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TechnipFMC (FTI) Partners Bombora for Floating Wave-Wind Power

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In pursuit of a more sustainable future, TechnipFMC plc (FTI - Free Report) recently developed a strategic alliance with a UK and Australia-based wave energy technology company Bomborato to create a floating wave and wind power project.

This collaboration will initially concentrate on TechnipFMC and Bombora’s InSPIRE project wherein InSPIRE stands for Integrated Semi-Submersible Platform with Innovative Renewable Energy. The partnership is designing a hybrid system using Bombora's mWaveTM technology with its engineering work having already started in November 2020.

The hybrid system demonstrator will be capable of producing 6 megawatts of combined floating wind and wave energy following which the combined entity will develop commercial platform Series 1 and Series 2, which are projected to generate 12 and 18 megawatts, respectively.

Bombora’s managing director Sam Leighton stated that, “With TechnipFMC’s extensive track record of delivering large-scale projects to the energy sector and Bombora’s innovative mWaveTM technology, we are confident that InSPIRE will play a key role in the offshore energy sector.”

Also last month, TechnipFMC inked a deal with Magnora, a Norway-based renewable energy company, to jointly develop and promote floating offshore wind prospects.

Magnora is presently an owner of offshore wind, onshore wind and solar development ventures in the renewable energy sector. The partnership will strive to build on Magnora’s recognition in renewable energy along with TechnipFMC’s expertise.

Brief on the Company

TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company formed from the January 2017 merger of Technip and FMC Technologies is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

Zacks Rank & Key Picks

TechnipFMC currently has a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the energy space include Matador Resources Company (MTDR - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Devon Energy Corporation (DVN - Free Report) , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

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