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Companion memos

M·01End-Game PlanM·02Ørsted Offshore ServicesM·03Ørsted TechnologyM·04Appendix D · Competitive Landscape

Contents

ØCompanion Memo M·03 — May 2026·Two-Entity Business Model · Part 2

ØrstedTechnology

A deep-tech IP licensing company — closer to ARM, Qualcomm, or Dolby than to a services firm. Revenue scales with the global OFW industry's deployment rate, not with headcount.

2

product lines · Lime + Halø.Gen

259–2,076

mDKK at maturity

12–16

FTE at maturity

90%+

royalty EBITDA margin

Scroll
Lime — Foundation Technology PlatformØHalø.Gen — Advanced GenerationØTLA · Maintenance · RoyaltyØPer Deployment, ForeverØLime — Foundation Technology PlatformØHalø.Gen — Advanced GenerationØTLA · Maintenance · RoyaltyØPer Deployment, ForeverØLime — Foundation Technology PlatformØHalø.Gen — Advanced GenerationØTLA · Maintenance · RoyaltyØPer Deployment, ForeverØ
§ 01Positioning

The commercial logic of
ARM, Qualcomm, Dolby.

The structural difference

Revenue scales with the global OFW industry's deployment rate — not with Ørsted Technology's headcount.

Ørsted Technology creates proprietary industrial technology, protects it legally, and licences it to manufacturers and developers who pay an upfront access fee and a per-unit royalty every time they deploy it.

Revenue is slow to start and highly lumpy — Technology Licence Agreements (TLAs) take 12–24 months to negotiate and are signed in batches. But once royalties begin flowing, the marginal cost of each additional deployment is near zero.

Brief GET explicitly

Near-zero Year 1, lumpy Year 2 (driven by TLA timing), exponential Year 3+ as royalties compound. This is the licensing shape — it is not a failure if Year 1 revenue is low.

§ 02The licensing model

Three components. One waterfall.

Component 01◆

Technology Licence Agreement

Upfront fee

One-time payment giving the licensee the right to use Ørsted's technology in a defined territory and application. Negotiated over 12–18 months. Price reflects scope, exclusivity, market size.

Component 02◆

Annual Maintenance Fee

Ongoing access

Annual fee for IP updates, technical support, and continued development. Keeps the relationship active and funds continued innovation.

Component 03◆

Per-Unit Royalty

The scaling engine

A fee paid for every foundation or unit deployed under the licence. Passive, automatic, growing with every deployment. Rate is set at signature — cannot be renegotiated upward.

Exclusivity premiumLicensees who want exclusive rights in a defined territory pay a 2–3x premium on the TLA and a higher per-unit royalty. Non-exclusive licences are priced lower but generate more total revenue through volume.

§ 03Product Line A — Lime

The primary
revenue engine.

Lime's IP covers the engineering methodology, material specifications, installation procedures, and quality standards for concrete monopile foundations. Not a single patent — a platform IP covering the full foundation lifecycle, difficult to design around without engaging Ørsted.

Engagement Types & Pricing — Lime

Engagement
Description
Pricing
Duration
Revenue Scale

Technology Licence Agreement

Upfront fee for the right to use Lime IP in a defined territory/application. Non-exclusive: deploy across projects in scope. Exclusive: higher price, territory protection.
20–80 mDKK non-excl · 50–200 mDKK excl
12–18 months negotiation
Y1: 0 / Y2: 1–2 / Maturity: 8–12 active

Annual Maintenance Fee

Annual fee per active TLA for IP updates, technical support, and access to ongoing Lime development. Automatic renewal unless terminated.
3–8 mDKK / yr per active TLA
Annual (rolling)
Maturity: 24–96 mDKK / yr from 8–12 TLAs

Per-Unit Royalty

Fee per concrete monopile foundation installed under the Lime licence. Invoiced quarterly on reported deployment data. Verified annually.
0.5–2 mDKK per foundation
Per deployment (passive)
Maturity: 200–600 foundations / yr = 100–1,200 mDKK

Supply Chain Advisory

Annual retainer for strategic advice on building out a concrete monopile supply chain — supplier identification, contracting, quality systems.
3–10 mDKK / yr
Rolling annual
Y2+: 3–5 / Maturity: 5–8 retainers

The Royalty Waterfall — how Lime revenue scales

~600 GW of OFW expected globally 2025–2035 (IRENA). At 100–150 foundations per GW, that's ~60,000–90,000 foundation installations over the decade. Even 5% concrete adoption = 3,000–4,500 Lime-eligible deployments.

Global installs

60–90k

foundations 2025–35

At 5% concrete

3.0–4.5k

Lime-eligible

@ 0.5–2 mDKK

1.5–9.0 bn

lifetime royalty DKK

Maturity run-rate

100–1,200

mDKK / yr royalty

Target Customer Segments — Lime (mDKK)

Segment
Year 1
Year 2
Year 3
At Maturity

Scale OFW Developers

0–5
30–120
50–200
200–600 — Acute supply pressure. Highest value segment.

Foundation Manufacturers

0
10–60
20–100
60–250 — Suppliers seeking certified methodology to win contracts.

