More investors for PV-bos, an Offshore Solar Pilot Project
Madrid, Spain, 01-Oct-2024 – PV-bos, a leading company in innovative marine energy technology led by the same team as BlueNewables, will install 1 MWp of solar panels on top of its groundbreaking PV-bos floating solar system in Valencia harbour. This project is part of a broader initiative to harness the potential of marine renewable energy sources and contribute to Spain’s energy transition.
PV-bos’ 1 MW floating solar project in Valencia will demonstrate the technology’s viability and potential for large-scale deployment. The project has been supported recently by a large energy company, who will commercialize the installation after the project is ready. Other investors feature IDAE (the Institute for Diversification and Energy Saving) and the Korea Spain Strategic Programme (KSSP), a joint top-down R&D Bilateral Programme.
The company has already completed the design optimization for the project, resulting in a significant reduction in steel weight and LCOE (Levelized Cost of Energy). The detailed design phase is now underway.
PV-bos is establishing successful partnerships with key suppliers, ensuring a reliable and efficient supply chain. The permitting and harbour’s grid connection are well advanced, as planned.
PV-bos benefits from the region’s favourable solar resources, benign and harsh sea conditions, and proximity to consumers. The construction of the floating solar system is expected to commence by the end of the year.
Once completed, the Valencia project will showcase the reliability and performance of PV-bos’ technology, positioning the company as a front-runner in the offshore floating solar market.
The global floating solar market size was valued at US$ 4 billion in 2022 and is expected to hit US$ 54.09 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 29.80% during the 2023 to 2032 period. Taking that data into account, PV-bos is thinking of expanding their operations, and they’ve currently opened an investment round.
