France: IDEOL Announces USD 1.4 M Funding Round and Strengthens its Board with New Appointments

IDEOL announces it has closed the financing of its innovative solutions development, and strengthened its advisory board with recognized experts from the offshore industry.

Offshore wind is a buoyant sector: France is about to launch a first bidding for a 3 GW round, the United-Kingdom forecasts the installation of 32 GW before 2030, Germany sets ambitious industrial targets with the end of its nuclear program, the United-States have approved a development program including a 50 M€ R&D grants and a target of more than 50 GW of installed capacity by 2030.

In this context, the pertinence and originality of IDEOL solutions, their perfect adaptation to the market needs and the current energy challenges, is highlighted by private investors, renowned offshore industry veterans and public authorities.

IDEOL has developed and patented a floating foundation on which to erect offshore wind turbines. Its construction and installation cost is two to three times cheaper than other floating concepts. Thus IDEOL floater is an alternative to current fixed foundations starting from 35-40 meters water depth. Perfectly adapted to the offshore environment, this floating solution allows:

* to realize all construction works and turbine installation at quayside, without the needs for offshore specific vessels, independently from the weather conditions;

* to eliminate any water depth constraints and to install offshore wind farm in deep sea;

* to decommission easily and with a reduced cost at the end of the farm operating period;

* to introduce new innovations, such as the “mobility” solution patented by IDEOL and enabling to increase wind farm energy production by more than 10%.

IDEOL has also been awarded prize winner for the 2011 Innovative Start-Ups National Challenge from the French Ministry of Higher Education and Research, as well has got the complementary financial support of OSEO, the public bank in charge of innovation financing.

As underlines Valérie Pécressse, the French Ministry of Higher Education and Research, during the awards ceremony :”To be prize-winner of the Innovative Start-Ups National Challenge is not only receiving a financial support, it’s not only benefiting from a technical, administrative and legal support, it’s also and more particularly being recognized as a promise of economic success”.

In parallel, the company has closed a first funding round in June 2011 with private investors and Oil&Gas offshore industry veterans , in particular Mr. Dominique Michel and Guy Fleury, who have joined the company advisory board.

According to Dominique Michel, “the Oil&Gas offshore industry has moved progressively from fixed foundations to floating. IDEOL solutions allow a similar evolution in the wind industry by adapting to this market existing and proven techniques coming from the offshore industry”. Guy Fleury declares to be “proud to support IDEOL executive management, who has been able to bring together a team of rare quality experts, with complementary experiences, whose solutions now constitute a technological break-through that promises to lead the full emergence of the offshore wind market”.

For Paul de la Guérivière, CEO of IDEOL, “the support of private investors, public authorities and veterans from the offshore industry is an important accelerator for IDEOL and a mean to continue our fast growth and to realize our ambition to be an innovation leader in the offshore wind industry”.

On IDEOL SAS:

IDEOL is a company specialized in the development of floating platforms for the offshore wind and marine renewable energy markets. IDEOL has designed and patented two innovative solutions transforming the potential of the offshore wind market: a floating platform designed specifically for mass production and the stability constraints of floating turbines, with a construction costs divided by two in comparison with the other existing solutions; a mobility solution to limit the wake losses in a wind farm and increase the power production by more than 10% per year.

On Dominique MICHEL :

Dominique Michel has over forty years of experience in the offshore O&G industry. He served as Chairman and C.E.O. of DORIS Engineering, where he developed the company’s portfolio of expertise in deep offshore and subsea technologies and applications. Dominique Michel recently served as President of the GEP (French Council for Petroleum Companies) and is a prominent member of its CITEPH program, which finances O&G research and innovation in the field of E&P services. Michel was awarded the Emile Girardeau Scientific Prize by the French Marine Academy in 2002, and is also a recipient of the French Legion of Honour. Dominique MICHEL is currently Vice-president of Dietswell, managing director of OSEAD and President of NG2 (New Generation Gas). Dominique MICHEL is also Vice-president of the ATMA (Offshore and aeronautical technical association) and meber of TPA (Total Associated Professor).

On Guy Fleury :

Guy Fleury started his carreer in the Cousteau team, as engineer for the design of exploration submarines for very deep water. He then joined COMEX in an international team based in London for the development of sub-sea offshore oil production systems. He moved then to the COMEX head office in Marseille where he became Managing Director of COMEX Services (1600 employees worldwide, more than 150 M€ turnover in 1980). In 1992, after the merger between COMEX Services and its Norvegian counterpart he became the CEO of the new entity: Stolt Comex Seaway listed on the NASDAQ in 1993. After having spent 20 years of his life managing team of all nationalities, in every locations where to find offshore oil, he decided to leave and create in 1995 a new business from the buy-out and merger of 4 small size companies : SOLEN incorporated in 1996. He sold the company 5 years later and focus since 2005 on advising and investing on innovative start-ups.

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Source: IDEOL , July 12, 2011;