high efficiency wave energy - offshore renewables · enabling 100% renewables high efficiency wave...

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ENABLING 100% RENEWABLES

HIGH EFFICIENCY

WAVE ENERGY

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CORPOWER OCEAN IN SHORT

▪ Founded in 2012, HQ in Stockholm with a team of 35. Hiring Portuguese team.

▪ Key enabler of 100% renewables – natural grid balancing

▪ Structured five-stage product verification program. Proven physics supporting a clear path to < 40 EUR /MWh

▪ The most mature technology in the Wave Energy Scotland program. The only Wave technology promoted by InnoEnergy. Major utilities and project developers engaged as customers/partners

▪ Investors with experience from the ocean energy sector

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THE CHALLENGE

Wave Energy Challenge

Survive

AND maximize

revenue-to-cost

CorPower Solution

Minimize peak load

AND maximize average

annual load

=

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THE SOLUTION: HIGH EFFICIENCY WAVE ENERGY CONVERTERS

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TRANSPARENT IN STORMS – AMPLIFIED IN NORMAL OPERATION

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AMPLIFIED IN NORMAL OPERATION

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PERFORMANCE METRICS

0

2

4

6

8

10

12

1

An

nu

al e

ne

rgy

pe

r m

ass

[kW

h/k

g]

Benchmark

WaveSpring

> 5 times more energy per ton

0

1

2

3

4

5

6

7

Yeu

An

nu

al e

ne

rgy

pe

r P

TO f

orc

e [

kWh

/N]

Benchmark

WaveSpring

3 times

more energy per PTO force

Benchmark: A. Babarit, J. Hals, M.J. Muliawan, A. Kurniawan, T. Moan , J. Krokstad: Numerical benchmarking study of a selection of wave energy converters, Renewable Energy 41 (2012) 44-63

Matching structural efficiency

of modern wind turbines

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STRUCTURED PRODUCT VERIFICATION

Product verification in 5 stages according to IEA-OES / Equimar best practice.

Scale 1:30 Scale 1:3 Scale 1:2 Scale 1:2

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DRY TESTING FACILITY

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Quick automated installation & retrieval

LOW COST VESSELS AND INSTALLATION METHODS

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RESONANT WAVE ENERGY IS NOW A REALITY

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Annual Energy Production:

+300%

Required Materials:

-40%

Annual Energy / ton:

+500%Survivability:

TRANSPARENT

Clear path to competitive LCOE:

→ 100 → 40 EUR / MWh

Certification towards bankability:

Statement of Feasibility

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2023 TARGET: BANKABLE ARRAY OFFERING TO CUSTOMERS

By 2023, an array with three devices certified to achieve bankable accreditation

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THE OPPORTUNITY: 500 GW - 20% OF GLOBAL ELECTRICITY GENERATION

▪ Most concentrated form of renewable energy enabling large amounts of energy with less equipment

▪ Production profile is more consistent and complementary to wind and solar, providing higher average revenue potential per MWh.

▪ Provides grid balancing enabling 100% renewable electricity systems.

▪ CO2 Reduction | 0.8 – 1.6 Gigaton annually

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CALIFORNIA 2018 CASE STUDY – SOLAR + WIND + WAVE PRODUCTION

1.5 GW

1.5 GW

1.5 GW

1.5 GW

1.5 GW

1.5 GW

1.5 GW

1.5 GW

Wind and solar production for 2018 from the California Independent System Operator (CaISO)

Capacity: Solar: 13.5 GW Delivered 31.5 TWh in 2018. https://www.energy.ca.gov/almanac/renewables_data/solar/

Wind: 6.5 GW Delivered 14.2 TWh in 2018. https://www.energy.ca.gov/almanac/renewables_data/wind/

Wave: 6.0 GW Estimated 18.5 TWh production using 2018 wave data (can be increased by better site selection)

Wave production capacity distributed over four sites:

HUMBOLDT BAY NORTH SPIT, CA - 1500 MWhttps://cdip.ucsd.edu/m/products/?stn=168p1

DIABLO CANYON, CA – 1500 MW https://cdip.ucsd.edu/m/products/?stn=076p1

SAN NICOLAS ISLAND, CA – 1500 MWhttps://cdip.ucsd.edu/m/products/?stn=067p1

POINT LOMA SOUTH, CA – 1500 MWhttps://cdip.ucsd.edu/m/products/?stn=191p1

Wave production estimated based on measured wave data from these four sites with 30 min resolution. Solar and wind production has 1h resolution

1.5 GW capacity and 3750 G12 machines per site. G12 rated at 400kW per machine. Power matrix for G12.

Array assumptions: 95% availability, 3% array interaction, 4% electrical collection, 2,1% auxilary losses.

Additional smoothing from larger geographical dispersion not included on wave profile

This is NOT an optimal wave site study, the sites used were picked only based on availability of wave data.

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WEEKLY PRODUCTION PROFILE - CALIFORNIA – OCTOBER 20TH - 27TH 2018

WAVE IS VERY CONSISTENT COMPARED TO SOLAR AND WIND

Wind (6.5 GW) and solar (13.5GW) production: Actual time series of the period Wave production (6.0 GW): Estimate based on measured wave data and CorPower power matrix

6 GW wave energy devices evenly distributed over four sites along the coast of California

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ANNUAL PRODUCTION PROFILE – CALIFORNIA 2018

Seasonal profile is complementary to solar and wind. Better than base-load from seasonal balancing perspective.

Wind (6.5 GW) and solar (13.5GW) production: Actual time series of the period Wave production (6.0 GW): Estimate based on measured wave data and CorPower power matrix

6 GW wave energy devices evenly distributed over four sites along the coast of California

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COMBINED WIND & WAVE ARRAYS - NATURAL GRID BALANCING

▪ Natural time shift between wave and wind resource

▪ Higher capacity factor, reduced output variability

▪ Shared electrical infrastructure & operations teams

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THANK YOU

Patrik Möller, CEO +46 701 772101

patrik@corpowerocean.com