Finnish wave energy technology AW-Energy Oy (AWE) has hired corporate finance advisory firm Fredericks Michael & Co. to identify and approach potential strategic partners and investors for additional growth capital needs in support of the commercial WaveRoller® deliveries scheduled in 2021.
AWE has projects scheduled for the U.S., Europe and Asia. The amount of capital the company is intending to raise was not disclosed.
AWE says its WaveRoller technology is tested and proven as a near-shore wave energy converter (WEC). It is mounted to the seabed with a panel that oscillates with the wave surge to derive energy from the ocean. The machine operates in near-shore areas (about 0.3-2 km from the shore) at depths of between 8 and 20 meters. Depending on tidal conditions it is mostly or fully submerged and fixed to the seabed. A single WaveRoller unit (one panel and PTO combination) is rated at between 350 kW and 1000 kW, with a capacity factor of 25% to 50% depending on wave conditions at the project site. The technology can be deployed as single units or in farms.
This is the first marine energy technology to have been qualified through certification by Lloyd’s Register to mitigate risks, according to a press release. AWE’s WaveRoller performance has been verified by DNV-GL, provider of technical assurance to the maritime, oil and gas, and energy industries.
Wave energy is highly predictable, 24/7, 365 days a year, and a CO2-free power source for hundreds of millions of people. Waves are accessible to 80% of the world’s largest cities, which are in coastal areas. The estimated theoretical global output of wave power is 29,500 TWh/yr, equivalent to 125% of the current global demand for electricity.
AWE says some benefits of using its technology include:
- Operators can balance their electricity grid’s need for a stable power supply, complementing the variability and cycles of wind and solar.
- Using wave energy complements other sources of renewable energy, reduces the need for costly battery storage, and economically solves the seasonal challenge for energy storage.
This technology has been deployed, and connected to the grid, off the coast of Peniche in Portugal.