Flotation Energy
Flotation Energy is a UK-headquartered, TEPCO-owned floating offshore wind developer that progresses deep-water wind projects (e.g., Green Volt, Cenos, White Cross, Chu Tin, Seadragon) from consenting through to operations for utility, oil and gas electrification, and government customers across the UK, Ireland and Asia-Pacific.
- Company typePrivate
- Founded2018
- HeadquartersEdinburgh, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Flotation Energy does
Flotation Energy is a global offshore wind project developer specialising in floating offshore wind in deep waters (typically beyond 60m), where fixed-bottom foundations are not viable. Founded in Edinburgh in 2018 by Allan MacAskill and Nicol Stephen — the team behind the world's first deep-water wind project (Beatrice Demonstrator, 2004-2007), the SeaEnergy Renewables business (sold to Repsol in 2011), and the Kincardine floating windfarm (50MW, world's largest grid-connected floating windfarm, operational since 2018) — the company develops sites from early-stage opportunity through consenting, FID support and into operations. Its product portfolio spans ~2GW+ of greenfield and development-stage assets: Green Volt (up to 560MW, JV with Vårgrønn, the first commercial-scale floating windfarm with full UK planning consent and an AR6 CfD), Cenos (up to 1,350MW, JV with Vårgrønn), White Cross (100MW Celtic Sea floating T&D, JV with Cobra/VINCI), Morecambe (480MW fixed, development consultancy to CIP/COP), Blackwater and Greystones in Ireland (with Cobra), Chu Tin (1.2GW Taiwan) and Seadragon (1.5GW Australia). Core technical elements include steel semi-submersible floating platforms (Principle Power design at Kincardine), exploration of ODOW substructures for 60-150m depths, and hybrid Tension Leg Platform foundations; offshore wind assembly uses Vestas turbines (9.5MW and 2MW at Kincardine).
Flotation Energy makes money by developing and consenting offshore wind projects, then either retaining them as operating assets, divesting to infrastructure investors, or supplying development services under long-term consultancy agreements. Electricity offtake is secured competitively through UK Contracts for Difference (e.g., Green Volt AR6, September 2024), via power purchase agreements, or wholesale markets; additional revenue comes from development services such as the Morecambe consultancy to Copenhagen Offshore Partners. Customers are segmented across national and regional grid operators/utilities (primary), offshore oil and gas operators (platform electrification, North Sea Transition Deal), other offshore wind developers and infrastructure investors (consultancy), and government bodies and regulators (UK Department for Energy Security and Net Zero, Crown Estate Scotland, The Crown Estate, planning authorities, Irish and Taiwanese regulators). Distribution is entirely direct enterprise sales: competitive bidding through Crown Estate Scotland INTOG/ScotWind and The Crown Estate Celtic Sea leasing rounds, bilateral negotiations with oil and gas operators, government CfD auctions, and direct consultancy engagements.
Since the 2022 acquisition by TEPCO Group (Japan's largest electricity utility, with 9.9GW of renewable capacity via TEPCO Renewable Power), Flotation Energy operates as a wholly-owned subsidiary with headquarters in Edinburgh and offices in Aberdeen, Fremantle, Melbourne and Taipei, and ~150 staff globally. The company pursues growth through joint ventures that share development risk (Vårgrønn for North Sea projects, Cobra for Celtic Sea and Ireland), ongoing R&D into next-generation floating foundations, and the build-out of in-country teams across Asia-Pacific and Portugal. ISO 9001, ISO 14001 and ISO 45001 certifications, the inaugural Floating Offshore Wind Award at Floating Wind Days (2024), and the cHeRries Employer of the Year award (2025) round out its reputational profile; revenue figures are not publicly disclosed.
Flotation Energy firmographics
Firmographics- Name
- Flotation Energy
- Legal name
- Flotation Energy Limited
- Website
- https://flotationenergy.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Flotation Energy is a UK-headquartered, TEPCO-owned floating offshore wind developer that progresses deep-water wind projects (e.g., Green Volt, Cenos, White Cross, Chu Tin, Seadragon) from consenting through to operations for utility, oil and gas electrification, and government customers across the UK, Ireland and Asia-Pacific.
- Ownership category
- akta.pro rank
Flotation Energy industry classification
Industry- Product category
- Offshore Wind Development
- NAICS
- Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211)
- akta.pro primary industry
- Offshore Wind Power Generation (Floating) (EUACAFAC)
- akta.pro secondary industries
- Offshore Wind Project Development & Leasing (EUAMACAB), Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Advanced Wind Technology R&D (Floating Offshore, Airborne Wind, New Rotor/Blade Concepts) (EUAMAOAB), Offshore Wind Substructures & Marine Engineering (Monopiles, Jackets, Floating) (EUAMACAE)
Keywords
Where Flotation Energy is headquartered
LocationHeadquarters
- HQ city
- Edinburgh
- HQ country
- United Kingdom
- HQ region
- Europe
Offices5 records
Markets served
Flotation Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Offshore Wind Farm Electricity Generation & Sale: Flotation Energy develops offshore wind projects from concept through to operation, then sells the electricity generated to the grid. Revenue is derived from long-term power purchase agreements or wholesale electricity market prices supported by government Contracts for Difference (CfD). Projects are held as operating assets or divested to infrastructure investors/operators. Green Volt received a CfD award in September 2024 (AR6).
