SBM Offshore’s Single Buoy Moorings Research Office has become the Principality’s first entity to be part of Horizon Europe, the EU’s co-funding programme for research and innovation with a focus on sustainability and climate change issues.
With a budget of €95.5 billion, Horizon Europe is paving the way for companies with ground-breaking ideas and environmentally minded bents to do business together in the EU.
Despite Monaco not being an EU member, local companies can participate in the scheme if they are partnered with a legal European entity. This is the case for the Monaco-based SBM Offshore Single Buoy Moorings Research Office, who was selected by the government to take part in the scheme in partnership with European Scalable Complementary Offshore Renewable Energy Sources (SCORES).
They will be working together under the directive of the ‘Societal Change: Secure, Clean and Efficient Energy’ project, launched last September and piloted by Dutch Marine Energy Centre, which brings together 17 partners from 10 nations, Monaco included.
“The programme facilitates collaboration and strengthens the impact of research and innovation in developing, supporting and implementing EU policies while tackling global challenges. It supports creating and the better dispersing of excellent knowledge and technologies,” the European Commission website explains.
Their task is to demonstrate the efficient use of offshore renewable resources and how they are one of the keys to Europe’s energy transition, creating long-term low carbon and carbon free options for the public. SBM Offshore’s aim here is to develop its experience in the renewable energy market – whether it be solar, wind or wave energies – and to refine them for general use.
The budget for the SBM Offshore project is €45 million, with €34 million subsidised by the EC’s programme, but there are a few small catches. The companies involved must demonstrate “measurable goals within a set timeframe” and be willing to openly share all data and findings collected.
Sign up for the Monaco Life newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
Photo source: Monaco Communications Department