Periodic Reporting for period 1 - WATEC (Development of a novel wave tidal energy converter (WATEC) to lower renewable electricity generation costs.)
Reporting period: 2017-05-01 to 2017-09-30
The technology works in three ways:
1. It converts the kinetic energy of tidal streams by applying an undershoot waterwheel principle using a flow diverter to accelerate and redirect flow under the rotor;
2. This deflector also redirects waves onto the upper platform where an overtopping principle converts wave potential energy as flow drains past the side of the rotor;
3. A similar flow path is also used to capture wave kinetic energy as the wave travels across the upper platform. In order to commercialize the technology, achieving an ambitious LCOE target of 76 €/MWh compared to 250 €/MWh of waves and 200 €/MWh of tidal , Pliosaur Energy needs to:
• Design a 500 kW prototype turbine;
• Deploy and test the prototype in an operational environment, to reach TRL9;
• Dndustrialize the WATEC plant, protecting the intellectual property (IP) and launching the technology to prospective investors;
• Develop and implement the commercialization strategy.
• Business plan – analysis of the target market, competitors analysis, business model and strategy, application scenarios, revenue model definition, go-to-market strategy, SWOT analysis;
• WATEC platform definition – technological solution analysis, minimum viable solution for PH2, value chain and strategic partnership selection, technical feasibility assessment, operational plan;
• Impact on Pliosaur Energy – forecast financial data, impacts on company dimensions;
• IPR Management and Protection Plan.
1. Final testing site has been selected. The Crown Estate has been contacted for the hosting of the prototype at the former North Devon Demonstration Zone. The "Proximity Check", to establish if the site is available and whether there were any seabed obstructions or potential planning issues, has been carried out, confirming the site is available and suitable for our intended use.
2. A completed bill of materials has been developed for the 500 kW prototype turbine. The total cost of the prototype is quantified, including the installation cost.
3. The work plan for Phase 2 project has been drafted, together with the required budget to carry out the PH2 project activities. Details of the grant requested from the European Commission and how the equity will be sourced have been provided.
4. A go-to-market strategy has been proposed and a SWOT analysis drafted. Access to a consultant, funded through the PH1 grant supported this work.
5. A preliminary Risk Analysis has been performed and a Risk Mitigation strategy developed to demonstrate how the WATEC project will manage its risk profile.
6. An IPR analysis was carried out, confirming Pliosaur Energy is fully free to operate.
7. All the regulations for hydropower plant installation have been listed and studied.