MARIBE Pitch Deck Teardown: Evaluating Multi-Use Platforms

Introduction and Project Scope

The MARIBE project (Marine Investment for the Blue Economy) is not a single startup but a consortium-led initiative funded by the European Union’s Horizon 2020 program. The deck, presented by Mike Blanch of BVG Associates in June 2016, focuses on a central question: Can combining offshore wind with other marine sectors reduce the Levelised Cost of Energy (LCOE)?

Slide 1: Title and Context

The cover slide establishes the project as a Coordination and Support Action Project under grant agreement No 652629. It identifies Mike Blanch as the lead on financial modeling. The branding includes both MARIBE and BVG Associates, positioning the presentation as a technical and financial briefing within the Global Offshore Wind conference.

Slide 3: Project Objectives

Slide 3 clarifies the project's purpose. It is designed to prepare for the 'future innovative offshore economy' and inform the European Commission’s thinking for future funding calls. The project was scheduled to conclude in August 2016, making this a 'near-final' summary of findings.

Slide 5: Leading Combinations with Wind

This slide categorizes the combinations into two groups: Fixed bottom offshore wind and Floating offshore wind. For fixed bottom, it highlights Multi-use of space (MUS) for mussel farming and Multi-use platforms (MUP) for wind and wave energy. For floating wind, it introduces specific company names like Floating Power Plant (Poseidon), EcoWindWater (desalination), and Cobra/Besmar (aquaculture).

Methodology and Geographic Focus

Slide 7: Basins Considered

The project analyzed four primary regions: the Atlantic, Mediterranean, Baltic, and Caribbean. Slide 7 uses bathymetric maps to show depth ranges (0m to -200m+). This is critical because the viability of fixed vs. floating wind is entirely dependent on water depth, a recurring theme in the technical slides that follow.

Slide 9: The MARIBE Approach

The methodology involved identifying promising companies, developing financial models, business plans, and risk assessments. Slide 9 also mentions 'Advising and testing,' where the consortium used its network to introduce stakeholders to potential investors through sessions in Brussels. This indicates the project acted as a matchmaker between innovation and capital.

Slide 11: Exploration and Shortlisting

MARIBE started with 22 combinations, rating them on technological, environmental, socio-economic, financial, and commercial criteria. They shortlisted 9 combinations. Interestingly, slide 11 notes that even non-shortlisted combinations (like wind for enhanced oil recovery) were documented in strategic reports, showing the breadth of their research.

Slide 13: Advisory Panel

To validate their findings, MARIBE convened an advisory panel in June 2016. The list is impressive, featuring the International Energy Agency, DNB Norway, Scottish Investment Bank, Ernst & Young, and The Crown Estate. This slide serves to build credibility for the financial models presented later.

Deep Dive into Potential Projects

Slide 17: The 9 Potential Projects

This slide provides a visual map of the shortlisted combinations by region. Key pairings include Wave + Aquaculture (Med/Black Sea), Floating Wind + Desalination (Med/Black Sea), Fixed Wind + Aquaculture (Baltic/North Sea), and Aquaculture + Floating Shipping Terminal (Caribbean).

Slide 19: Mussel Farming and Offshore Wind

Focusing on the Dutch Borssele wind farm, this slide explores the feasibility of using the space between turbines for mussel farming. It specifies a water depth of 15m to 35m and sets a production target of 5.5 million kg of mussel seed. The slide includes a technical diagram of 'semi-submerged longlines,' demonstrating the level of engineering detail considered.

Slides 21 & 23: CúNaMara Wind and Wave Platform

The CúNaMara platform by JJ Campbell & Associates is a Multi-use Platform (MUP) combining 8 MW of wind and 16 MW of wave energy. Slide 21 claims a typical site could produce 77.5 GWh per annum. However, slide 23 provides a sobering financial reality: the projected LCOE is 178 €/MWh at an 8.9% WACC. The slide explicitly acknowledges that this 'needs to be much lower' to be commercially viable.

