Ocean Power Pursues Opportunities in Data Centers and CO2 Storage After Electrification Project Halt
Ocean Power, led by CEO Erling Ronglan, is pivoting towards data centers and CO2 storage operators after the Norwegian parliament shelved its electrification of the shelf project. The company has signed a letter of intent with a data center operator and is negotiating with others, while also garnering interest from electricity companies seeking carbon-negative power solutions. Ocean Power has four ongoing projects, with two submitted for approval, aiming for a significant reduction in electricity prices. Strong political support exists, despite challenges in promoting gas energy.
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Ocean Power is shifting focus to data centers and CO2 storage operators after the Norwegian parliament halted its electrification of the shelf project. CEO Erling Ronglan highlighted ongoing interest from electricity companies for carbon-negative power solutions.
The company has signed a letter of intent with a data center operator and is in negotiations with others. It has four projects underway, two submitted for approval, and aims to reduce electricity prices to one krone per kilowatt hour. Ocean Power enjoys political support for its gas energy solutions despite challenges in promoting them.
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