What Hexicon AB does

Hexicon AB is a Stockholm-based project developer and technology provider in the floating offshore wind sector, founded in 2009 and listed on Nasdaq First North Growth Market under the ticker HEXI since June 2021. The company operates a hybrid business model combining early-stage project development of floating offshore wind farms across Europe, Africa, and Asia with licensing of its patented TwinWind™ dual-turbine floating platform technology. As of mid-2026, Hexicon has six active projects in five countries (Sweden, UK, Italy, South Korea, South Africa) with a combined gross portfolio capacity exceeding 10.9 GW.

Hexicon's core technology is the TwinWind™ semi-submersible floating platform, which mounts two wind turbines on a single foundation, enabling up to 40% more turbines per sea area than single-turbine floaters. The platform supports turbines from 3 MW to 15+ MW, integrates with all major turbine OEMs, and is designed for deployment in waters deeper than 60 metres where bottom-fixed turbines cannot operate. Key engineering features include automatic weathervaning, shallow-draft wet-tow installation (eliminating heavy-lift vessels and invasive seabed preparation), and mooring-line or gravity-based anchoring that avoids pile driving. TwinWind is patented in more than 20 countries.

The company monetises through a develop-and-divest model: projects are matured through a 2–8 year early-stage development cycle (permits, stakeholder engagement, site selection) before being divested to energy companies, utilities, or institutional investors at a developer premium prior to Final Investment Decision. Recent divestments include 90% of the UK Pentland project to Copenhagen Infrastructure Partners (2020), Italian projects to Ingka Investments and Oxan Energy (April 2025), and the UK TwinHub pilot (April 2026). A second revenue stream consists of TwinWind™ licensing fees. Operations are conducted through regional joint ventures (Freja Offshore in Sweden, AvenHexicon in Italy, GenesisHexicon in South Africa, Hexicon Korea), with offices in Stockholm, Cape Town, Busan, Milan, and Athens.

Name

Hexicon AB

Legal name

Hexicon AB (publ)

Website

https://hexicongroup.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Hexicon AB is a Stockholm-based floating offshore wind project developer and TwinWind technology licensor that matures early-stage deep-water wind projects across Europe, Africa, and Asia and divests them to energy companies and utilities before Final Investment Decision.

Ownership category

akta.pro rank

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Project Divestment (Develop-and-Divest): Hexicon initiates and develops floating offshore wind projects through early-stage development phases (typically 2–8 years), building value through permits, stakeholder engagement, and site maturation. Before FID or late-stage capital-intensive phases, Hexicon divests ownership stakes at a developer premium. This is the primary revenue mechanism. Examples include divestment of 90% of Pentland to CIP in 2020, divestment of Italian projects (Sicily South, Sardinia North West) to Ingka Investments and Oxan Energy in April 2025, and divestment of UK TwinHub pilot project in April 2026.
2. TwinWind Technology Licensing: Hexicon licenses its patented TwinWind dual-turbine floating platform technology to third parties for the construction and operation of floating wind farms. Revenue is generated through licence fees for construction and operation. In March 2026, Hexicon converted approximately SEK 28 million of debt into a 49% stake held by Wallstreet in its technology company Freia Offshore AB, continuing TwinWind development with an industrial partner.
3. Milestone Payments (Contingent): In the acquisition of Mainstream Renewable Power's 50% stake in the Mareld project, Hexicon agreed to pay SEK 1 upfront plus a potential EUR 4.5 million milestone payment if the project secures an off-take contract in a future auction.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Hexicon AB develops floating offshore wind projects from concept through to divestment before Final Investment Decision, and licenses its patented TwinWind™ dual-turbine floating platform technology to third parties. The company initiates projects, secures permits, completes site assessments and stakeholder engagement, and then sells ownership stakes at a developer premium to energy companies, utilities, and institutional investors. Parallel TwinWind licensing revenues are generated through licence fees paid by turbine manufacturers and developers constructing floating wind farms using the patented dual-turbine architecture.

