The first relevant site includes three circles with a radius of 5 kilometres, making up a total area of 240 km2. The site is located over 60 kilometres off the coast of the Yeonggwang Province in southwest Korea. The water depth in the area is 62-75 meters and is well-suited for the patented TwinWind technology.

The second site is a circle with an area of approximately 80 km2 outside the city of Pohang in the Gyeongbuk Province in eastern Korea. The water depth is approximately 94 meters.

The development of these areas has been going on for just over a year and the approval from the local authorities has been obtained by CoensHexicon in cooperation with Korean partners who are also joint owners in these areas.

Marcus Thor, CEO of Hexicon said: "The collaboration in South Korea via CoensHexicon is progressing very positively, and it is an important milestone to now be able to move on to other parts of the country. The revised ambition this year from the Korean government to increase the pace of fossile-free electricity generation is benefiting us and will increase our attraction in the floating wind power market."

Steve Seo, CEO of CoensHexicon said: "Together with Swedish Hexicon, we have a unique opportunity to develop several wind farms in South Korea. The complementary knowledge and experience allow us to together contribute to the South Korea’s energy transition policies."

The current patent relates to a floating platform with two tilted towers which makes it possible to install two turbines on the same platform. The patent has previously been granted in Sweden and South Africa. In the next step, Hexicon will receive a formal decision about the grant, and then validate the patent in the markets for which it wishes to obtain patent protection.

In June, an objection to the granted patent in Sweden was submitted to the Swedish Intellectual Property Office (PRV). This was described in an additional prospectus prior to Hexicon's listing on Nasdaq First North Growth Market. After consultation with the company's patent attorney and in light of the fact that the objection essentially referred to already known documentation, the assessment was made that the objection would not be successful. In connection with the assessment of the European patent application, EPO has also considered a third-party submission similar to the objection to the Swedish granted patent and has found it not to be relevant.

Marcus Thor, CEO of Hexicon, said: "Our floating platforms with tilted towers increase the power density for a given water area and thus reduce the number of platforms and cabling, which means more efficient electricity production and lower costs. It feels great that we now also will get the European patent granted as planned."

For more information, please contact:
Marcus Thor, CEO of Hexicon, +46 73 924 44 93, marcus.thor@hexicon.eu

With Sweden’s plans to produce 100 percent of its energy from renewable sources by 2040, and to achieve carbon neutrality by 2045, the partners see a clear opportunity for offshore wind projects as the market develops.

The board of directors for the joint venture includes Swedish nationals Pär Nuder and Mikael Kramer. Nuder, former Minister of Finance for Sweden, has for the past decade worked in the private sector as a board member and strategic advisor to several companies and organizations, including the Albright Stonebridge Group and the private equity fund EQT. For eight years, he was also the chairman of AP3, one of the national pension funds. Kramer is an industry veteran having previously held the role of Head of Group Mergers and Acquisitions at Vattenfall during a period of great European expansion.  

Together, Hexicon and Aker Offshore Wind bring unique capabilities and experience. Hexicon has an experienced team that is developing floating offshore wind projects with other established industry partners in countries such as South Korea and Scotland. Offshore wind in Sweden is an early-stage market with large potential and Hexicon is the only dedicated floating wind developer in the domestic market.

Aker Offshore Wind, through the Aker group of companies, brings to the project its learnings and know-how from five decades of planning, designing, and executing offshore projects in the North Sea and elsewhere globally. Aker has a core expertise in project planning and execution methodology, technology know-how and fabrication competencies to scale and industrialize offshore wind in a sustainable way.

Marcus Thor, Chief Executive Officer of Hexicon, said: “Sweden is an attractive market for offshore wind and has set a target to reach ‘net zero’ greenhouse gas emissions by 2045. Our projects have the potential to provide a stable and clean energy generation long term, which benefits both Swedish industry and Swedish consumers.”

Tom Selwood, Chief Financial Officer of Aker Offshore Wind, said: “As partners, we have the knowhow to deliver floating offshore wind generation in Sweden and are committed to a future of green renewable energy. Our joint venture represents our long-term commitment, whilst the newly established board of directors brings the expertise to succeed.”

The remaining four members of the Board of Directors are representatives from Aker Offshore Wind and Hexicon.

Both parties are technology agnostic for the purposes of the Swedish market and will work together to identify the optimal technology solutions for each project.