Flex2Future scales new heights with Ocean Tech ScaleUp

Flex2Future, the company behind Flex2Power technology, is one of eight Norwegian firms participating in the prestigious Ocean Tech ScaleUp accelerator program.

‍This program, tailored specifically for small and medium-sized enterprises with high export potential, offers participants the opportunity to refine their business models, strengthen growth strategies, and position themselves for international success.

– This was exactly what we needed, says Knut Høiland, COB of Flex2Future, which has developed an innovative design capable of harvesting more energy without increasing the weight and size of offshore wind installations.

Their technology capture power form multiple renewable sources such as wind, waves, current and sun on a floating installation witch significantly lower expected cost levels.

Ocean Tech ScaleUp is a collaboration between GCE Ocean Technology, Scaling Lab AS, the Massachusetts Institute of Technology (MIT), and Bergen Teknologioverføring (BTO). The program spans five sessions, including an intensive week at the Martin Trust Center for MIT Entrepreneurship in Boston.

Energy Transition Norway is pleased to join this collaboration starting in 2024 as part of the integration process with the Blue Quantum Leap initiative, alongside GCE Ocean Technology and other established clusters.

– This allows us to connect our members and cluster projects to a recognized program that can truly make a difference for Norwegian technology with global potential, says Egil Aanestad, Managing Director of ETN.

Case Study in Boston

The Flex2Power project was deemed so relevant that it was selected as a case study at this year’s Ocean Tech ScaleUp session in Boston, replacing a generic case.

– We’ve become very aware of the role we need to take. We will focus on cultivating what makes us unique – our core technology, says Høiland.

During the course, it became clear to Flex2Power that they should not spend time on other parts of the value chain, such as maintenance or EPCI.

– We will focus on spreading our technology, learning from pilot projects, and securing a competitive edge through ownership of the data. We will maintain control over continuous development to ensure no one overtakes us, he says.

Concrete Business Development

Participation in Ocean Tech ScaleUp has already resulted in dialogue with four other companies about potential business collaborations, including a cable manufacturer, a company focusing on hydrodynamic analysis, a mapping systems analysis firm, and a company specializing in pump technology.

– We sketched our cathedral – we described the position we envision in the market and how to get there, Høiland says.

Technological Confidence and the Road Ahead

With total program costs of NOK 300,000, Flex2Future covered NOK 50,000 themselves, in addition to travel expenses. The remainder was funded by Sparebanken Vest.

Høiland considers the program an excellent investment, as it provided great value for money, offering concrete answers on how to scale up and build a sustainable business model.

Per Ingvar Olsen, professor at the Department of Strategy and Entrepreneurship at BI Norwegian Business School, coordinates the project, is equally happy.

He has such strong confidence in the Flex2Power technology that he has presented it to Norway’s Standing Committee on Energy and the Environment, as he believes it can play a key role in reducing costs for floating offshore wind power.

– The costs of today’s floating offshore wind solutions are far too high. The amount of energy we can harvest is too low compared to the scale of the physical installations and the costs of operating them, Olsen explains.

– The potential for Flex2Power is enormous if uncertainties can be eliminated and results verified.

– Our task and challenge are to assist Flex2Power in clarifying its strategic choices to achieve a lasting and attractive market position – in collaboration with other actors well-equipped to contribute, Olsen concludes.

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