Ocergy Successfully Concludes its Series A Equity Fundraising Round with Investments from Moreld Ocean Wind and Chevron Technology Ventures

Funding Positions the Company for Growth in the Offshore Wind Space

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Apr 13, 2021, 08:49 ET

CARSON CITY, Nev., April 13, 2021 /PRNewswire/ -- Ocergy, Inc, announced it has secured investments from Moreld Ocean Wind (MOW) and Chevron Technology Ventures (CTV). The Series A round will fund Ocergy's growth and the commercialization of its sustainable offshore solutions, the OCG-Wind Floating Offshore Wind Turbine (FOWT) technology and OCG-Data environmental monitoring buoy.

Successful close of this round validates the industry's potential to grow offshore renewable energy. Ocergy's low-cost floating offshore wind turbine foundation has the potential to meet local supply chain and industrialization requirements with clear value, and the OCG-Data buoy technology enables integrated environmental data-gathering and support for biodiversity.

"We are delighted about this partnership as it will allow Ocergy to advance and commercialize its innovative technologies," said Ocergy CEO Dominique Roddier. "With MOW onboard we gain a trusted partner who will be able to provide an EPCI solution for OCG-Wind, a key requirement for many of our clients. We are excited to have gained Chevron's investment and look forward to potential opportunities for their guidance and expertise executing some of the most complex offshore projects in the world," said Roddier.

Chevron Technology Ventures has a 22-year history of investing in startups across a wide cross section of energy innovation and a track record of collaboration to bring innovation to scale. The Ocergy investment is made from CTV's Future Energy Fund which identifies technology solutions needed for the energy transition including, industrial decarbonization, emerging mobility, and energy decentralization.

"Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale," said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. "Ocergy has developed technology that could be part of the solution to enable more affordable, reliable, and ever-cleaner energy in a marine environment."

In addition to funding, Moreld today announces the formation of MOW, a company focused on delivery of engineering, procurement, construction, and installation (EPCI) contracts in the Floating Offshore Wind Industry. The Moreld Group is already a well-established player in the Offshore Floating Wind space, with leading competencies within FEED, marine services and product solutions. Moreld is owned by funds managed by HitecVision, a leading private equity investor in the European energy industry specializing in investments in renewable energy.

MOW has recently hired industry veteran Kristian Ravn to serve as the company's CEO. Mr. Ravn has held multiple C-level management positions in companies executing both green and brown field projects.

"MOW will be the spearhead of our combined knowledge within the Moreld group of companies," said MOW CEO, Kristian Ravn. "MOW will bring project execution and technical expertise to fully integrated and dedicated EPCI project teams to execute swiftly and flawlessly our EPCI contracts. Supported by our parent- and fellow subsidiary companies, MOW will be able to work with developers to ensure projects are delivered on schedule and on budget," said Ravn.

This investment positions Ocergy as a potential leader in advancing floating offshore wind to successfully compete for gigawatt-scale commercial projects. The Cooperation Agreement signed between Ocergy and MOW provides a strong platform for executing commercial-scale projects for Ocergy's OCG-Wind solution worldwide. This partnership integrates one of the most promising low-cost FOWT technologies with the necessary EPCI leadership to develop a fully industrialized FOWT supply chain in all regions of the globe.

"Closing this investment in the midst of the Covid-19 pandemic demonstrates the importance for our industry in bringing innovative solutions to further lower the Floating Offshore Wind levelized cost of energy, while focusing on local supply chain and industrialization requirements", said Roddier.

About Ocergy

Ocergy is a technology company developing two sustainable offshore solutions:

OCG-Wind is a low-cost foundation supporting the new generation of very large offshore wind turbines. The innovative hull allows the platform to have a very light weight, a necessity to reduce LCOE. It is tailored towards ease of industrialization, to bring flexibility in fabrication and increase the use of a local supply chain in the project fabrication life cycle.
OCG-Data is an innovative multi-disciplinary ocean observer for complete offshore site assessment. It has enough footprint to host and power multiple instrumentation packages for resource and environmental characterization. Underwater biodiversity monitoring relies on the combination of restoration technologies and passive acoustic monitoring arrays. The buoy also hosts a bird and bat detection and identification system. OCG-Data provides high-quality data including ecological information for stakeholders' engagement.

The company principals, Alexia Aubault, Christian Cermelli and Dominique Roddier are well known in the floating offshore wind industry, having recently been distinguished with the prestigious 2020 ASME Sperry award, "in recognition of the development of WindFloat, a floating foundation for offshore wind turbines".

About Moreld

Moreld is an industrial company consisting of 6 divisions comprising 3200 employees. The company has a strong position in offshore industries and an explicit strategy to target new, future-focused customer segments based on existing competence. The company has a goal of becoming a leading, sustainable industrial technology company within smart energy infrastructure, predictive maintenance and automation of operations. Moreld aims to grow revenues within new segments to 40% by 2026, in areas such as offshore wind, aquaculture and data centers.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron's core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.

Contact
Ocergy:
Dominique Roddier
President and Chief Executive Officer
[email protected]
+1 415-513-2654

Moreld Ocean Wind:
Geir Austigard
CEO Moreld AS
[email protected]

Chevron Technology Venture:
Mary Murrin
Corporate Affairs Advisor
[email protected]

SOURCE Ocergy