Karpowership and Ukraine Sign Energy Cooperation MOU to Ease Power Crisis

• Deal aims to fast track up to 500MW of electricity capacity via Powerships
• Moldova, Romania are most likely locations for vessels to feed into Ukraine's grid

LONDON, Jan. 26, 2023 /PRNewswire/ -- Karpowership has signed a Memorandum of Understanding with state-owned trader JSC Energy Company of Ukraine (ECU) to enhance electricity supply cooperation and to fast track the use of floating power stations to alleviate the nation's energy crisis.

Karpowership, which provides reliable and flexible floating electricity solutions across 13 countries, and ECU -- a purchaser, seller and supplier of energy resources -- will work alongside national and international organizations to develop and finance the implementation of 500 MW, enough to power over 1 million households.

Among the options being considered are for floating power stations, known as Powerships, to be moored offshore Moldova and Romania, with electricity connecting to Ukraine's grid via transmission lines. As a result, Karpowership and ECU will engage Moldovan and Romanian authorities to assess the viability of these two options.

''Karpowership is delighted to work with ECU to ease Ukraine's power crisis,'' said Zeynep Harezi, Karpowership's Chief Commercial Officer. ''Powerships are a fast, reliable, and flexible solution to the nation's electricity shortages, and we are ready to support Ukraine in getting the energy it needs as soon as possible.''

Both parties have agreed to hold regular meetings to jointly develop and implement the project and work together to secure the necessary permissions and approvals to collaborate with third parties, including international organizations, to achieve this.

''Ukraine's energy system has suffered 12 massive Russian attacks, resulting in damage to its power generation infrastructure and electricity shortages. While the war continues, building new power units to recover lost or damaged generation capacity is not a feasible option and we need to look for innovative solutions to the current crisis,'' said ECU Chief Executive Officer Vitaly Butenko.

''Karpowership technology allows for rapid deployment of new power generation capacity which will be transferred to the Ukrainian grid. We believe this can create a regional paradigm shift for solving Ukraine's energy crisis while the nation's infrastructure is being subjected to Russian attacks,'' Butenko added.

Karpowership already operates across Africa, in New Caledonia and Brazil and has been in talks with several European countries to supply as much as 2 GW of electricity via Powerships to help ease the region's energy crisis.

Its fleet of 36 Powerships connects directly to a country's electricity grid, leveraging existing infrastructure, and can do so in less than 30 days.

Powerships are cheaper, quicker, and more flexible than land-based power facilities and leave a minimal environmental footprint when decommissioned. They are simply unplugged and re-deployed wherever they are most needed.

Karpowership's vessels are multi-fuel enabled, operating on either liquefied natural gas, low sulphur fuel oil or biodiesel.

Because Powerships are delivered with all the infrastructure they need, there is also minimal disruption to local communities onshore.

For more information on Karpowership and its fleet of floating power solutions, visit https://karpowership.com/en/.

Media Contact:
karpowership@actumllc.com 

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