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Wave Energy Technology Made Mainstream

Project description

Low-cost wave energy technology

Climate change is considered the biggest threat that modern humans have ever faced. As such, innovative and green energy solutions are in high demand. Part of the solution might be found in our oceans. Wave energy is a promising option because of its efficiency in being integrated into the power grid and the fact that it does not need energy storage. However, wave energy is still too expensive and inefficient. The EU-funded NextWave project will reverse this trend by introducing cost-effective prices and efficiency so that wave energy can compete with other renewable sources. The project’s solution would offer a much needed clean energy solution that is both cost-effective and efficient while allowing for further growth and improvement.

Objective

Wave power can generate electricity around the clock, eliminating the need for energy-storage systems and making it easier to integrate into the grid than variable solar and wind power. However, compared to wind and solar energy, wave energy has remained relatively expensive and hard to capture. While a range of technologies and devices have been demonstrated through pilot projects, they are still in pre-commercial stage. SEABASED is the first company able to deliver turnkey wave parks that at a competitive price (compared to fossil fuels, solar or wind energy) in several places in the world. Seabased wave parks at their current stage are the product of over 15 years of R&D. We have developed the entire system from buoy to grid and the manufacturing processes that enable cost-competitiveness. We have obtained over 100 patents (in 20 patent families) for our innovations. The world will invest over €6 trillion in new renewable power generation until 2040. Both governments and private investors in the energy sector have recognized the potential of ocean energy. Policies to encourage its wider adoption are being established worldwide. Seabased is creating the market opportunity for wave energy. We have achieved a cost-effective technology and this in turn is starting to open markets for this clean and abundant energy source in places where it is very much needed. The short-term goal is to further guarantee the successful optimisation of the technology and foster initial commercial success. The longer term vision is the extensive deployment of utility scale (tens to hundreds of MW) wave energy parks in a global market.

Call for proposal

H2020-EIC-SMEInst-2018-2020

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Sub call

H2020-SMEInst-2018-2020-1

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Coordinator

SEABASED NORWAY AS
Net EU contribution
€ 50 000,00
Address
Stromtangvegen 15 d
3950 Brevik
Norway

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SME

The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.

Yes
Region
Norge Agder og Sør-Østlandet Vestfold og Telemark
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Links
Other funding
€ 21 429,00