In this Spotlight article, we talk to Sean McNeill, CEO of Offshore Solar.
What is the problem that your company is solving and why is it important to do so?
Everyone is on a path to achieving net zero through electrification, but this will not happen in a timely manner. Our ancestors have spent over 120 years building an oil and gas-based infrastructure that we use today, and it functions well. The problem is that the type of fuel we use is damaging our planet. The carbon we emit was meant to remain buried in the ground, not be dug up and released into our atmosphere.
What technology/innovation are you bringing to this field?
We are producing net zero biogas and biofuel that can be distributed or used with our existing infrastructure and technology. This biofuel is generated using solar energy and algae. We will produce raw biogas from macroalgae, which can be upgraded to bio-methane, a direct alternative to utility-grade natural gas. Additionally, we will create biocrude oil from microalgae, which can be distilled in a typical oil refinery to produce biobased petrol, diesel, jet fuel, marine fuel, and many other biobased products.
What stage of commercialization are you at? Who are your backers?
We are about to start the design and planning of two sites that will grow the crops we need and produce the biocrude oil and biogas. These are based in the UAE and the UK. We have taken a Devex loan to get the projects to a point of Ready To Build (RTB) where we will then raise $30m equity to take the projects forward, start construction and then production.
Offshore Solar’s innovative floating offshore solar farms generate clean electricity at sea, bypassing the need for land use or grid connections. This electricity is then used to power the production of biobased fuels, eliminating the bottlenecks associated with traditional electrification.
How does your product or service contribute to environmental sustainability, whether through reducing emissions, restoring nature and biodiversity, minimizing plastic use, or addressing other ecological challenges?:
We are developing a product that will directly replace the use of fossil fuels with a net-zero biobased fuel. This will eliminate CO2 and sulphur emissions immediately upon switching. We have designed our product to be competitively priced with fossil fuels, incentivising companies to make the switch with no risk. This solution not only reduces emissions but also provides a product that enhances energy security by moving away from fossil fuels. Energy security is the largest challenge in this transition, and we can offer the first stepping stone.
What are the key challenges that you face?
Our biggest challenge is growing enough crops to meet demand and to keep us price competitive. Our goal is to deliver the same volume of biogas and biocrude oil as the oil and gas sector currently does.
What do you need to overcome them?
We believe that working in the UAE helps us a lot with this barrier due to the amount of available land and the natural environment for heat and sun, allows us to maximise the yields of the crop consistently all year round. Also, one of our crop is seaweed (macro algae) and we have designed and tested an offshore floating solar and seaweed farm system to mitigate the requirement for so much land, meaning we only need land for the micro algae cultivation and the processing equipment.
