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Key Takeaways
- As wind farm technology improves, offshore wind farming is becoming a more viable option for power production.
- More companies are starting to make a splash in this futuristic space.
- Investors interested in this green energy have plenty of choices for their portfolios.
Green energy has been moving slowly into the spotlight. After all, the idea of harnessing renewable energy in the form of wind is exciting for a number of reasons – the challenges are manifold as well.
The world will be an entirely different place when green energy becomes a viable option to power the masses.
In order for that to happen, renewable energy has to scale. One way that clean tech companies are looking to amp up production is through offshore wind farms. The US Department of Energy’s Floating Offshore Wind Shot initiative is pushing the envelope in the offshore wind energy industry. One of the primary goals of this initiative is reducing the cost by 70% by 2035. With that, companies are pushing hard to make this vision a reality.
Here’s a closer look at these companies making waves with this technology.
What is a floating wind farm?
A floating wind farm might sound like something out of a science fiction novel. That said, floating offshore wind farms are on their way to becoming a viable green energy solution for mass consumption.
When companies first started harnessing offshore wind power, the wind turbines were placed on fixed structures. In more recent years, floating wind structures have been developed to support wind turbines.
With these floating wind turbines, energy companies have more options to deploy turbines. This changes the game for companies developing offshore wind farms.
Top floating wind farm companies
As you look to build an investment portfolio that includes clean tech, here is a closer look at the top cleantech companies to consider for your investment portfolio.
NextEra Energy (NEE)
NextEra Energy is a company to watch in the US clean energy market, period. Because, on a global scale, the company is one of the top producers of both wind and solar energy.
Back in 2021, the company submitted multiple proposals to build offshore wind farms. Earlier this year, the company announced its Real Zero plan, which outlines a goal of eliminating all carbon emissions from its operations by 2045.
One of the ways it hopes to accomplish this ambitious goal is by developing large-scale offshore wind transmission infrastructure.
As of November 18, 2022, NextEra Energy closed at $83.20 (up 12.98% over 30 days).
Vestas Wind Systems (VWDRY)
Vestas Wind Systems has over 25 years of experience in the offshore energy industry. Its first commercial offshore wind installation was built in 1995, and it’s still in operation today.
The company has stayed on the cutting edge of both floating offshore wind power and fixed-bottom turbines. It has installed over 46 projects across the globe.
As this company continues to push technology forward, investors may find a lot of upsides.
On November 18, 2022, VWDRY closed at $7.90 (up 26.6% over 30 days).
General Electric (GE)
When you think of General Electric, your mind might jump to fossil fuels, or microwaves for that matter. However, General Electric is also diving into the world of green energy. Recently, it announced its own floating wind turbine project that is currently underway.
The company continues to invest in offshore wind farm technology, and the resources behind this classic blue chip give it an edge over the competition. After all, developing new wind farms isn’t a cheap adventure.
As an investor, investing in this major brand could bring some peace of mind.
On November 18, 2022, GE closed at $85.48 (up 21.20% over 30 days).
Brookfield Renewable Partners LP (BEP)
Brookfield Renewable is one of the largest publicly traded renewable energy companies. As a leader in the decarbonization movement, the company’s strong financial position has poised it to capitalize on industry changes.
In 2022, Brookfield partnered with SSE Renewables to participate in an offshore wind farm project off the coast of the Netherlands. It’s a 50/50 partnership deal on a 1.4GW offshore wind farm. If successful, this will be a huge win for Brookfield Renewable in the offshore wind farm space.
As of November 16, 2022, BEP closed at $28.84 (down 1.33% over 30 days).
Siemens Gamesa Renewable Energy (SGRE.MC)
Siemens Energy is a company that specializes in green technology. It’s also the parent company of Siemens Gamesa Renewable Energy.
This company is focused on developing wind power. Beyond major installations, the company is committed to producing 100% recyclable turbines by 2040. This is a big deal in the green energy space since some of the industry’s criticisms focus on the waste produced.
In the wind energy industry, the company is involved in everything from manufacturing to installation. Plus, it services offshore wind turbines.
SGRE.MC closed the week at $3.67 (up 6.69% over 30 days).
How to invest in clean tech
When it comes to the world of green technology, big breakthroughs are the expectation now. The innovations are not only exciting for green energy enthusiasts, the opportunity is interesting for all investors who pursue a profit.
Companies are competing to create the most efficient and practical green energy solutions. That said, it takes time and effort to stay on top of all the new developments in this space. Plus, you likely want to make sure that your investment portfolio is regularly adjusted to include companies that operate on the cutting edge.
If you want to take the hassle out of building and maintaining your investment portfolio, consider using artificial intelligence. With the Q.ai Clean Tech kit, you can sit back while an AI-powered portfolio makes green energy moves based on your investment goals and the ever-shifting market.
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