Rhode Island can add another name to its growing list of companies that have developed a major physical presence in the state.
Danish offshore wind company Ørsted announced today that it will launch a new United States Innovation Hub in Providence's Cambridge Innovation Center this spring. There, a rotating team from both Denmark and the company's North American headquarters will develop innovative concepts relating to the offshore wind industry.
The team will also provide funding to projects within the industry, according to a news release, and work to find companies that show interest in advancing the deployment of offshore wind technologies.
"As a key part of this process, the innovation hub team will leverage Rhode Island’s existing innovation ecosystem," the statement adds.
Should tech companies express interest in working with Ørsted, representatives from The Hub will serve as their first point of contact.
Additionally, the new space will play host to events centered on offshore wind and energy tech, featuring both local and international thought leaders. There are plans for quarterly pitch days and bi-monthly "open door" opportunities for startups, companies and entrepreneurs to engage with the Ørsted team and share their work.
For company leadership, opening The Hub in Providence was a no-brainer.
“Innovation has been the key to the success of the offshore wind industry in Europe, so committing time and resources to foster new technology growth here in the U.S. was an obvious step for Ørsted,” said Thomas Brostrøm, president for Ørsted North America and CEO for Ørsted U.S. Offshore Wind. “Locating this operation in Providence was an equally obvious move for us. The state has shown time and time again that it is home to one of the best innovation economies in the country and we look forward to becoming a part of that community.”
Gov. Gina Raimondo was "thrilled" by the news that Ørsted was developing a new presence in the Ocean State, as it was "further cementing our status as America’s offshore wind capital."
It would also serve as a harbinger of potential moves to come.
"As we continue working to ensure Rhode Islanders are prepared for high-skill jobs in the modern economy, I’m confident that more and more companies like Ørsted — leaders in 21st century industries — will continue to look to Rhode Island," she added.
Formed in 2006, Ørsted established the first commercial offshore wind farm in the United States: Block Island Wind Farm, off the coast of Rhode Island. It made headlines in 2018 for two major acquisitions, Deepwater Wind for $510 million in October and Lincoln Clean Energy for $580 million in August.
Ørsted joins companies like Boston Energy and Harbor Light Software in the state's offshore wind industry cluster, the largest of its kind in the U.S.
The company's U.S. headquarters are located in both Providence and Boston.
