HydePoint will solve the energy transmission needs of future offshore wind farms. HydePoint is a complete solution for receiving, converting, and transmitting the full energy potential from offshore wind farms, with reduced dependence on the onshore power grid. Placed in the ocean, close to wind farms, HydePoint can convert all or part of the energy into hydrogen. This will reduce the need for upscaling the power grid both to and on land. HydePoint is backed by complementary partners with leading capabilities across the offshore wind and power transmission value chain. Moreld contributes with offshore infrastructure solutions, KONGSBERG contributes with power and management systems, and Arendals Fossekompani contributes with solutions for optimized planning and operation through its in-depth knowledge of the power market, including through the portfolio company Volue. The collaboration is based on an initiative from Kjell O. Johannessen, an experienced entrepreneur. Johannessen is engaged through his company CIFO Management.