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Featured Wave Energy Project: AlbaTERN Ltd's WaveNET
Recently the Edinburgh based company, AlbaTERN Ltd, registered one of their renewable energy technologies called the WaveNET as a Low Carbon Project for the SLCI Conference. We caught up with AlbaTERN's Chief Finance Officer, David Campbell, to discuss the project. Here's what he had to say.
Q. The Brief Description of WaveNET?
A. "The WaveNET, which has been tested at 5th scale with encouraging results, is a low cost and highly efficient wave energy converter that captures energy from both pitch and heave responses. It has advantages over other wave energy technologies due to its low cost deployment, modularity, survivability and highly efficient use of sea space. The WaveNET is projected to offer a significantly lower cost of energy than competing devices, while being suitable for deployment in a wider range of environments."
Q. So how does it work?
A. "The device employs an array of wave absorbing bodies connected together through a unique hexagonal sub-frame. The absorbers track the relative motion between the waves and the frame and a hydraulic manifold and motor generator are used to provide a smooth and consistent flow of green electricity. This is a patent pending technology with a clear path to steep cost reductions through economies of scale and mass production. AlbaTERN are competing for the prestigious £10m Saltire Prize for marine energy generation."
"The WaveNET benefits from a low cost, and low risk, development roadmap that will produce a 10kW commercial prototype to be used for validation of modelled energy costs and reliability testing during 2011. The technology is inherently scalable and, following successful deployment of the 10kW machine, 100kW and 1MW arrays will be developed. This will provide us with a family of products that can be adapted to suit any particular site or demand. The 100kW device addresses larger off grid markets in aquaculture, offshore installations and remote communities with either no grid connection or an unreliable supply. The 1MW device will provide utility scale power directly into the national transmission network."
Q. What's the Market Potential?
A. "We are initially addressing the off-grid autonomous market which has in excess of £500m of annual energy spend before adding products specifically addressing the £60-£190b global annual market for grid connected wave power. AlbaTERN is aiming to have a fully developed line of products ready by 2015/16."
Q. What are the Investment Requirements?
A. We are seeking to raise £500k in the fourth quarter of 2010 to construct and deploy the initial 10 kW device. Additional funding of £6m is required in 2011 to commercialise both this device and the larger prototypes. We are seeking to attract investors ranging from high net worth individuals to corporate venturers and utilities.
Q. How do you think the SLCI differs from other Conferences?
A. "This conference gives us the opportunity to network with both investors and technology developers in one place. Scotland is recognised as having some of the best renewable energy potential in the world. It is good to see so many Scottish companies developing the technologies necessary for the low carbon revolution."
Our thanks to David for taking the time to answer our questions. To find out more about WaveNET please contact AlbaTERN. To hear about more renewable investment opportunities book your place at the conference or register your investment interest.
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