The project aims to demonstrate the viability of floating offshore wind technology in Norway and contribute to the increased production of renewable energy in a region with a growing demand for electricity.

The collaboration is established through a cooperation agreement aimed at exploring and co-developing offshore wind farms in Greece.

The collaboration expands on the existing partnership between the two companies, which involves the development of two floating offshore wind projects off the coasts of Brindisi, Apulia, and Bari, Puglia, in the Adriatic Sea.

. The newly acquired funds will be instrumental in advancing the research, production, and commercial scale-up of LIND's battery technology.

The collaboration involves the sale of 49 percent of the project shares to BASF, as outlined in a Memorandum of Understanding signed by both parties.

The joint commitment to invest up to £11 billion ($13.9 billion) in the project was declared by British Prime Minister Rishi Sunak during the COP climate conference in Dubai earlier on the same day.

Additionally, a multi-year Active Output Management 5000 (AOM 5000) service agreement has been established to ensure optimal performance throughout the asset's lifecycle.

The call comes as installation costs soar due to growing global competition for suppliers.

The awarded projects involve the procurement, fabrication, coating, and testing of subsea structures for various developments located in the Gulf of Mexico.

lease area has the potential to generate over 2 GW of reliable, renewable power, sufficient to meet the energy needs of 1.7 million California homes once fully operational.