Saipem S.p.A. SAPMF has launched the first full-scale prototype of XolarSurf, a floating solar energy system designed for harsh offshore environments. The prototype floater was developed in partnership with Kystteknikk and other subcontractors. It has been lifted and sent out on the sea at Kystteknikk's facilities in Dyrvik. The facility is situated on the Frøya island at Trondheim fjord in Norway. The floater will remain at sea for a year and during this time, its performance will be closely assessed.
The modular solar floating system has been crafted to endure waves up to 8 meters in height. Saipem’s unveiling of this groundbreaking floating solar technology is aimed at full-scale testing of the product and marks a milestone in the product’s readiness. During the one year, the product’s production capacity will be tested.
This solution, which can produce electricity from solar panels fitted on floaters, is developed for marine environments. The design gives the model a great deal of flexibility as it is formed by ‘islands’. These islands consist of many small floaters, which provide ample room for setting up stable photovoltaic panels. Each of these floaters has the capacity to generate up to 35-45 kWp (kilowatt-peak) of installed power.
Saipem’s Norwegian subsidiary, Moss Maritime, was involved in the development of the floating solar technology (equipped with a modular design). Following its initial phase of development, the industrialization process focused on evaluating any potential cost reduction that can be achieved through repeated and scalable production.
The development and testing process of the technology took years. This included engineering, model, and component testing in laboratories, alongside a full-scale test of marine operations. The process was necessary for the installation of the floating solar system in offshore environments. It was carried out in collaboration with Norwegian energy firm, Equinor.
XolarSurf is a groundbreaking development in the floating solar technology space. It can be installed in coastal and offshore locations and can operate even under harsh environmental conditions. Notably, the solution may be ideal for hybrid projects like offshore wind farms, including fixed and floating systems.
The technology may also find use in areas with limited land access, remote regions and stand-alone grids. The floating solar technology can support and deliver electricity to the expanding aquaculture industry. XolarSurf has been developed with a modular design, which allows for easy relocation to a new site or expansion in the existing site.
SAPMF’s Zacks Rank and Key Picks
Currently, SAPMF carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED, MPLX LP MPLX and VAALCO Energy EGY. PEDEVCO and MPLX presently sport a Zacks Rank #1 (Strong Buy) each, while VAALCO Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. The company stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
MPLX LP owns and operates a wide range of midstream assets. The partnership's midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders.
VAALCO Energy is an independent energy company involved in upstream business operationswith a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
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