US Forged Rings Inc. announces $700M investment in US offshore wind industry
![US Forged Rings Inc. announces $700M investment in US offshore wind industry](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/windmill-park-oceanaerial-view-panoramic-shot-generative-ai.jpg)
US Forged Rings Inc. (USFR) announced a $700M investment in the US offshore wind industry. It will be used to construct a state-of-the-art tower fabrication facility and a steel forging plant. These two facilities will service the growing domestic offshore wind market with goals of deploying 30 GW by 2030 and 110 GW by 2050.
The company is currently studying the locations on the East Coast, and construction is expected to take 16-20 months starting in 2026. The company notes that over 500 jobs will be created in the two facilities.
USFR has partnered with Nucor and Ellwood Quality Steels with a 100% made-in-the-US goal.
Also read: EIA forecasts wind, solar to spearhead US power generation surge in the next 2 years
USFR said that the tower fabrication facility will produce 100 fully coated towers annually, which will be expandable to up to 200 towers annually, depending on demand. The plant will manufacture flanges reaching up to 40 feet in diameter. The plant will also produce forged components used in heavy industries such as nuclear energy, construction, shipping, and mining.
“This substantial investment serving US offshore wind was spurred by our confidence in the medium and long-term prospects of the US market, which is in its early phases of development and needs a local supply chain to rely on,” said Giacomo Sozzi, President of USFR in a release. “These facilities will enable US developers and original equipment manufacturers to have predictable costs and a reliable supply of vital components. Equally important, the investment will result in direct environmental benefits, including the reduction of significant pollution emitted by otherwise shipping these huge components from overseas.”
Also read: Wind energy beats gas in Europe for the first time, lowers carbon emissions
The two facilities will also help limit carbon footprint by utilizing 77% recycled content.
“We are currently in the final stages of evaluating several potential locations on the East Coast,” said Slavko Zurovac, USFR’s Managing Director. “All potential sites are strategically positioned with access to required waterways, rail, and utilities, providing significant logistical benefits and making it competitive to supply large components.”
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]