The creation of a new industry does not happen very often. But this is really what Waves4Power is all about. We are building a new European energy industry that is totally fossil free and renewable. Waves4Power is a leading player in the green marine energy industry which is expected to be the future in energy production for Europe as well as the rest of the world.
The WaveEL demonstration project at Runde in Norway was launched in February 2016 with the placement of the WaveEL buoy on site. The final connection to the local land based power grid is expected late summer 2016.
The ocean’s waves harbor tremendous amounts of raw energy and represent the single largest untapped source of renewable energy today. Converted into electricity – by means of a Wave Energy Converter (WEC) – wave energy could potentially satisfy up to one tenth of current global power demands.
- Waves4Power is developing, building and selling Wave Energy Systems
- We are using the free energy in ocean waves to generate electric power
- We are different in that we do not invent and use unproven new components but depend on well tested components from reputable suppliers like Siemens, Parker, Jotun and nkt cables, to name a few
Waves4Power’s core values:
Passion – we believe in what we are doing and we believe we are doing the right thing.
Well Being – everybody involved should benefit from our operation, especially the global environment.
Down-to-Earth – Concept focusing on functionality, simplicity and total economy
Q & A
Q: How many kW will each buoy produce?
A: After the first full quarter of electrical production at our Runde demonstration site, we intend to present the real figures of electricity [kWh] produced. Until that time, it’s more estimates and simulations. The kW is only a measure of the size of the generator – installed capacity – and does not say much about the actual production. We prefer to talk about energy produced [kWh], which is what we get paid for.
Q: What does it cost to build a wave power system?
A: At W4P we prefer to talk about the cost per kWh produced, since this is the only way to really compare the costs of different systems. When the WaveEL project at Runde is officially launched, we will have the results from a full quarter year and at that time we will report our cost calculations.
Q: What is W4P's next step?
A: W4P intends to show what we call the “Proof of Concept” meaning a smaller park with roughly 10 buoys and connection hubs, providing energy over an extended period. The future location of this smaller farm is currently being negotiated.
Q: What is the LCOE?
A: The LCOE (Levelized Cost of Energy) is the industry’s model for calculation of the overall cost of energy over the lifetime of the device. The calculation includes planning, permitting, building, connection to power grid, lease, depreciation, service and maintenance, management, costs of scrapping, etc. – everything calculated at present value. Finally, the total cost is divided by the estimated energy (kWh) produced over the life of the device which gives the LCOE.
Q: Why do you think W4P will succeed where no one else has?
A: W4P has experience from testing a handful of prototypes in the ocean, which we have learned a lot from. We have a skilled team and a very strong network of partners from different disciplines which gives us unique access to invaluable knowledge and the technical resources to solve any problem that may occur.
Q: Why does W4P believe the buoy will survive?
A: Small round objects like weather buoys and navigational buoys are predestined by their shape to survive in the ocean. There are US Coast Guard navigation buoys that are over 100 years old. The WaveEL Buoy is the same size and shape as these buoys – they follow the waves instead of fighting them – and are therefore exposed to relatively small forces. WaveEL has an elastic mooring system designed to prevent overload in waves as big as 24 meters.
Q: What development steps does W4P anticipate taking to reduce LCOE?
A: We see development steps like optimization of energy production from the buoy, simplified moorings, efficient marine operation, and simplification of the actual buoy design and its systems for ease of fabrication and minimal maintenance. These are the keys to drive down the LCOE.