Sovereign / Emerging Markets

0
0–30
10–60
40–180 — India, Vietnam, Philippines. Revenue-share variants viable.
§ 04Product Line B — Halø.Gen

A different timeline — co-development now, royalties in Year 5+.

At TRL ~5, Halø.Gen is not ready for licensing. It needs continued development funding and a strategic partner willing to co-invest in the next phase. Revenue in Years 1–3 is co-development fees, not royalties. Royalty revenue is a Year 5+ horizon.

Engagement Types — Halø.Gen

Engagement
Description
Pricing
Duration
Revenue Scale

Co-Development Agreement

Strategic partner co-funds next phase (TRL 5→7). Partner receives exclusive first-deployment rights, profit participation in pilots, preferred licensee status.
30–150 mDKK upfront per partner
2–3 years
Y2–3: 1–2 partners = 30–300 mDKK

Pilot Installation Agreement

Once TRL 7–8 reached. Joint pilot deployment. Construction-phase fees + generation participation + technology service fee.
20–80 mDKK construction + generation rev.
6–24 months + 20yr operation
Y4–5: 1–2 pilots = 40–160 mDKK

Technology Licence (Year 5+)

Full licensing model — same Lime TLA + royalty structure. Only relevant when TRL is proven and deployment markets exist.
50–200 mDKK upfront + royalty
Year 5+
Maturity: 100–500 mDKK / yr

Target Customer Segments — Halø.Gen (mDKK)

Segment
Year 1
Year 2
Year 3
At Maturity

Sovereign Energy Agencies

0
30–100
0–80
100–300 — Energy independence mandate. Largest demand in Regionalised Decarbonisation scenario.

Energy Majors / Utilities

0
0–50
30–150
50–200 — BP, Shell, TotalEnergies, Equinor. Long sales cycle via CVC arms.

Halø.Gen Total

0
30–150
30–230
150–500 (Year 5+ with licences)
§ 05Technology — Combined

Revenue, costs,
and the headcount story.

Revenue Summary by Year (mDKK)

Line
Y1
Y2
Y3
At Maturity

Lime — TLA upfront fees

0
20–200
30–200
20–200 (recurring as new markets open)

Lime — Annual maintenance

0
3–16
9–40
24–96

Lime — Per-unit royalties

0
0–30
15–100
100–1,200 — the scaling engine

Lime — Supply chain advisory

0–5
5–20
10–30
15–80

Halø.Gen — Co-development

0
30–150
0–80
—

Halø.Gen — Pilot fees

0
0
30–160
—

Halø.Gen — TLA licensing (Y5+)

0
0
0
100–500

TOTAL — Ørsted Technology

0–5
58–416
94–610
259–2,076

Operating costs

(15–25)
(20–30)
(25–40)
(40–70)

EBIT

(15–20)
38–386
69–570
219–2,006

FTE Model — Ørsted Technology

Role
Y1
Y2
Y3
Maturity

CEO

1
1
1
1 — External: deep-tech CEO with IP licensing experience.

Lime Technical Lead

1
1
1
1 — Internal secondment, becomes CTO.

IP Counsel / Licensing Mgr

1
1
1
2 — Most critical hire alongside CEO.

Commercial / BD — Lime

1
2
2
3 — External, IP licensing from energy/industrial.

Halø.Gen Lead (from Y2)

0
1
1
1 — Deep tech + market development.

Halø.Gen Technical Team

0
1–2
2–3
3–5 — Mix of R&D secondments + external.

Finance / Operations

0.5
1
1
1 — Royalty tracking, invoicing.

TOTAL FTE

4–5
8–10
9–11
12–16 — Lean by design.

Est. cost (mDKK / yr)

15–25
20–30
25–40
40–70 — 90%+ EBITDA margin on royalty revenue.
“

The Technology entity has a fundamentally different shape: near-zero Year 1, lumpy Year 2, exponential upside from Year 3 as royalties compound.

§ 06Both Entities Consolidated

Two engines.
One portfolio.

Consolidated Two-Entity P&L (mDKK)

Line
Y1
Y2
Y3
At Maturity

Offshore Services — Revenue

15–53
42–117
97–229
189–580

Technology — Revenue

0–5
58–416
94–610
259–2,076

TOTAL REVENUE

15–58
100–533
191–839
448–2,656

Offshore Services — Costs

(25–35)
(35–50)
(50–70)
(70–110)

Technology — Costs

(15–25)
(20–30)
(25–40)
(40–70)

TOTAL COSTS

(40–60)
(55–80)
(75–110)
(110–180)

COMBINED EBIT

(25–42)
20–453
81–729
338–2,476

Net Ørsted investment

25–42
0 → 453 surplus
Self-funding
Cash generative
Ørsted TechnologyØPer-Unit Royalty · Compounds ForeverØEnd of Two-Entity ModelØBuild the VehicleØØrsted TechnologyØPer-Unit Royalty · Compounds ForeverØEnd of Two-Entity ModelØBuild the VehicleØØrsted TechnologyØPer-Unit Royalty · Compounds ForeverØEnd of Two-Entity ModelØBuild the VehicleØ