Offshore Wind Tech Investment Fund Manager

Tender description

ORE Catapult is establishing an Offshore Wind Tech Investment Fund ("OWTIF") to address the challenge of high growth potential companies accessing finance in the final stages of commercialisation in the offshore wind sector. The UK has set out plans to develop 30GW of offshore wind by 2030 as part of a sector deal, with capacity currently sitting at 8GW this equates to significant market growth. The OWTIF will support the delivery of the UK’s Offshore Wind sector deal by increasing UK content and supporting cost reduction through innovation, in addition to supporting UK economic growth. The OWTIF will invest in technology developers with strong market traction, addressing key sectoral innovation challenges who require funding to commercialise their technology. The OWTIF will also invest in technology companies diversifying from other sectors, such as Oil & Gas and defence helping them to bring their technology into the Offshore Wind market. The ORE Catapult is seeking to establish a long-term commitment, with an initial term of ten (10) years. Depending on the performance and success of the OWTIF, the Contract may be extended by mutual agreement of both Parties, e.g. for a further period up to five (5) years. However, ORE Catapult also reserves the right to terminate the Contract at the end of the first year (1) year if the OWTIF is not performing. Keywords: Fund Manager, Investment, OWTIF Manager