The rapid human population growth in the world brings with it a growing demand for electrical power. Currently, Japan faces a scarcity of land due to the country’s small surface area coupled with its massive population. However, advancement in the country is integrating more efficient power generating technologies capable of harnessing offshore wind power. WindFloat technology is the future for Japan’s renewable power generation frontier.
Principle Power is a company that uses floating offshore wind power generation. The company received an additional $22m (€20m) equity funding from Tokyo Gas. Principle Power, as a company, has its headquarters in California. The company plans to use the money raised from the investment to finance its comprehensive development plan and commercialize its WindFloat technology.
The capital is also the most significant equity Principle Power has so far managed to secure after it recently established itself in the Japanese market. On the other hand, Tokyo Gas aims to provide professional input from different projects around the world. The company is known for its proficiency that encompasses the development, engineering, and operation of enormous energy infrastructures. Principle Power and Tokyo Gas signed a partnership allowing the duo to create a strong base for the creation of commercial-scale deployment opportunities.
Tokyo Gas expects to inculcate Principle Power’s existing shareholder base. The partnership also pulls in resources from the EDP Group, Repsol, Aker Solutions, and ASM Industries. They are part of Principle Power’s list of shareholders.
Takashi Uchida, the president of Tokyo Gas, recently stated that: “Tokyo Gas has been diversifying into power generation over the last few years and building a portfolio of renewable energy projects around the world. We have a strategic interest in offshore wind to expand our domestic and international power business and to lead to achieve zero CO2 emissions.”
He further explains that Principle Power has the perfect strategic point that goes to establishing a company’s ambition. The corporation aims to deploy large-scale commercial wind projects in Japan and eventually expand operations worldwide
Principle Power recently portrayed its dedication in the market as an independent technology company. This advancement has made it possible for Principle Power Japan to receive voting membership in Japan’s Wind Power Association (JWPA). Principle Power is also an associate of the Japan Offshore Wind Task Force (JOWTF), a joint initiative launched by JWPA and the Global Wind Energy Council (GWEC) to stimulate Japan’s offshore wind market.
During the equity round proceedings, Green Giraffe represented Principle Power’s interests as a specialist in renewables. As it stands, Tokyo Gas is Japan’s primary provider of city gas and generates 2.8GW of the total power generated. Looking at this, it is evident that Japan’s renewable future looks promising.