lex2power.

com

RENEWABLE OFFSHORE
ENERGY PRODUCTION
Harvesting the power of ocean space
energy in modular offshore installations

LCOE <50USD pr MWh

FLOATING WINDPARK

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THE PROBLEM
The high concept

Problem Customer The concept Value proposition

The world is facing an Utility companies in need A modular offshore Modular, scalable, cost-
energy shortage as of power supplies to installation that can efficient, and floating
demand outpaces the balance their grids in harvest the power of installation system for
sustainable supply of fossil order to meet customer renewable energy.
ocean space energy
fuels and renewable demands on electricity.
resources Providing a more stable
Doubling efficiency and energy production at
Existing renewable delivering a more stable lower LCOE.
solutions are often energy output by
characterized by; harnessing the challenging
demanding load balancing
forces inherent in
and/or
relatively high LCOE. stabilizing floating wind
turbines.
THE SOLUTION
Stage of development Traction
The solution is now at TRL level 5. The project collaborates with the entire
1/50 test is done and the concept is value chain from producer to end
now ready for a 1/25 test. customer, including the government.

The location is set. Process for MoU is signed with key stakeholders in
approval to build a commercial pilot order to realize a commercial pilot.
demo ongoing.

Innovation at core Strong partnerships

Unique approach: Nearly double Backed by a consortium of industry
energy output by harnessing leaders, including Rosenberg Worley,
movement through a novel DC IKM Gruppen AS and more.
system.
Drawing on decades of offshore
A dock in combination with a floating engineering experience to bring the
crane is the key infrastructure needed Flex2Power project to fruition.
during the construction phase,
ensuring a highly scalable concept.
 Versatile Energy Low Levelized Sustainability and
ADVANTAGES OF Production Cost of Energy Environmental
(LCoE) Consideration
THE SOLUTION Multiple configuration
options give flexibility and Highly competitive LCoE, The integration of wind,
scalability. <50USD pr MWh wave, and solar energy
captures the essence of
from 11.2MW for a single sustainable and clean
unit up to 260MW for a energy production.
park level setup.

Customizable and Excellent Area Innovative and

Optimized Design Stability and Efficiency Elastic Floating
Efficiency Platform
Higher efficiency at lower Highly area-efficient
cost through harvesting Excellent stability in tall solution in the Slim, modularized and
the energy that would waves and heavy wind construction phase. unique energy
otherwise push the conditions. In operation: requires production with
windturbine away from only 16% of the surface remarkably low
center of gravity. area compared to other construction and service
offshore concepts costs.
(MW/km²).
COMPETITION AND ADVANTAGE

Floating wind – Strong Competitive

an immature marked differentiation factors advantage

Flex2Power will find itself in an Harnessing, not fighting against, Two patents.
immature market, with several ocean space external energies.
competing concepts vying to One for the modular cube system
become the best available Great area-effieciency
technology for floating energy One for the system of harvesting
production. Low complexity during construction energy from the ocean space forces.
phase – hundreds of docks fit for
Time to commercial pilot will be building
defining for potential growth.
Concept based on qualified single-
components = low technological risk.
MARKED
Offshore wind marked Renewable energy marked Our marked position

• Global Market Size: The global • Global Renewable Energy 80% of the offshore wind potential
offshore wind market is significant Investments: In 2020, global resides in water deeper than 60m.
and growing rapidly, driven by the investments in renewable energy
demand for clean energy sources exceeded $500 billion, indicating Flex2power is a floating concept with
and the reduction of greenhouse strong market growth. These an LCOE <50USD pr MWh
gas emissions. The global offshore investments cover solar, wind,
wind capacity reached 64,3 GW by hydroelectric, and other renewable The concept has been «born and
the end of 2022 and is expected to energy sources. bred» within Worley Parson and IKM,
grow exponentially (519GW by utilizing their cutting-edge expertise on
2035) . • US Market: The Biden ocean space.
• Floating: 80% of the world offshore administration have set an offshore
wind resource potential resides in windtarget of 30GW by 2030, as Presented as a Worley Parson
waters deeper than 60m, while only well as 15GW floating wind target in concept in 17 countries, gaining huge
188MW of net floating wind capacity 2035. International interest by entire value
available in operation (0,3%). UK, chain for offshore wind.
Norway, South Korea, China,
Portugal and USA are likely to be A strong contender for becoming the
amongst the top six floating best available technology in
markets. generating floating energy.
GO TO MARKED STRATEGY
Think big, start small, scale fast

