Renewable energy: Wave power works

wave power, w4p

Wave power works, argues Jonas Kamf, CEO of W4P Waves4Power AB in this special renewable energy focus

The oceans of the world are like very large “batteries” where the waves hold enough power to supply the world’s energy needs many times over! Every 24 hours this “battery” is recharged with more than 990 times the energy the world consumes! The energy density of ocean waves is 860 times higher than that of wind. What a waste that this – the biggest green energy source on the planet – is not yet utilized.

“The theoretical potential of wave is high, with an estimated capacity of around 29,500 TWh per year, compared to 1,200 TWh for tidal. This means wave energy alone could theoretically meet all global demand for energy”, says Franceso La Camera, Director-General at IRENA. “The main advantage of ocean energies is that they can help stabilise the electricity system, because they don’t suffer the same kind of variability than solar and wind”, continues Francesco La Camera.

The game changer

Waves4Power is a Swedish company seeking to generate a better future and make a major contribution to prevent climate change. They will do it by harvesting the clean energy from ocean waves and convert it to electricity, without emitting harmful CO2. The energy in the waves is free for anyone to utilize and it has the potential to greatly reduce or even eliminate the need for power from fossil fuel. As an example, 1 % of the wave energy on USA’s west coast is enough to supply 1/3 of the country’s total electricity needs.

Waves4Power is one of the leading Wave Power Developers in the world today. They have demonstrated their full-scale WaveEL system in the demanding North Atlantic on Norway’s west coast for over 12,000 hours of which 4,000 delivered electricity to Norway’s power grid. It’s a strong proof of concept with more than 900 Million measuring points of valuable data available.

Waves4Power is now going commercial

Even though the company is entering “a new world of power generation with every step they take” they know that the patented WaveEL system can outcompete and outperform electricity produced from power plants using fossil fuel. And when mass produced, cost of electricity from WaveEL will meet or beat grid parity. Together with other renewable power sources it will then form the future sustainable energy system for the world. Each WaveEL buoy can today produce up to 500 MWh of green electricity per year. At a highly competitive Levelized Cost of Electricity.

The Global Green Energy Transition is under way. It will be a multitrillion-dollar transformation of the energy map that will stretch over decades. But a mere 20-million-dollar investment in Waves4Power is what it takes for the company to get the commercialization going.

wave power, w4p

Marine classing – the remaining piece

The WaveEL installation in Norway was validated by a third party, Chalmers University of Technology. Now the only remaining piece is an official marine classing of a complete WaveEL park. This classing is necessary to make installations insurable worldwide and open-up for regular infrastructure project funding. For this Waves4Power will launch a complete wave power park with 6 WaveEL buoys and one hub for a classing society to evaluate and give their stamp of approval.

Waves4Power already have the site for the installation at EMEC, the European Marine Energy Centre at the Orkney Islands. They already have a designated test berth at EMEC. They already have the permits for the installation, and they also have a Power Purchase agreement to sell the power they produce to the shore-based power grid, including a contract for difference guaranteed by the Scottish government. Waves4Power is now working on raising the necessary 20 million dollars over the next 18 months for fabrication of this installation and to build their commercial organization strong for the future.

The green energy transition is a fact, and a must if we are to meet the urgent need of reducing mankind’s global carbon footprint. To make good use of wave power is one excellent way to contribute to reaching this goal. Each WaveEL buoy will prevent between 300 to 500 tonnes of harmful CO2 emissions per year, compared to electricity generated from fossil fuel. The economic lifetime of the WaveEL system is minimum 25 years. So, as you clearly can see, the savings are substantial over time.

The right partners

Waves4Power has an efficient organisation operating together with a network of long-term partner companies. This makes it possible for Waves4Power to run projects of a magnitude that otherwise would be impossible to accomplish by a company the size of Waves4Power. The partners are:

Siemens, Borealis, Jotun, NKT Cables, Parker, Petronas, SSAB, Stryvo Group, BlueOrbis, PE/Mea Automation, Seaflex, TK Tech AB, Delacroy, Coriolis, UPONOR, Olympic Shipping, Runde Environmental Centre, BnD Engineering, Tussa Energi, Chalmers University of Technology.

A clear business model

Waves4Power’s business model is focused on a broad flexible plan to monetize all stages of the WaveEL system’s 25-year economic lifetime. The model considers the worries early investors may have towards this new green industry. Just like the wind industry experienced in the early days, early adopters of wave power may perceive a risk with the new technology. Waves4Power will off load these worries by offering to take an active ownership in early installations. The company will have their major earnings from turn-key sales and sales of electricity, but also from service and maintenance and system updates over time. Waves4Power already have several clients in the pipeline. “The only thing we are lacking is the 20 MUSD in platform funding that will take us all the way to full commercialization” says Jonas Kamf, CEO.

WAVE POWER WORKS and Waves4Power aim to make this green power source an important part of the world’s energy system. They will deliver electricity to off-grid and grid clints including offshore hydrogen plants and large-scale desalination operations. They have identified their key business areas where the WaveEL system will play an important role in the energy supply chain. All in order, to meet their mission: TO GENERATE A BETTER FUTURE FOR OUR PLANET. Care to join?

*Please note: This is a commercial profile

© 2019. This work is licensed under CC-BY-NC-ND.

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