- Offshore Wind Development Consultancy Services: Flotation Energy provides technical, environmental, and commercial consultancy services to accelerate offshore wind projects worldwide. Example: long-term consultancy agreement with Copenhagen Offshore Partners (COP) on the Morecambe Offshore Windfarm following CIP's acquisition of the project. Also development services partnership on Morecambe since 2018.
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
Flotation Energy product offering
Product offeringCore offering
Flotation Energy is a global offshore wind developer that identifies, develops, consents, and operates floating and fixed offshore windfarm projects in deep waters. The company advances projects from early-stage site identification through to construction and operations, then sells electricity via Contracts for Difference or power purchase agreements to national grids. It also provides technical, environmental, and commercial consultancy services to other offshore wind developers.
Product overview
Flotation Energy is a global offshore wind developer specializing in floating offshore wind projects, offering a portfolio of pioneering windfarm developments across multiple markets. The core offering includes commercial-scale floating wind projects (Green Volt at up to 560MW, Cenos at up to 1,350MW) and Test & Demonstration projects (White Cross at 100MW). The company also develops fixed offshore wind (Morecambe at 480MW), and has projects across Ireland, Taiwan, and Australia. Additionally, Flotation Energy provides strategic consultancy services leveraging its technical, environmental and commercial expertise. The portfolio is anchored by the legacy Kincardine project, the world's largest grid-connected floating windfarm, which established the company's expertise in taking projects from concept to operation.
Differentiator
Problem solved
Functional benefit
Brands
- Green Volt: Joint venture with Vårgrønn for developing up to 560MW commercial-scale floating offshore windfarm in Scotland, awarded through Crown Estate Scotland's INTOG leasing round.
- Cenos
- White Cross
Products and services
- Green Volt Up to 560MW floating offshore windfarm project being developed in joint venture with Vårgrønn off the Aberdeenshire coast, on track to become the world's first commercial-scale floating windfarm and designed to supply renewable electricity to national grids and decarbonise North Sea oil and gas platforms.
- Cenos
Quantifiable outcome
- £2.5 billion GVA from Green Volt project
- +5 more outcomes
Companies that use Flotation Energy
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Flotation Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Flotation Energy partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Copenhagen Infrastructure Partners (CIP) / Copenhagen Offshore Partners (COP)coreIn 2025, CIP acquired full ownership of Morecambe Offshore Windfarm from Cobra and Flotation Energy. Copenhagen Offshore Partners (COP) now leads development and construction. Flotation Energy continues as a key development partner under a long-term consultancy agreement, providing technical, environmental, and commercial expertise to progress the 480MW project through development and consent.
- VårgrønncoreJoint venture between Flotation Energy and Vårgrønn (Norway's largest offshore wind company as of October 2022) to develop Green Volt (up to 560MW, world's first commercial-scale floating windfarm) and Cenos (up to 1,350MW). Awarded exclusivity by Crown Estate Scotland through INTOG leasing round for up to 1.9GW of floating offshore wind. Combines UK North Sea expertise with Norwegian offshore engineering excellence.
- bp and EnBWminorCollaboration on the Morecambe shared transition corridor approval in 2022. Flotation Energy was originally lead developer on Morecambe alongside Cobra; bp and EnBW are also involved in the project ecosystem.
- Crown Estate ScotlandcoreFlotation Energy and partner Cobra won a site in The Crown Estate's Offshore Wind Leasing Round 4 and started planning the Morecambe offshore windfarm. Crown Estate Scotland awarded exclusivity to Flotation Energy and Vårgrønn for Green Volt and Cenos through the INTOG leasing round (up to 1.9GW). Crown Estate granted Celtic Sea site for White Cross.
- CSBC (Taiwan's largest ship builder)minorFlotation Energy partnered with CSBC, Taiwan's largest ship builder, in 2021 to develop floating offshore wind projects in Taiwan. The partnership combines CSBC's shipbuilding and marine expertise with Flotation Energy's floating wind development capabilities to advance projects in Taiwanese waters.
- Cobra (Grupo Cobra, part of VINCI Group)coreFlotation Energy and Cobra JV established in 2019 for developing offshore wind projects. Partnership won the Test & Demonstration site in the Celtic Sea for White Cross (100MW) in 2022 and announced plans to develop 2.7GW of fixed and floating windfarms offshore Ireland (including Blackwater floating and Greystones fixed projects). Cobra is part of the VINCI Group, a global construction and concessions group.
- Morecambe Offshore Windfarm (CIP-led)coreFlotation Energy has been involved in the Morecambe project since 2018, originally as lead developer. Following CIP's 2025 acquisition, Flotation Energy continues as a trusted development partner under a long-term consultancy agreement, providing technical, environmental, and commercial expertise to progress the 480MW project.
