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Articles 1st April 2021

EIT InnoEnergy-backed EOLOS Eyes US and APAC Offshore Wind Expansion Following 30% Revenue Growth

Wind Propels

On March 30th, EOLOS the Spanish turn-key provider of offshore wind and ocean data to the wind industry, backed by EIT InnoEnergy, announces 30% revenue growth as it lays out ambitious plans to expand its offering in the US and Asia Pacific burgeoning offshore wind markets.

The announcement follows EOLOS’ success over the last five years as it now has a fleet of 15 buoys deployed on projects around the world, including the Hesselø wind farm in Denmark, Moray West in the UK and off the coast of Ulsan in South Korea for Shell. Since inception EOLOS has been backed by EIT InnoEnergy, the world’s largest sustainable energy engine, which has provided funding, brokered partnerships and consulted on strategic decisions. Now, due to increased demand, EOLOS has doubled its current workshop capacity in Spain, tripled its workforce and formed strong alliances in both the US and the UK.

Rajai Aghabi, CEO of EOLOS said “To date we have tripled our workforce and we are grateful for all the support we have had from partners, suppliers and our specialist team to make this growth possible. In particular, without EIT InnoEnergy’s knowledge and contacts in the offshore wind market, its commercial support and years of expertise in providing counsel to energy entrepreneurs, we wouldn’t be accelerating at the pace we are today.

“The offshore wind sector is flourishing, and we see huge potential across the world for our solution! Floating offshore wind is going to thrive in the next twenty years and so wind developers will need a trusted solution that can provide data for these deeper water depths. It’s a very exciting time for our team and the industry.”

EOLOS provides its robust floating buoy that uses LiDAR (light detection and ranging) technology to gather high-quality wind and ocean data from any offshore location. The solution provides developers with an accurate forecast of the wind energy potential for the wind farm, while minimising both CAPEX and OPEX of offshore wind measurement campaigns to reduce overall project cost.

Mikel Lasa, CEO of EIT InnoEnergy Spain, added: “EOLOS is a prime example of what EIT InnoEnergy sets out to do with its expertise and investments – take them from a start-up to a global business, ready to make an impact on how the energy transition rolls out. It’s impressive to see EOLOS grow so substantially from its roots in Spain to supplying its solution to wind projects all over the world. And this is only the beginning of their journey.”