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BW Ideol: Third Quarter 2022 Operational Update



  • 1 GW of projects under development and ~2.9 GW of substantiated pipeline
    • Design certification by Bureau Veritas and first steel cut on EolMed project
    • Signed MoU with Taiya Renewable Energy in Taiwan, targeting in particular a floating demonstration tender expected in mid-2023
    • Confirmation of tender application date for 250 MW South Brittany tender by French authorities and progress towards mid-2023 award
    • Pre-selection of the consortium EDF Renewables/Maple Power and launch of the competitive dialogue in for the 2 x 250 MW AO6 Mediterranean Tender
    • Signed contract for floating LIDAR deployment on Buchan Offshore Wind project
    • Award of feasibility study for floating wind to power a greenfield FPSO
    • Inauguration of the world's first offshore hydrogen production unit which will be powered by BW Ideol's Floatgen floating offshore wind turbine
  • Focusing on cash discipline
    • Award of EUR 2.7 million subsidies from Ademe (French government owned Agency for the Ecological Transition) to fund R&D program
    • Cash position of EUR 11.25 million at end of September supporting growth strategy
    • Positive EUR 1.07 million operating cash-flow during Q3 2022

BW Ideol's mission is to create a sustainable future by using floating technology to unlock the vast potential of offshore wind. The Company is executing its dual-track strategy as a co-developer of offshore floating wind projects and as EPCI (engineering, procurement, construction and installation) contractor of floating wind technology. Progress is reflected in a growing project pipeline of commercial-scale projects, new cooperation agreements and participation in tenders for floating offshore wind farm developments.

The global offshore floating wind market is expanding rapidly amid energy supply concerns and increasing prices. The total project pipeline has more than doubled in the past 12 months to 185 GW as of October 2022, according to data from Renewables UK. The growth comes at a time with increased economic uncertainty due to the Russian invasion of Ukraine, continued supply chain challenges, higher interest rates and rising inflation. 

“We see very strong momentum for floating wind worldwide with new projects emerging as nations seek solutions that enable transition to clean renewable power at scale and support long-term sustainable economic growth. BW Ideol is at the forefront of this development with our unique execution platform as a leading project co-developer and a proven technology provider," said Paul de la Guérivière, the CEO of BW Ideol.


Revenue for the first nine months of 2022 was EUR 5.1 million from design and engineering activities and royalties for projects in France, Scotland and Asia. This compares with EUR 1.5 million of revenue for the same period of 2021. Operating loss before depreciation and amortisation (EBITDA) for the period was EUR 2.2 million, a decrease from EUR 5.4 million loss in the same period of 2021, mainly due to an increase in revenue from customers. Operating cashflow in the third quarter was positive for the first time at EUR 1.07 million due to disciplined operational management.

At 30 September 2022, total cash was EUR 11.25 million, compared to EUR 32.8 million at 31 December 2021.

BW Ideol expects to raise additional funding during the first semester of 2023 to execute the growing pipeline of projects under development and upcoming tenders. The Company is currently exploring various options to cover next three years’ financing needs.

In September 2022, BW Ideol and partners were awarded a EUR 2.7 million combined public grant and reimbursable advance to fund its R&D activities including more efficient floating foundations to support high power wind turbines (20 MW), innovative mooring lines and new sensor technology with real-time inspection and monitoring of floater behaviour and mooring maintenance in all operational conditions. The award was made under France’s DEMO-TASE program, which supports development of technological building blocks and pre-industrial demonstrators to accelerate new energy systems.


In September, BW Ideol announced a cooperation with Taiya Renewable Energy for the joint development of a floating offshore wind pipeline off Taiwan, subject to due diligence and signing of final partnership agreements. The collaboration initially covers the development of a 50 MW pilot project. BW Ideol will design, engineer, build and install the floating foundations based on its proven Damping Pool technology. Subject to the project reaching final investment decision, COD (commercial operating date) is targeted before the end of 2026, with construction expected to start as early as 2025. The partnership agreement also covers the joint development of several commercial-scale projects.

