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H2020

POSEIDON Report Summary

Project ID: 673976

Periodic Reporting for period 3 - POSEIDON (Market maturation of Floating Power Plant’s Floating Wind- Wave- Energy Device)

Reporting period: 2016-06-01 to 2016-11-30

Summary of the context and overall objectives of the project

Last updated: 19/12/2016
Project: ”Market maturation of Floating Power Plant’s Floating Wind- Wave- Energy Device POSEIDON”

The project contains 6main work packages:
WP1 Project management
WP2 Development of value chain
WP3 Market recognition as a hybrid device
WP4 Building market confidence – showcasing
WP5 Commercial-scale device specifications
WP6 Exploitation, dissemination and communication
The overall long term objective of POSEIDON project is to position FPP for high growth by generating market uptake of its innovative hybrid concept for the deep water offshore renewables segment (from DoA).

Expected key outcomes:
- Development of UK value chain.
- Development of commercial-scale device classification and certification procedures.
- Reduction of risks, insurance and financing costs.
- Increased awareness about the technology advantages and confidence in performance predictions for specific sites leading to uptake of FPP’s innovation on a broader scale.
- Accurate numerical models.
- Design optimised for the UK market based on stakeholder feedback
- Updated IPR to cover any design modifications.
- Speed up of due diligences; acceptance/trust in P80 technology data.
- Refinement of innovation business plan and validation of commercialisation strategy.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Last updated: 19/12/2016
See http://www.floatingpowerplant.com/eu/ for more information on each work package.

Key work to date:
WP1 PROJECT MANAGEMENT
- Continuous project meetings.
- Company staff expanded with 5 employees, 1 PhD student, 1 master student and 1 intern.
- Tendering subcontracting activities conducted as part of this project.
- Strict budget control applied throughout the project.
- Capital raise initiated.
- Etablishment of Norwegian branch office to manage relationship with our Norwegian partner.
- Establishement of UK branch office to support the capital raise and investment by UK investors.
- Continous management of project risk and contingency.

WP2 DEVELOPMENT OF VALUE CHAIN
- Two UK deployment areas selected.
- Special Purpose Vehicles (SPVs) registered to develop the selected sites.
- Data for the sites continuously collected to inform the ongoing design process.
- Engagement with Welsh and Scottish governments at both operational and ministerial level.
- Engagement with the EU Commission to raise awareness of the technology and projects.
- Database and procurement system for supply chain created and continuously expanded.
- Meetings with local manufacturers to ensure quality and geographical coverage both offshore and in port.
- Concept design of the commercial scale device adapted to feedback.
- Establishing contract structures for providing the warranties and guarantees.

WP3 MARKET RECOGNITION AS A HYBRID DEVICE
- Collaboration with development partners with extensive knowledge and experiences with offshore certification rules and companies.
- Lloyds Register selected as certification body.
- Establisment of classification rules relevant to the P80 and development of a Regulatory Matrix.
- Engagement with several organisations which either directly or indirectly influence policy within the UK energy market.

WP4 BUILDING MARKET CONFIDENCE AND SHOWCASING
- 14 month-rental of a wave flume and wave basin at Aalborg University (AAU).
- 1:44 scale model of the absorber chamber and absorber of the P80 device build and tested.
- Power take-off system (PTO) simulator constructed to run initial tests and a full simulation of the full scale PTO system with the same hardware.
- Physical visits to the wave flume during construction and testing.
- Remote access/tele-presence system to wave flume was set up and used to showcase the benefits of the FPP technology and enable quicker decision-making.
- The hydrodynamic absorber numerical model expanded to include more nonlinear viscous effects.
- Flume data from the adapted setup used for model validation.
- Due diligence partners selected and contracted to perform due diligence and quality assurance.
- CeFront selected as a strategic partner to perform adaptations of the platform design.
- Participation in the MARIBE consortium.
- BVGA have also checked and validated the model math and the individual detailed cost figures.

WP5 COMMERCIAL-SCALE DEVICE SPECIFICATIONS
- Collection of environmental data to inform design process.
- Design Basis and Functional Specification issued.
- Design basis issued after obtaining comments from third party Lloyds Register.
- Global design of the platform completed.
- Optimisation of the first issue of the hydrodynamic design carried out.
- Overall geometry of the upper section of the wave absorber optimised.
- Power Take Off (PTO) design adaptation initiated with industry partner.
- Internal and external work with partners on further protection of obtained IP in overseas markets.
- Patent/idea pipeline document developed as steering tool.

WP6 EXPLOITATION, DISSEMINATION AND COMMUNICATION
- Development of dissemination and communication plan and KPIs.
- First version of website www.floatingpowerplant.com launched during period 1. Second version focusing more on the commercial elements launched during period 3.
- Building presence and creating engagement with key stakeholder groups on LinkedIn.
- Participation in a number of conferences.
- Publication of articles by FPP employees.
- PR activities carried out on an ongoing basis and FPP continue to experience increased interest in the company and our technology.
- Competitor analysis and comparison tool developed and continuously updated.
- Market positioning and lobbying.
- FPP A/S has joined Ocean Energy Europe and FPP Ltd joined Scottish Renewables and Renewable UK.
- Founding member of a new industry group “Friends of Floating Offshore Wind” to promote the floating offshore wind industry.
- The commercialisation activities are confidential.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

This project is based on FPP’s combined floating wind wave device which is the only offshore proven (1:2 scale) combined technology in the world that has provided power to the grid and undergone two years testing.
Expected final results/impacts of the project and technology:

- Immediate market potential of approximately 300MW in Europe.
- Accessing deeper water offshore market >45m where fixed wind is not feasible.
- Providing energy at a lower LCoE.
- Increased access, availability and safety in offshore operation.
- Staged project development with end-users to access affordable capital.
- Establishment of multiple potential suppliers based on location and skills.
- Develop supply chain and integration plan, working with key suppliers to demonstrate growth trajectory and develop design and requirements.
- Reduced risk perception through awareness of FPP technology and understanding of performance to date.
- Showcase technology and testing to key stakeholders.
- Development of standards and certification procedure for hybrid devices, providing end-user confidence.
- Contribute to market lobbying and general communication to stakeholders on need for suitable support and the advances in technology and reduction in LCoE of offshore energy.
- Development of unique combination of competitive product features demonstration of low LCoE model.
- P80 device correct scale for target markets.
- Establishment of FPP as a long term “technology provider” business model through well-developed supply chain.

Related information

Record Number: 191390 / Last updated on: 2016-11-16
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