Exclusivity Agreement with Multi-National Energy Company
Global Interconnection Group (GIG) is delighted to have signed an exclusivity agreement with a major UK energy company to explore collaboration on the Atlantic SuperConnection interconnection project.
The interconnector will combine proposed new Icelandic offshore wind with better utilisation of existing Icelandic hydro assets to bring security of supply enhancements to both countries as well as a projected annual saving of over a million tonnes of carbon emissions.
About Global InterConnection Group
Global InterConnection Group (“GIG”), comprising Global InterConnection Group Limited and its subsidiaries, is a platform for the manufacturing, development, operation, and ownership of interconnectors and other power transmission assets, with three interlocking divisions:
- (i) a portfolio of interconnector operating assets and projects;
- (ii) High Voltage Direct Current (“HVDC”) cable manufacturing to supply grid upgrades and our interconnector projects, and
- (iii) ancillary services, such as commissioning and overseeing the design, planning and operational management for grids and interconnectors.
Interconnectors are power cables connecting different countries’ electricity grids, as a means of improving energy security by expediting the transmission of energy internationally from where it is generated to where it is needed.
As the world transitions to a NetZero future, and with recent stark reminders of the importance of energy security, interconnectors are recognised as a central component to countries’ energy strategies as interconnected grids are more efficient and able to respond to market stress. As the world transitions towards a NetZero future, growing electricity demand and increased dependence on intermittent power sources requires grids that are strong, flexible, and interconnected.
The nucleus of this platform is the Global InterConnection Group board which comprises: Edmund Truell (Executive Chairman) and non-executive directors Jennie Younger, Luke Webster, Richard Pinnock and Roger Le Tissier; and special advisers: Gérard LaMarche, Chris Sturgeon and Kari Stadigh. They oversee Global InterConnection Group’s Advanced Cables and Global InterConnectors divisional boards and management, supported by a design, planning and operations division, Global InterConnection Group Services together with expert advisers and partners such as RTE International (the arm of Europe’s largest grid operator), Afry, Aecom, and Red Penguin.
Global InterConnectors is buying and building up a portfolio of European interconnectors. Its first project is Atlantic SuperConnection, which is developing a 1,700 km interconnector project, where the technical feasibility work has now been done to build a 1,800 MW interconnector between Iceland and the UK; and a valuable connection agreement secured near Hull, England. This project is being led by Matt Truell and Michael Ridley as divisional directors.
Advanced Cables is developing a 1,600 km/year capacity HVDC cable manufacturing facility in the North-East of England in two phases, with strong support from the UK government. Global InterConnection Group has signed a memorandum of understanding for a joint venture with an existing cable manufacturer, which paves the way for Advanced Cables to address the shortage of HVDC subsea cable, where demand far outstrips supply and order books are full for several years to come.
The joint venture partner would bring to bear their world-class technology and experience. The real estate aspect of this project is being led by Richard Johnson as divisional director.