Page 22: of Marine Technology Magazine (October 2020)

Renewable Energy Wave Power launched a $18.8m project in northern Portugal with plans to de- velop an research and development, manufacturing and service center. mission is to successfully introduce certi? ed and warran- tied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project ? nance. Corpower’s knowledge center in Viana will drive the de- velopment and mass fabrication of WECs, laying foundations for future high-volume operations. Over the coming years we will col- lect substantial amounts of data to ‘prove’ our technology, with an overall aim of successfully complete the HiWave-5 demonstration phase with a competitive and certi? ed product.

WHAT KIND OF LCOE DO YOU FORESEE?

Corpower has a clear path to a LCOE below $35/MWh. From ? rst pre-commercial installations in 2024/25, the LCOE is projected to drop below $118/MWh after 150MW installed, and $70/MWh after 600MW installed by 2030.

HOW WILL CORPOWER SUCCEED IN WAVE ENERGY WHEN SO

MANY OTHERS HAVE FAILED?

Corpower is con? dent in its ability to commercialize this new class of WECs. Our structured ? ve-stage product veri? cation program is recognized as best practice in the sector. The program involves a step- by-step veri? cation process ensuring the business case is supported by the physical and economical metrics in each stage from small scale models (2012) to full scale array product (2023). This provides a clear path to reach a bankable product. A key part of the strategy involves dry testing each machine in controlled simulated wave loading on- land, to fully debug and stabilize the machines prior to ocean deploy- ment. The WECs will undergo a further certi? cation process with

DNV-GL and independent third-party performance validation from

EMEC and WavEC.

WHAT’S YOUR TIMEFRAME?

In line with Corpower’s LCOE forecast, we expect our new class of WECs to be highly competitive with existing ocean technologies within the coming decade and with wind and solar by 2030.

THAT IS, OF COURSE, THE IDEAL. WHAT NEEDS TO BE DONE TO

GET THERE?

Ring fenced revenue support for ocean energy is essential to ac- celerate deployment of the ? rst 100s’ of MWs by 2025-3030. This comes at a low cost, bene? ting countries supporting the development such as the UK, Ireland, Portugal, France, U.S. and Norway. The technology also requires validation from independent academic and scienti? c spheres combined with strong support of energy developers to demonstrate market con? dence. Corpower’s technology is already receiving broad support across Europe from organisations including

InnoEnergy, the Swedish Energy Agency, European Commission and

Wave Energy Scotland. Major players within industry are also engag-

Photo: CorPower ing including EDP, Simply Blue Energy, ENEL, and ABB.

22 October 2020

MTR #8 (18-33).indd 22 10/8/2020 9:06:25 AM