Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 19 December 2014, Ofgem issued a Project Direction to TC Ormonde OFTO Limited confirming that the "Offshore Cable Repair Vessel and Universal Joint" innovation project had been selected for funding under the Electricity Network Innovation Competition. Ofgem approved an NIC funding amount of £9,016,330 towards a total project budget of £10,329,000, with TC Ormonde required to provide a Network Licensee Compulsory Contribution of £1,032,900 and to deliver the project, including vessel modification and universal joint development, by 31 July 2018.