating foundation for offshore wind turbines, is a stable, semi-submersible offshore platform comprised of three columns. It dampens the impact from waves and turbines, allowing installation in previously inaccessible locations that offer ideal offshore wind conditions. A five-year demonstration project since 2011 has proven technological robustness, simple logistics, and motion performance in extreme weather conditions, while having also been tested over environmental impacts throughout the decommissioning process.
In March 2020, the company established Principle Power Japan Godo Kaisha in Tokyo as a sales base for the full-scale launch of offshore wind projects in Japan. In May 2020, Principle Power Japan has become a full member of the Japan Wind Power Association (JWPA). The company will work with local governments, ports and power utilities, collaborate with local companies to build an offshore wind value chain, and be part of the hub for the Japanese offshore wind ecosystem.
To assist with the establishment of its base in Japan, the JETRO Invest Japan Business Support Center (IBSC) provided information on market, subsidies and incentives, consultation on company registration, tax and labor matters. It also supported PR and introduced service providers.