Investors Sought for Wave Energy

Tuesday, December 01, 2009
Image courtesy Ashley Public Relations

Wave energy developer Orecon, based in the South West of England, has hit stormy waters. CEO David Crisp said “I thought that after years of struggling for funding we had weathered the worst that the financial markets could throw at us. I was wrong. Earlier this year our venture capital funders withdrew their support, ironically since then we have won through to the final round of the £22m MRPF grant scheme (worth up to £6m), Carbon Trust Ventures have given their support to match fund third party investors and our UK and US patents have been granted. We now find ourselves in urgent need of new investment. Whilst we recognise the difficult economic times it is vital that industry now steps up its involvement, there is a huge commercial opportunity here for someone willing to step in now. We have the design, the site, full government support and a crack team, but time is short. Without investment we will have to close the doors at the end of January.”

While the government has been much criticized for failing the marine energy industry through lack of appropriate funding, newly formed DECC has recognized the importance of marine renewables and is rapidly taking steps to remedy the situation. The $36.2m Marine Renewables Proving Fund (MRPF) announced in September this year fills a funding gap that existed for companies wanting to deploy a first prototype. The Marine Action Plan now being executed in partnership with industry is taking a broad look at the situation to identify what government can do to help.

Since securing venture capital funding in Feb 2008 the Orecon project has built a team of 10 experienced marine engineers to continue the development of the technology to its current level. The MRC design is now complete and a shipyard has been selected to begin construction in the New Year. Orecon has secured a berth at the South West RDA’s Wave Hub facility enabling installation of the first MRC in 2011.

Orecon has won awards from the Carbon Trust, DTI, SWRDA and BERR. Orecon’s Multi Resonant Chamber (MRC) 1.5MW device uses Oscillating Water Column (OWC) principles and is recognized by utilities as showing true potential as a commercial scale device that is both simple and able to provide high yields and reliability.  

Orecon has signed an agreement to supply Portuguese developer Eneolica with three MRC units which comes into effect once the first device has been deployed and Copenhagen next month is expected to put governments under even more pressure to find alternative energy solutions. According to the World Energy Council just 0.2% of the energy contained in the oceans could power the entire world and the sites off Cornwall and Portugal are among those with the best potential.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's controversial icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.

Activists Block Shell's Arctic Drilling Quest

Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can

Google Maps Goes Coastal with Unmanned Boat

A new high-tech unmanned vessel, launched with the help of Google, will use innovative technologies from the boatbuilding and mapping fields to map shorelines and

News

SSE Rolls Out Two Shipping Indices

Shanghai Shipping Exchange launched on Wednesday the "Belt and Road" shipping indices, tracking trade data and shipping freight rates under the initiatives of

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

China Cosco Guides H1 Profits at $306mln

China Cosco Holdings, the flagship unit of Cosco Group, is expecting a net profit of Yuan1.9bn ($306m) for the first half, against the Yuan2.3bn loss during the same period last year.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1580 sec (6 req/sec)