26 Oct 2011 12:10:22
Far Offshore Renewables abandons attempts at building larger scale prototype
Due to not being able to raise enough capital, FOR is abandoning attempts at building a 250kW, 1/4 scale prototype. FOR had raised a significant grant from the SDF run by PCNPA and associated counterpart private sector funding, however, after tendering on a revised hull arrangement costs had increased way beyond the original budget. Attempts to raise additional funding proved fruitless. As a result the grant has been lost.
The loss of this project is a major set back for the company after achieving successful sea trials of the world's first floating semi-submersible type hull at 1–15 scale with a single line mooring in 2010.
The company will reassess a new route to market for the floating platform structure, new ballast tanks and a new mode of platform analysis in order to progress the project.
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