As we attempt to curb our reliance on fossil fuels and move towards energy independence, I’m constantly on the lookout for new innovations in green technology that can open new opportunities, both for their environmental benefits and investment potential. So while the idea of offshore wind farms is nothing new, I was intrigued by the Hywind, a prototype floating turbine design that was launched early this year by Norwegian energy giant StatoilHydro. Given the open “real estate” of the world’s oceans coupled with the strong winds being generated far off the coast, this could create a new option within the existing market.

Currently, the high cost to build and maintain offshore turbines combined with their design constraints – they are still installed directly into sea beds and require additional stabilization to deal with the stresses of the ocean currents – they can’t compete on price with conventional land-based models. But with the Hywind’s innovative floating design, wind farms could be installed virtually anywhere, in waters with depths up to 2100 feet.

The dynamic turbine design, which employs stabilization technologies already in use on offshore oil and gas rigs, needs further improvements – lighter materials and blades that spin closer to the water’s surface – before it is economically viable and ready to be manufactured on a mass scale, but it’s early successes have already silenced many critics. Considering the infrastructure to transport the power is relatively inexpensive by comparison, the Hywind could be an attractive solution further down the road and one to keep an eye.

[image via phault]