Public Funding for Ledwood Mechanical Engineering Limited

With governments across the world committing to environmental targets, global installed offshore wind capacity is expected to reach 630GW by 2050 (McKinsey & Company). An estimated 80% of global offshore wind resource is in waters too deep for current fixed bottom foundations (Global Wind Energy Council, 2022). The Floating Offshore Wind (FLOW) market is expected to grow from 0.50 GW in 2023 to 11.82 GW by 2028, at a Compound Annual Growth Rate of 88.62% (Mordor Intelligence). The UK government, supported by the forthcoming 4.5GW licensing round for floating offshore wind in the Celtic Sea, has committed to delivering 5GW of floating offshore wind by 2030\. To address this, Marine Power Systems will further develop their floating offshore wind platform "PelaFlex" the only floating platform developed by a native Southwest Wales company and the most advanced UK-based FLOW technology to further optimise structural efficiency and manufacturability. Marine Power Systems will focus on the development of the next generation of PelaFlex to significantly enhance: * structural efficiency, paying particular attention to the challenging Celtic Sea conditions whilst minimising material use and cost. * use of strip steel manufactured in Port Talbot * use of panel-fabricated components, allowing fabrication by local suppliers * assembly process to reduce quayside requirements, facilitating roll-out at existing ports. Alongside this, Marine Power Systems are harnessing the expertise available in Southwest Wales, working with Swansea University, Ledwood, Tata Steel UK, ABP Port Talbot and the Port of Milford Haven. This collaborative approach will help position the Southwest Wales supply chain as an integral part in the roll-out of floating offshore wind to the Celtic Sea.