Principle Power

About Principle Power

Principle Power Inc. operates as a key technology and services provider in the offshore wind energy sector, with a specific focus on floating wind farm solutions. The company was established in 2007 by Alla Weinstein and has since positioned itself at the forefront of the floating wind industry. Co-founder Alla Weinstein brought her extensive experience in the energy sector to the venture, while Christian Cermelli, another key figure, provided a deep background in ocean and naval engineering. Their combined expertise shaped the company's core technology.

The firm's flagship product is the WindFloat®, a semi-submersible floating platform designed to support multi-megawatt wind turbines in offshore locations where water depths are too great for traditional fixed-bottom foundations. This technology unlocks access to vast deep-water areas with stronger and more consistent wind resources. The three-column triangular platform provides stability for the turbine through its hydrodynamic design and features like water entrapment plates at the base of each column, which dampen wave and turbine-induced motions. This design allows for the full assembly of the turbine and foundation at quayside, a significant logistical and cost-saving advantage, before being towed out to the final installation site.

Principle Power's business model revolves around providing the WindFloat® technology, engineering services, and operational support to project developers, utilities, and independent power producers. The company's revenue streams are likely derived from technology licensing fees, engineering and design service contracts, and potentially long-term operational and maintenance support agreements. By focusing on enabling technology rather than owning the wind farms themselves, the company mitigates direct project execution risk while capturing value from the broader industry growth. Its market is the global offshore wind industry, a rapidly expanding segment of the renewable energy market driven by global decarbonization targets.

Significant milestones for Principle Power include the deployment of the WindFloat 1 prototype in 2011, which operated for five years off the coast of Portugal. This was followed by the commissioning of the 25 MW WindFloat Atlantic project, Europe's first semi-submersible floating wind farm, which began supplying clean energy to Portugal's grid in 2020. More recently, the company's technology was selected for the 30 MW Eolmed project in the French Mediterranean.