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A wind farm near the Oresund Bridge between Sweden and Denmark. Photo: Maxym Marusenko/NurPhoto via Getty Images

Denmark-based Orsted is buying the U.S. firm Deepwater Wind for $510 million, giving the world's largest offshore wind company a much bigger foothold in the emerging Atlantic coast market.

Why it matters: The deal announced Monday is another sign of the emergence of offshore wind in the U.S., which lags far behind the older and much larger European market, but is increasingly a hotbed of activity.

How it works: Deepwater Wind, which is currently owned by the hedge fund D.E. Shaw, has the only currently operating U.S. offshore wind farm — a 30-megawatt project off Rhode Island.

  • But it has a vastly larger portfolio of planned or potential projects — over 3 gigawatts worth. Meanwhile, Orsted, according to the announcement, also has development rights for several regions in the U.S.

The intrigue, via The New York Times: "The Deepwater purchase appears to be an attempt by Orsted to acquire a company that can better navigate the regulatory and political systems of the United States."

  • Reuters notes that Orsted "has so far lost out on auctions in the nascent market" while Deepwater Wind has been more successful.

The details: The merged company will be called Orsted US Offshore Wind and the deal is expected to be completed by year's end. Orsted's Thomas Brostrom will be CEO, while Deepwater Wind head Jeff Grybowski will be co-CEO.

  • Orsted offshore wind chief Martin Neubert said in a statement that the companies are a good fit, because Deepwater Wind has "longstanding expertise in originating, developing and permitting" U.S. projects, while Orsted brings its track record of engineering, building, and operating large offshore wind farms.

Go deeper

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."

Updated 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

5 hours ago - Health

CDC director says COVID-19 messaging should have been clearer

Rochelle Walensky. Photo: Stefani Reynolds-Pool/Getty Images

Rochelle Walensky, director of the Centers for Disease Control and Prevention, said in an interview with the Wall Street Journal that the messaging around the COVID-19 pandemic and changing guidance should have been clearer.

State of play: Walensky is being coached by media experts and is planning to have more press briefings by herself in order to ensure that CDC is seen as an independent, scientific entity, rather than as a political one, the Journal reports.

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