In France, the government progressed the tender process for the 250 MW AO5 floating wind tender with confirmation of the offshore area near coast of South Brittany in September and the final date of bid-submission set to February 2023. The award is expected in mid-2023. BW Ideol collaborates with EDF Renewables and Maple Power on the design of floating foundations for the AO5 development.

The same consortium (EDF Renewables and Maple Power) has also been pre-selected for the 2 X 250 MW AO6 Mediterranean Tender. In August, the competitive dialogue was launched. BW Ideol collaborates with this consortium on the design of the floating foundations.

The EolMed project is under construction with the first steel cut for the floaters in September and the floater design was fully certified by Bureau Veritas.

In Scotland, the Floating Energy Allyance (FEA), is proceeding with site investigations and environmental studies in preparation for the consent application process for the Buchan Offshore Wind project. During the quarter, the alliance signed the contract for a floating LIDAR deployment to collect wind data at the site of the planned 960 MW floating offshore wind farm off the northeast coast of Scotland. FEA is a development partnership comprising BayWa r.e., Elicio and BW Ideol. 

In September, BW Ideol and Centrale Nantes welcomed the launch of the world's first offshore hydrogen production unit which will be powered by BW Ideol's Floatgen which has operated successfully off France's west coast since 2018. The clean hydrogen project is led by Lhyfe and the « Sealhyfe » hydrogen production facility will, after a phase of dockside tests, be connected to Floatgen. The pilot site meets all the necessary conditions to validate the offshore hydrogen production technology before large-scale industrial deployment, aiming first and foremost at demonstrating the reliability of an electrolyser at sea.

Also, in September, BW Ideol signed a contract for another feasibility study to power a greenfield FPSO for an undisclosed client after having finalized a first feasibility study for another Power-to-Platform project, confirming our leadership in this segment leveraging on BW Offshore.

Since the beginning of operation, the Floatgen floating unit installed offshore western France has produced 21.5 GWh of electricity with high availability, reflecting the seakeeping performance of BW Ideol’s proprietary Damping Pool design.

BW Ideol continues strengthen the organisation and prepare for increased commercial and project activity. A key part of that is also to increase diversity and improve the gender balance within the Company. On 2 November, BW Ideol appointed Sophie Fellah as Chief Legal Officer and Cynthia Moutier as Chief Human Resources Officer. They are both members of the executive management team which comprises of eight members, two of which are female. 


BW Ideol aims to be a leading long-term owner of floating wind assets in key offshore markets worldwide. The primary focus is to continuously progress, expand and de-risk the Company’s project pipeline.

The goal is to be involved in an approximately 10 GW gross portfolio of floating offshore wind projects by 2030 by developing the existing pipeline and strong joint venture partnerships, through scaling and optimisation of the patented Damping Pool® technology, and by developing the global organisation and leveraging the partnership with BW Offshore. Based on progress to date and the rapidly growing pipeline of floating wind projects in various stages of development, the Company considers itself to be ahead of the 2030 plan.

Please find attached the third quarter 2022 presentation.


The Company will tomorrow hold a webcast and conference call followed by a Q&A at 09:00 CEST. The webcast will be held in English by CEO Paul de la Guérivière and CFO Nicolas de Kerangal.

The webcast will be available by following this link:

You can also dial the following numbers:

Norway: +47 23500236

Singapore: +65 64085767

United Kingdom: +44 3333009032

United States: +1 6467224904

Please note that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.

For further information, please contact:

Nicolas de Kerangal, Chief Financial & Partnerships Officer at BW Ideol, +33 (0) 7 76 87 70 08,  

About BW Ideol:

BW Ideol is a leading fully integrated platform in floating offshore wind with more than 12 years of experience from design, execution and development of floating wind projects based on Ideol S.A.'s patented floating offshore wind technology and engineering capabilities. The company has a dual-leg growth strategy as a floater EPCI and maintenance services provider and as a wind farm project developer and co-owner. BW Ideol has two full-scale offshore floating wind turbines in operation in France and Japan, a significant project pipeline including 1GW under development in Scotland and is supported by BW Offshore’s extensive experience from developing and operating offshore energy production systems.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


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