Offshore tech Rovco agrees Japanese partnership
ABRISTOL-BASED offshore technology and artificial intelligence company has agreed a major partnership deal with a Japanese wind turbine inspection firm. Rovco, a provider of subsea robotic and hydrographic surveys, has signed a memorandum of understanding with Horizon Ocean Management (HOM) – a subsidiary joint venture between Mitsui and Hokutaku.
The agreement will see both parties work together to analyse the Japanese offshore wind market and develop a better understanding of in-country demand, as well as developing asset integrity programmes of work to support the maintenance of critical infrastructure.
HOM was formed in 2021 by
Japanese conglomerate Mitsui and Hokutaku, the country’s leading wind turbine maintenance company.
Rovco said its joint business development agreement with HOM would strengthen commercial ties and allow the two organisations to promote new projects.
The two companies have already launched a joint proposal for a number of future operations
and maintenance projects, according to Rovco.
Simon Miller, chief revenue officer at Rovco, said: “This partnership marks a significant milestone for Rovco. The Japanese offshore wind sector is rapidly upscaling, and this is an exciting opportunity for us to work alongside Horizon Ocean Management, sharing vital insight into subsea asset integrity best practices.”
Last year, the Japanese government unveiled ambitious plans for offshore wind expansion, including targets of 10GW of offshore wind by 2030 and installations of a combined 30GW to 45GW by 2040, along with a cost reduction target by industry of eight to nine yen/kWh (0.04 to 0.05p/kWh) between 2030 and 2035.
Nobuyuki Takagi, managing director of HOM, added: “The European offshore wind supply chain has a
wealth of marine and subsea experience via its long history in sectors such as oil and gas. In order to realise our national offshore wind deployment vision, HOM believes that learning from and working with the leading companies in these more advanced markets will develop and improve Japanese competence earlier.”
Earlier this year, Rovco and its sister company Vaarst completed a successful series B raise to fund global expansion plans, co-led by Legal & General Capital alongside Equinor Ventures. This saw an initial £15.2m raise completed in April, with subsequent further investor contributions taking the total raise to £20.5m.
In June, the business also signed a major deal to carry out unexploded ordnance investigations on a Dutch wind farm.