Finance News

Image Credit: CorPower

CorPower Starts Wave Energy Project in Portugal

class of high-efficiency Wave Energy Converters. says Patrik Möller, CEO of CorPower Ocean. “CorPower’s goal is to successfully introduce certified and warrantied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project finance.“Wave energy can play a fundamental role in Portugal’s transition to 100% renewable energy while providing a platform to drive Portuguese exports and long-term investment opportunities for local supply chains. The HiWave-5 program is recognized as one of the most ambitious efforts in

Nigel Underwood - Image Credit: Xodus

Xodus Names Subsea and Pipelines Branch Boss

, always putting our clients’ needs first.”Rebecca Hewlett, Xodus’ operations director for London & the Middle East said: “Nigel has extensive experience across subsea and pipelines projects ranging from concept to decommissioning. He has also supported many energy producers, finance houses and legal firms for expert witness, due diligence, and assurance scopes throughout his career."There’s been a trend of several former employees re-join us recently which reinforces the positive culture Xodus promotes and we’re happy to have Nigel back leading our subsea and

Illustration; Image by EC-OG

EC-OG Raises Funds for Subsea Battery System

grows.”Par Equity, a venture capital firm based in Edinburgh that specializes in investing in innovative technology companies, was joined by existing investors, Orchard Venture Capital and Scottish Investment Bank. Simmons Energy, a division of Piper Sandler, acted as an exclusive corporate finance adviser to EC-OG throughout the investment process and will continue to support it with future corporate activity.Paul Munn, Managing Partner of Par Equity said: "We are delighted that EC-OG is our first investment as a fund manager in the Regional Angel Programme. Par Equity is committed to

Simon Douthwaite (Photo: SEAMOR Marine)

Douthwaite Joins SEAMOR Marine

Remotely operated underwater vehicle (ROV) firm SEAMOR Marine announced it has hired Simon Douthwaite as its new Sales & Marketing Manager. A scuba instructor and deep technical diver, Douthwaite brings sales and marketing expertise from a career in finance that spans four continents.Douthwaite has worked for major companies such as HSBC in Hong Kong and Investec in London where he sold investment services in the futures, commodities and stock markets to a broad range of institutional and retail customers. Simon has lived and worked in Asia, Europe, Africa and North America.

(top left to top right) Ian Bryan, Iain Wallace and Reena Rowan
(bottom left to right) Simon Miller, Brian Allen and Martin Young - Image Credit: Rovco

New Senior Exec Team for ROV Specialist Rovco

Rovco, a provider of remotely operating vehicles (ROV), has announced several key executive teams hires and internal appointments, including a new CFO and CTO.Reena Rowan has been appointed as Chief Financial Officer at Rovco, having previously held senior finance positions within Innogy and a number of PE-backed organizations across the offshore wind, oil, gas, and telecommunications sectors. In her roles, budgets ranged from £25m to over £800 million and, according to Rovco, Rowan also supported high profile renewables projects, such as the Galloper wind farm.Rovco has named Martin Young

Japanese Wind Fans Bank Interest

make it to the construction phase."We have already been busy preparing for auctions of multiple deals where we are involved as financial advisors and we expect financial closing of these deals in the fiscal year of 2022,” said Keiichi Takahashi, director of power and infrastructure project finance department at MUFG.The new law allowing the usage of general sea areas for the long-term development of offshore wind farms came into effect in April 2019. METI identified 11 potential sites for such projects, of which four are the most likely – two sites in Akita, one in Chiba and one in

Jim Milne, chairman and managing director of Balmoral Group (Photo: Balmoral Group)

Balmoral Invests in Blaze Manufacturing Solutions

growth.“Our 40 years’ of engineering design and manufacturing experience will be of great benefit to Blaze I’m sure, as well as our network of contacts in the oil and gas and offshore renewables markets.”Blaze plans to use the support to expand its global reach. Ann Johnson, finance director with the company, said: “Balmoral’s investment is much more than a cash injection. Their journey from small start-up in 1980 to an internationally recognized brand, leading its sector, is something that we aim to learn from.“We have seen international success to a degree

© glimpseofsweden / Adobe Stock

Protecting Subsea Cabling

to find the problem sooner, giving them the opportunity to cover the cable back up before significant damage occurs.DAS: The futureThe Global Wind Energy Council estimates that there’s nearly 19 gigawatts (GW) of offshore wind turbines installed around the world, with Bloomberg New Energy Finance forecasting that capacity will grow hugely to 115 GW by 2030.Although subsea cable networks are not a particularly visible part of offshore wind farms, they’re the most vulnerable. Without monitoring technologies such as DAS, it’s difficult for operators to assess the integrity of these

Pic: Saab Maritime Traffic Management

Saab Supplies PMIS to Port of Pascagoula

ensured a smooth transition".Delivering the software on the latest platform ensures optimal support and a better capability to meet the port’s future needs.“It was time for us to upgrade our current software from Saab that we had been using for the past 14 years", said Joe Abston, Finance Manager of Port of Pascagoula."With the newer software, we expect our ship management and billing processes to become the most streamlined that it has ever been by providing time saving measures and accuracy for accounting and reporting data. It is really important to have a software that fits

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