Winning project secures funding: AW-Energy's technical expertise is at the forefront in an industry initiative to unlock future multi-GW WaveFarms.
Finland - November 11, 2020 (Investorideas.com Newswire) In one of the world's latest wave energy initiatives, experts from AW-Energy Oy (AWE) - the Finnish pioneer in global wave energy technology - will provide answers on how to prepare and deploy large megawatt (MW) WaveFarms.
It is a project funded by the European Maritime and Fisheries Fund (EMFF) through the Blue Economy Window program. The project aims to:
- Ensure market readiness of WaveRoller solutions by preparing processes for projects with 5-10 MW capacity, ahead of the EU target of 150 MW installed capacity by 2030
- Facilitate the market uptake of wave energy by developing a scalable business and service model to support future WaveFarms totalling 200GW+
- Develop a roadmap for global replication that covers lifecycle services and operational support.
The 3-year project will see AW-Energy develop processes to deliver the world's first large-scale WaveFarm, with up to 24 integrated WaveRoller units. This work will assist in securing 8 WaveFarm projects that will deliver a capacity of 150MW with an estimate annual electricity production of 400 GWh. It addresses several European challenges related to energy and climate change, including reductions in GHG levels, and the increased share of the renewables energy mix with wind and solar.
Christopher Ridgewell, CEO of AWE says: "We are delighted to win this project. Our technical expertise in the development of wave energy solutions using our WaveRoller device and its technology, will drive the expansion of the wave energy market across the EU and beyond."
Jussi Åkerberg, CTO of AWE and manager of the project says: "This project represents the first steps in unlocking the 150 MW WaveFarm opportunity that will help to displace more than 270,000 tons of CO2 by 2030. It is also anticipated to create 1,500 new jobs in the post‐project period." It is predicted that more than a third of these positions will be within the EU.
AW-Energy will deliver the WaveRoller technology to the market in WaveFarms and already the first steps are underway for commercial deliveries starting with projects in Indonesia, Sri Lanka and Ireland. It is an initiative that will be worth several billion Euros annually when fully exploited.
WaveRoller is a proven technology that has been declared to meet insurance market requirements, and provides operators with cash flow guarantees. It has received external performance verification by DNV GL using numerical model validation with ocean data, and technology certification by Lloyd's Register.
Innovation Manager Finland Oy supported AW-Energy on its application for the project. Innovation Manager, Jerri Laine says: "The EU funding matches perfectly AW-Energy's current development plans. Working with their teams was very smooth and highly effective, which were the pre-requirements for a successful EU application."
The world's first commercial wave energy projects are now being developed using WaveRoller technology.
About AW-Energy Oy and WaveRoller®
AW-Energy Oy is a pioneer in the green economy and is the global leader in wave energy technology. Its flagship product, WaveRoller®, is a submerged wave energy converter based on a hinged panel that is attached to the sea bed in the near shore area. It generates electricity from the movement of the waves (surge phenomenon) and is connected to the electric grid onshore. The company is based in Finland and operates in multiple continents.
Discover more at www.aw-energy.com. Follow us on Twitter @WRoller.
About Innovation Manager
Innovation Manager Finland Oy offers services for public funding and was founded in 2010. It has supported more than 500 approved Business Finland ELY-Keskus, Finnpartnership applications and created more than 50 approved EU applications.
Discover more at https://innovation-manager.com/.
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