- ORE Catapult (Offshore Renewable Energy Catapult)minorPartnership with ORE Catapult to support Innovate UK Innovation Exchange (iX) challenges in floating wind, covering cable quick connect/disconnect, cable monitoring, mooring tensioners, and intelligent anchor monitoring. Worked with four challenge winners to develop cutting-edge floating wind technologies.
- WorleyminorAwarded the Green Volt onshore FEED (Front-End Engineering Design) contract to Worley, a global professional services company. Worley is providing engineering and consultancy services for the onshore elements of the world's first commercial-scale floating windfarm.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
Flotation Energy competitors and assessment
Company assessmentDirect peers
- Principle Power: Designer of the WindFloat semi-submersible floating foundation used at Flotation Energy's Kincardine. Directly comparable as a floating-wind technology and project-development peer operating in the same deep-water offshore wind category.
- Vårgrønn: Norway's largest offshore wind company and Flotation Energy's JV partner on Green Volt and Cenos. Directly comparable as a floating-wind developer with overlapping pipeline and shared exposure to UK and Norwegian offshore wind markets.
Broad incumbents
- Equinor: Operator of Hywind Scotland and Hywind Tampen — the world's first floating windfarms — and a major offshore wind developer globally. Comparable as a large incumbent with deep floating-wind operating experience and balance-sheet capacity to bid in lease auctions alongside Flotation Energy.
- Ørsted: Global offshore wind leader with operational fixed-bottom and emerging floating wind interests. Comparable as a broad incumbent competing for the same seabed leases and CfD/auction capacity in the UK and Irish markets.
- Copenhagen Infrastructure Partners (CIP): Acquired full ownership of the Morecambe Offshore Windfarm from Flotation Energy in 2025 and leads development via Copenhagen Offshore Partners. Comparable as a global infrastructure investor in offshore wind, competing for and acquiring UK project equity.
- Iberdrola (via Avangrid / ScottishPower): Major offshore wind developer with significant UK and Irish project interests through ScottishPower and Avangrid. Comparable as a broad incumbent competing in the same lease and CfD processes.
- RWE: One of the world's largest offshore wind developers with a growing floating-wind portfolio (e.g., Sofia, but exploring floating sites). Comparable as a broad incumbent with the balance sheet to outbid Flotation Energy in major lease rounds.
Emerging players
- Masdar: UAE-backed renewable energy developer investing in UK and European floating-wind projects. Comparable as an emerging player with sovereign capital competing for floating-wind pipeline.
- Hexicon: Sweden-based floating-wind developer using multi-turbine floating platforms. Comparable as a smaller, focused floating-wind peer competing for similar leasing and demonstration opportunities.
Regional players
- Cobra Group (VINCI): JV partner with Flotation Energy on White Cross and Irish projects. Comparable as a global EPC and developer active in the same Celtic Sea and Irish offshore wind opportunities.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Flotation Energy social profiles
Digital presenceFlotation Energy compliance and trust
Trust signalCompliance3 records
Flotation Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Flotation Energy leadership team
Management profileNumber of profiles
Profiles7 records
Flotation Energy subsidiaries and ownership
Company hierarchySubsidiaries3 records
Flotation Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Flotation Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Flotation Energy
What does Flotation Energy do?
Flotation Energy is a global offshore wind developer that identifies, develops, consents, and operates floating and fixed offshore windfarm projects in deep waters. The company advances projects from early-stage site identification through to construction and operations, then sells electricity via Contracts for Difference or power purchase agreements to national grids. It also provides technical, environmental, and commercial consultancy services to other offshore wind developers.
Is Flotation Energy a public or private company?
Flotation Energy is a private company. It is classified as corporate owned and is currently operating.
When was Flotation Energy founded?
Flotation Energy was founded in 2018. It employs 51 to 100 people.
Where is Flotation Energy based?
Flotation Energy is headquartered in Edinburgh, United Kingdom, in the Europe region.
How does Flotation Energy make money?
Two revenue lines are on record. Offshore Wind Farm Electricity Generation & Sale is the primary driver. The others are offshore Wind Development Consultancy Services.
Who are Flotation Energy's main competitors?
Direct peers on record are Principle Power and Vårgrønn. Broad incumbents are Equinor, Ørsted, Copenhagen Infrastructure Partners (CIP), Iberdrola (via Avangrid / ScottishPower) and RWE. Emerging players are Masdar and Hexicon. Cobra Group (VINCI) is listed as a regional player.
Does Flotation Energy have an API?
No public API is recorded for Flotation Energy.
What industry is Flotation Energy in?
Flotation Energy's product category is Offshore Wind Development. Its primary akta.pro industry code is EUACAFAC, Offshore Wind Power Generation (Floating), with a secondary code of EUAMACAB, Offshore Wind Project Development & Leasing. Its NAICS code is 221115.