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Ocean Power, led by CEO Erling Ronglan, is pivoting towards data centers and CO2 storage operators after the Norwegian parliament shelved its electrification of the shelf project. The company has signed a letter of intent with a data center operator and is negotiating with others, while also garnering interest from electricity companies seeking carbon-negative power solutions.

Ocean Power has four ongoing projects, with two submitted for approval, aiming for a significant reduction in electricity prices. Strong political support exists, despite challenges in promoting gas energy.