Product overview

Hexicon AB operates as a project developer and technology provider in the floating offshore wind sector, combining two distinct business areas. The company's core offering is the patented TwinWind™ floating wind platform, which features dual turbines on a single foundation to maximize energy production per sea area. Alongside this technology business, Hexicon develops early-stage floating offshore wind projects across Europe, Africa, and Asia through joint ventures and sole ownership, divesting stakes before Final Investment Decision to capture developer premiums. The portfolio includes projects in Sweden (Mareld), South Korea (MunmuBaram), South Africa (Gagasi), UK (Pentland), and Italy (Sardinia South 1 & 2). Revenue is generated through project ownership and divestitures as well as license fees for TwinWind technology.

Differentiator

Problem solved

Functional benefit

Brands

• TwinWind™: Patented floating wind technology platform featuring dual turbines on a single foundation, enabling more energy production per sea area. Compatible with turbines from 3MW to 15+ MW units.

Quantifiable outcome

• Up to 40% more turbines per sea area compared to traditional single-turbine floaters, increasing energy yield and reducing levelised cost of electricity (TwinWind)
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Mainstream Renewable PowercoreStrategic or Co-development Partner · 1 May 2026Mainstream Renewable Power (part of Norwegian clean energy firm Aker Horizons, which was formally liquidated on May 10, 2026) held a 50% stake in the Mareld project via the Freja Offshore JV. On May 11, 2026, Hexicon agreed to acquire this 50% stake for SEK 1 upfront plus a potential EUR 4.5 million milestone payment if Mareld secures an off-take contract in a future auction.
• SK OceanplantminorStrategic or Co-development Partner · 1 January 2025Hexicon signed an agreement with SK Oceanplant on floater fabrication in 2025, strengthening local collaboration in South Korea for the MunmuBaram project and other Korean floating wind developments.
• MingYang (Turbine Manufacturer)minorStrategic or Co-development Partner · 1 January 2025Hexicon advanced TwinWind technology development with turbine manufacturer MingYang during 2025, working on the integration of commercial-scale turbines into the TwinWind floating platform.
• Subfarm (Norwegian Company)minorStrategic or Co-development Partner · 1 January 2025Hexicon's joint venture Freja Offshore entered a collaboration with Norwegian company Subfarm in 2025 to explore opportunities for co-existence between electricity production and fisheries within the Mareld project's sea area off Sweden's west coast.
• GenesisHexicon (Joint Venture with Genesis Eco-Energy Developments)coreStrategic or Co-development Partner · 1 January 2021GenesisHexicon is a joint venture between Hexicon and Genesis Eco-Energy Developments, formed in 2021, focused on developing floating offshore wind projects in South Africa. The partnership combines Hexicon's floating wind expertise with Genesis Eco-Energy's local regulatory knowledge and market presence. Currently advancing the Gagasi project (up to 800 MW) outside Richard's Bay, with EIA initiated in 2022 and permit application expected in 2025.
• AvenHexicon (Joint Venture with Avapa Energy)coreStrategic or Co-development Partner · 1 January 2021AvenHexicon is a joint venture between Hexicon and Avapa Energy Srl., formed in 2021, to develop floating offshore wind projects in Italy. Hexicon chose Avapa Energy due to their deep local expertise and established presence in the Italian energy market, critical for navigating Italy's regulatory landscape. In 2022, AvenHexicon submitted seven seabed area applications to the Italian government, two of which were approved. Hexicon subsequently divested its stakes in Sicily South and Sardinia North West to Ingka Investments and Oxan Energy in March 2025. Remaining active projects: Sardinia South 1 (1,550 MW, 50% Hexicon) and Sardinia South 2 (700 MW).