2023 2024-2026 From 2026 From 2026

Establishing production Demonstrating Technical Start commercial sales and Scale sales and
site in Norway Viability and Cost Efficiency production in Norway international production

Partnership with Worley to Step 1: Building and testing Norwegian production In Establish production in 2-3
ensure the production site for 1/25 prototype partnership with Worley other international countries to
full scale production. Step 2: Building full scale Estimated production capacity be able to deliver.
commercial pilot in Norway. estimated to 1 corner unit pr.
A production concept month.
designed to be easily
established in other countries
and regions of the world.
 Funding needs Income

The main investments for project to be We expect 25-50 % margin on top of

ready for commercial production is production costs based on market
expected to be: competition

1. Cost and test of 1/25 prototype (3 A margin at 25 % would yield a price to

MUSD) customer at 50MUSD pr. standard unit
2. Cost and test of building a full size
demo (10-15 MUSD)*
3. Build team to handle scaling
internationally (TBD)
FINANCIAL *Cost and test of building a full size
Costs

demo is approx 70+ MUSD. Cost of building a standard unit is

Step 2 will most likely get governmental estimated at 40 MUSD.
funding or EU funding up to 30 % of the
cost. Collaboration with production partners
Partnering with customers and/or a based on a standard production
bank will further reduce the investment process. Excpected production capasity
from the company's point of view. The is one standard unit a month pr
expected capital requirement production site.
associated with this step is estimated to
be between 10-15 MUSD. Production is able to scale to new
locations around the world
GROWTH
21,000
19,000

POTENTIAL 17,000
15,000
13,000

Assumptions 11,000
9,000
● Growing from one to three sites 7,000
● Capacity of producing 1 standard unit a month
● Estimated cost of production 1 standard unit is 5,000
40MNUSD with revenues at 50MNUSD 3,000
1,000
-1,000
2024 2025 2026 2027 2028 2029

Revenue Cost Accumulated margin

MUSD MUSD MUSD
FINANCIAL
Team Board of directors Partners

Core team
● Øystein Stjern
● Knut Høiland Chairman of the board, IKM
Project manager and «Future»
CEO ● Einar Tommy Sundal
Founder
Technical Team:
● Knut Høiland
● Einar Tommy Sundal Worley Parson/Rosenberg
Founder and current CEO
● Inge Andrè Espedal
● Erik Svanes

Business development

● Knut Høiland
 Harnessing the energy Area effective
SUMMARY to keep a floating wind turbine Only 16% footprint compared to
at center of gravity other floating solutions pr MW
installed.

Scalable! LCOE<50 USD pr MWh

A floating crane and a dock in
combination is the critical
infratructure needed for
construction

CONTACT Knut Høidal

+47 930 94 800
flex2power.com
Knut.hoiland@worley.com
 Appendix slidene er ikke
ferdige

Appendix
The technology/ solution
• The idea in the solution is to create
more energy from the same floating
installation by adding in a Wave
Energy Converter – WEC, in addition to
the energy produced by the
windturbine. This is achieved by
connecting flexible cubes to a Semisub
in the center. See figure above right.
• The additional energy is caused by
forces from wind, waves and current
on the foudation and transferred into
electrisity by a system with a DC
motor. See figure below right.
Facts about pilot
Complete construction at Rosenberg Pilot will consist of one
yard in Stavanger standard unit
• Construction at Rosenberg Worley yard i
Stavanger, Norway

• Pilot is to be located in Norway, outside

Egersund

• Pilot dimentions:
o Footprint in ocean 136 x 136 meter.
o Nacelle 116 meter above sealevel.
o Rotorblades 63 meter long (Ø 126m)
o Foundation 32 meter above SWL. Draft 20
meter