Wavepiston Wave Energy Farms

Description

We are currently testing and demonstrating our first full-scale system in the Atlantic Ocean off the coast of Gran Canaria. In parallel we are preparing for commercialisation by developing commercial pilot projects in collaboration with key partners in the value chain, maturing the technology, and building up the organisation.

We have 4 project development tracks ongoing: a wind/wave co-location project in Denmark together with Ørsted, a 12MW wave farm in Martinique together with French project developer YS~EMD, 20MW wave farm in Gran Canaria in a broad consortium including the local government, Delmar Vryhof and Shell MRE, and a pre-feasibility study for wave farms in Barbados together with Export Barbados (BIDC).

These project developments align with our two-step go-to-market strategy:

• Step 1: Islands, remote communities, high-consumption end-users.  They have very high energy prices, highly dependent on fossil fuels, and existing renewables cannot cover their need and/or are not adequate due to limited land, lack of resource etc. The starting price (Levelised Cost of Energy) for small-scale Wavepiston farms is app. EUR 200 per MWh, this is competitive in many of the Step 1 locations. As we scale, and install more farms, we can move down the cost curve and up the efficiency curve to open the Step 2 market.
• Step 2: Utility scale market for large scale farms as standalone or co-location with offshore wind farms or other uses. We see a potential on getting a LCOE down to EUR 40 per MWh, which is a very competitive price.