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Tripartite subsea energy MoU signed between Baker Hughes, Mocean Energy and Verlume

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22 September 2022

Baker Hughes, Mocean Energy and Verlume have signed a triparty memorandum of understanding (MoU) to identify and discuss potential opportunities for collaboration on integrated wave energy and subsea energy storage solutions for the emerging subsea clean energy market.

In the drive towards lower carbon operations, the MoU will explore the opportunities for integrated wave energy, energy storage and power delivery solutions to facilitate the electrification of subsea assets as well as the utilisation of renewable energy within harsh, deep-sea environments.

Over an initial two-year period, the MoU will see the three parties utilise and share their combined capabilities within the subsea market to enable the deployment of a reliable, uninterrupted power supply located at point of use for cost-effective and market-competitive electrical power solutions. This could be within temporary, permanent or back-up use cases, including for charging systems for underwater vehicles and subsea production control systems.

Within the scope of the MoU, Baker Hughes will bring its expertise as a leader in the design and manufacture of subsea production equipment, by supplying subsea hardware including controls systems, power systems and other ancillary equipment. Verlume’s scope of supply will focus on the design and delivery of its Halo subsea energy storage system and Mocean Energy will be concentrated on the design and delivery of its Blue Star wave energy converters.

All parties are currently involved in Renewables for Subsea Power, a project combining Mocean Energy’s wave energy converter and Verlume’s Halo to deliver low carbon power and communication to subsea infrastructure such as Baker Hughes’ subsea controls equipment. This project, which will undergo onshore testing in late 2022, is a demonstration of the collaboration which has already taken place between the three signatories, and the types of opportunities that can now be further explored as part of the MoU.

The non-exclusive MoU is not intended to establish any joint venture, partnership or other legal entity among the three signatories.

Romain Chambault, vice president services and offshore and Europe, at Baker Hughes commented: "The signing of this strategic MOU demonstrates Baker Hughes commitment to support our customers in finding clean energy technology solutions to decarbonise their offshore assets. Being a subsea integrator in this partnership with Mocean Energy and Verlume, we believe we can deliver a turn-key solution that meets the expectations of our customers and regulatory bodies.”

Richard Knox, chief executive officer, at Verlume said: "The signing of this MoU represents a long-standing relationship between the three parties, with a shared vision and commitment to bring forth power solutions which collectively deliver a greener, more sustainable subsea operational environment as part of the energy transition.”

Cameron McNatt, managing director at Mocean Energy added: "For Mocean Energy, partners like Baker Hughes and Verlume, who have complementary technologies and skills, are essential to delivering complete solutions to address growing customer demand. The signing of the MoU marks a key milestone in our supportive relationship with these partners, and in our growth journey.”
 

Left to right: Richard Knox, Romain Chambault and Cameron McNatt.
Tripartite subsea energy MoU signed between Baker Hughes, Mocean Energy and Verlume