Norway Invests in Underwater Wind Power

Norwegian oil company Statoil has signed an agreement with Norwegian technology company Sway to develop underwater wind-power technology.

Sway is a market leader in creating technology for floating wind turbines in deep water. Both companies aim to work together to increase technical and commercial solutions to reduce the cost of wind-produced power.

Statoil says its offshore technology expertise is helping it drive forward to develop new and cleaner energy solutions. The first full-scale wind turbine is expected to be completed and installed between 2010 and 2012.