Slide 25: Floating Offshore Wind + Wave (P80)

This slide details a stable semi-submersible platform (80 meters wide) that integrates a standard offshore wind turbine (5-8 MW) with wave power (2-3.6 MW). It emphasizes using standard ship principles and oil & gas components to manage costs, targeting markets with water depths greater than 45 meters.

Slides 27 & 29: EcoWind Waters Desalination

This combination targets islands with limited space and potable water needs. The project progressed from a 35 kW prototype (shown in a photo on slide 27) to a planned 0.8 MW pilot, with an ultimate goal of a 2 MW commercial unit. This represents a niche but high-value application for offshore energy.

Slide 31: Aquaculture + Floating Wind Synergies

Slide 31 lists the qualitative and quantitative benefits of combining fish farming with wind. Benefits for the fish farm include CCTV security and sheltered spots for small fish. Quantitatively, the slide projects a 10% increase in economic performance due to shared Operations and Maintenance (O&M) costs.

Final Shortlist and Conclusion

Slide 33: Other Shortlisted Combinations

The deck concludes by mentioning two large-scale infrastructure projects: Float Incorporated’s Security Port (a modular concrete platform for shipping and LNG) and the Grand Port Maritime de Guyane (a floating terminal for container transfer and oil/gas logistics). These represent the 'macro' end of the Blue Economy spectrum.

Slide 35: Contact and Next Steps

The final slide provides contact information for the MARIBE project and social media handles. It lacks a traditional 'Ask' because the project's goal was the dissemination of research and the facilitation of partnerships rather than direct fundraising for a single entity.

What Works and What is Missing

What Works

Rigorous Selection Process: The transition from 22 to 9 projects (Slide 11) shows a disciplined approach to feasibility rather than chasing every possible idea. · Specific Technical Targets: The inclusion of exact figures—such as 178 €/MWh LCOE (Slide 23) or 5.5 million kg of mussel seed (Slide 19)—provides a concrete basis for evaluation. · Geographic Specificity: Mapping projects to specific basins and water depths (Slide 7) demonstrates an understanding of the physical constraints of marine engineering. · Synergy Quantification: The 10% economic performance boost for aquaculture (Slide 31) gives investors a clear 'why' for the combination.

What is Missing

Individual Team Bios: While the consortium partners are listed, there are no bios for the key individuals driving these projects, which is a staple of startup decks. · Equity Ask: There is no slide detailing how much capital is needed, the valuation, or the use of proceeds. · Competitive Landscape: The deck focuses on internal MARIBE projects but does not compare these solutions to land-based alternatives or other emerging marine technologies outside the consortium. · Timeline to Commercialization: While 'next steps' are mentioned for individual projects (like the 0.8 MW pilot on Slide 29), there is no unified roadmap showing when the Blue Economy will reach scale.

Founder Takeaways

Be Honest About Economics: The MARIBE deck sets a high bar for honesty by admitting that their projected LCOE for wave energy (178 €/MWh) is currently too high for the market (Slide 23). Founders should follow this example: acknowledge the gap between current state and market requirements, then explain the path to closing it.

Focus on Synergies, Not Just Addition: The most compelling parts of the deck are where two sectors don't just sit next to each other, but actually help each other. The idea that a wind farm provides 'CCTV security' for a fish farm (Slide 31) is a practical, low-cost synergy that adds real value.

Use Standards to Reduce Risk: Slide 25 highlights the use of 'standard ship principles' and 'oil & gas components.' For founders in hardware or deep tech, emphasizing the use of proven sub-components can significantly lower the perceived risk for investors.

Define Your 'Basin': Just as MARIBE defined their geographic and depth constraints (Slide 7), founders should clearly define their 'operating environment.' Whether that is a specific regulatory framework, a technical standard, or a geographic market, constraints help investors understand the boundaries of the opportunity.