First, we explain our work towards evaluating the technical feasibility of Next Wave. We elaborate the required technical development plan to further improve the electrical Grid Connection System and the Sea Level Compensator (used to be called Tidal Compensator System) of our current wave park design to obtain the final commercial ready design which will have significantly higher electricity production capacity. To this end, we are preparing a new test bench and production facility in Brevik, Norway to accelerate the system validation and mechanical optimization of the final design. Furthermore, we present parts of our industrialization plan such as international certification plan of various components of our wave energy parks by a globally recognized 3rd part certifier (such as DNV GL) and preparation of our own standard wave park project proposal following the industry standard yellow book by FIDIC. We elaborate on our value chain optimization program to reduce manufacturing costs focus on the new facilities needed to meet market demand at the end of the Next Wave project. We present a detailed work plan summarizing our work packages and project schedule
We also evaluate the commercial viability of Next Wave. We present a brief analysis of the global renewables power market including trends, main drivers, geographical segmentation, and, the place of ocean/marine power within this market seascape. We discuss levelized cost of energy of our own wave energy park and compare with a number of conventional and renewable sources of energy. We identify visible opportunities for our wave energy parks within ocean power market. We steer our analysis towards the European market and especially the emerging/developing nations market segments with a focus on small and developing island states. Next, we present our commercial viability including needs of our customers, size of our potential market opportunity, our sales strategy and market traction. We analyze our immediate competitors and describe our commercial strategy. We also include activities in the near future and our sales channels to reach potential customers and adjust our commercialization strategy accordingly. We present the description of our other close to market activities such as dissemination and we conclude with detailed patent search regarding our innovations that confirmed our freedom to operate while commercializing the Next Wave project.
Finally, we assess the financial viability of the project and our company. Here we present our financial plan including evaluation of total investment, analysis of cash-flow and revenues in the next 5 years in alignment with our commercial strategy, fund rising strategies to support growth, definition of operational costs and employee profiles needed for company escalation, the budget required for Next Wave to achieve the desired impact on the growth of the Seabased company, and a full cost/benefit analysis projecting the return of investment. We then provide our business plan summarizing key drivers that will foster market penetration of our wave parks, competitive advantages of our innovation, our short-term strategy and log-term vision.
In the end, we summarize main technical, commercial and financial barriers against ocean power, we present SWOT analyses of our company, and, identify key risks and possible remedies for the Next Wave project.
