Three EU member states support Hexicon in European investment program for wind energy

Hexicon, a Swedish company specializing in large-scale, floating platforms for wind power and wave power, might together with local partners thereby be selected by the European Commission to benefit from a 4.5 bn EUR fund set up to co-finance innovative production plants for renewable energy in the EU.

The Hexicon technology has been reviewed by independent expert groups and regulatory authorities in three EU member states. The results in all cases are very positive, and each authority has decided to support Hexicon in the NER300 programme. This is an important acknowledgement of the robustness and high innovative level of Hexicon’s technology for large-scale, offshore renewable electricity production, says Anders Tunbjer, CEO of Hexicon Corporation.

In the NER300 programme, revenues from the sale of 300 million emission allowances will co-finance a number of selected production plants for renewable energy. Decisions on which production plants will obtain NER300 co-financing are made by the European Commission and the European Investment Bank (EIB).

To qualify for the final selection process, a proposal for a production plant must first be inspected and approved by the relevant expert authorities and/or government departments in the EU member state in which the wind turbines plant will be placed.

Hexicon has together with local project partners applied for NER300 co-financing in Sweden, Malta and Cyprus. Hexicon’s technology for large-scale, floating platforms for wind and wave power have been analyzed and reviewed by the Swedish Energy Agency, the Malta Resources Authority and the Ministry of Agriculture, Natural Resources and Environment of the Republic of Cyprus. Important criteria in the reviews have, among other factors, been technological feasibility and low level of risk. In all three reviews, Hexicon’s applications have been approved.

We are now looking forward to advance into the construction phase and together with our partners take the next step towards the launch of a first Hexicon platform, concludes Anders Tunbjer.