Swedish wave energy developer CorPower Ocean and Norwegian engineering firm OPS Composite Solutions have joined forces for the COMPACT (COMposite Pressure cAsing for CosT) Project.
The two companies are using €500,000 ($607,588) in funding secured from EEA Grants to deliver an ‘industry advancing’ wave energy project in northern Portugal.
The financial backing is coming from Iceland, Liechtenstein and Norway under the EEA Grants ‘Blue Growth Program’ — which is committed to stimulating ‘blue economy’ innovation, creating jobs and driving growth for SMEs.
The COMPACT Project aims to boost the performance and slash costs of CorPower’s next-generation WECs (Wave Energy Converters), which will shortly enter the flagship HiWave-5 demonstration phase.
CorPower Portugal Country Manager Miguel Silva said the latest development marks another significant milestone speeding up the process to commercialization.
The COMPACT Project will actively contribute to the Portuguese Industrial Strategy for Ocean Renewable Energies. Ocean renewable energy has the potential to supply 25% of Portugal’s annual power consumption, while the sector could generate €254 million ($308.6 million) in investment, €280 million ($340.2 million) in gross value added, €119 million ($144.6 million) in trade and 1,500 new jobs by 2020, according to the strategy.
“The COMPACT project combines CorPower’s world-class WEC design knowledge with OPS’ vast experience in composite pressure vessels for offshore applications,” said Miguel. “Together we are aiming to develop new technology addressing two common challenges experienced in state-of-the-art wave energy technology — weight and price.
“The process will involve developing, testing, manufacturing and certifying an innovative light-weight pressure casing (cylinder), which is a key component of our WEC system. By making the WEC significantly lighter and using cost-effective materials and production technology, the COMPACT solution aims to increase energy efficiency while decreasing cost of energy.”
OPS Composite Solutions general manager, Reidar Anderssen, adds: “We are proud to be a partner to CorPower in this industry-advancing project. We strongly believe that the combination of OPS’s extensive experience with composite materials, and CorPower’s advanced technology, will bring this project closer to a successful industrial future.”