• Freja Offshore (Joint Venture with Aker Offshore Wind / Mainstream Renewable Power)coreStrategic or Co-development Partner · 1 January 2020Freja Offshore is a joint venture between Hexicon and Mainstream Renewable Power (originally Aker Offshore Wind, part of Aker Horizons which was liquidated in May 2026). The JV was established in 2020 to develop floating wind parks off the coast of Sweden, including the Mareld project. In May 2026, Hexicon agreed to acquire Mainstream's 50% stake in Mareld (held via Freja Offshore), becoming the sole owner of Mareld. The Freja Offshore JV continues as a 50/50 entity with Mainstream's remaining interests (now under Aker Horizons' liquidation). In March 2026, Hexicon converted approximately SEK 28 million of debt into a 49% stake held by Wallstreet in Freja Offshore's technology company Freia Offshore AB, reducing indebtedness while continuing TwinWind development with an industrial partner.
• Hexicon Korea / Coens (Joint Venture)coreStrategic or Co-development Partner · 1 January 2018Hexicon Korea is a joint venture between Hexicon and Korean company Coens Co., established in 2018, focused on developing floating offshore wind projects in South Korea. Hexicon holds 49% of Hexicon Korea. Hexicon Korea provides staffing and service agreements for the floating offshore wind market. The JV supported the 1.2 GW MunmuBaram project (Shell was an 80% partner until Hexicon acquired full ownership in November 2024). Hexicon Korea sold its 40% stake in the Yeongwang YA02 project (1,200 MW) to an undisclosed energy company in June 2022, retaining a service contract for engineering services.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Wello: Finnish developer of the Penguin floating wind platform. Comparable to Hexicon TwinWind as a niche floating wind platform IP licensor focused on cold-water and harsh-environment deep-water markets.
• Stiesdal Offshore Technology: Danish engineering firm developing the TetraSub floating wind platform with backing from Siemens Energy. Directly comparable to Hexicon as an emerging floating wind platform technology competitor pursuing OEM and utility licensing.
• SBM Offshore: Dutch FPSO specialist that has developed a floating wind platform design. Comparable to Hexicon as a marine engineering firm extending offshore expertise into floating wind platform technology and project development.
• BW Ideol: French floating wind platform developer using a barge-based floater design with concrete damping pool. Directly comparable to Hexicon TwinWind — both are floating platform IP licensors pursuing co-development with utilities and majors in Europe and Asia.
• Principle Power: US/Portuguese-based developer of the WindFloat semi-submersible floating wind platform. Directly comparable to Hexicon as a floating wind technology provider and early-stage project developer targeting deep-water markets; competes for the same floating wind licensees and project development partners.
• Aker Offshore Wind (Aker Horizons): Norwegian floating wind developer that was Hexicon's JV partner in Freja Offshore / Mareld until parent Aker Horizons was liquidated in May 2026. Directly comparable as a deep-water floating wind project developer with marine engineering heritage.

Others

• Copenhagen Infrastructure Partners (CIP): Danish fund manager and owner of 90% of Hexicon's Pentland project. Not a direct competitor but a closely linked financial counterparty / repeat buyer in Hexicon's develop-and-divest model, and a benchmark for institutional capital flows into floating wind.

Broad incumbents

• Shell New Energies: Major energy company that exited its 80% MunmuBaram stake to Hexicon in November 2024 but retains broader floating wind interests. Broad incumbent in the floating wind space and a former development partner of Hexicon.
• Equinor: Norwegian energy major and pioneer of floating wind via the Hywind demonstrator and Hywind Tampen commercial-scale floating farm. Broad incumbent in the same space, with deeper capital base and existing floating wind operating assets that compete for project pipeline and OEM partnerships.
• Ørsted: Global leader in offshore wind (bottom-fixed) now piloting floating wind projects. Broad incumbent whose renewable energy portfolio overlaps with Hexicon's utility/IPP customer base; competes for the same deep-water auction tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@hexicongroup
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Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hexicon AB