The rights to an innovative product in the offshore wind market, Gravity Tripod™, are up for sale after Michael Roome and Dean Nelson, Business Recovery and Restructuring Partners at PKF Smith Cooper, were appointed as administrators of East Midlands-based OWLC Holdings Limited on 26 February 2024.
OWLC Holdings Limited own the rights to Gravity Tripod™, a unique and internationally patented design for an offshore subsea foundation structure.
Following the appointment of administrators of OWLC Holdings Limited, an accelerated sale of business has commenced with the aim of finding a purchaser for Gravity Tripod™, which management believe can deliver an average of 11-12% reduction in the cost of electricity generated by offshore wind.
The Gravity Tripod™ is a unique design for an offshore subsea foundation structure, requiring little or no seabed preparation.
It uses concrete in place of steel, which allows the Gravity Tripod™ to expand the supply chain and deliver an offshore wind solution that is quicker, cheaper and more environmentally friendly than traditional monopoles or jackets. The patent is registered in a number of key geographies worldwide.
Michael Roome, Business Recovery and Restructuring Partner at PKF Smith Cooper, said: “Our aim is to maximise returns for creditors by seeking a sale of this unique design in the offshore wind market.
“If you are interested in purchasing the company, please contact me as a matter of urgency. We will keep stakeholders and the press informed of any developments as matters progress.”
