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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

NAVTOR, AWT Agreement Marks Next Step in E-navigation

NAVTOR has signed an agreement with maritime weather routing specialist Applied Weather Technology (AWT) that will see the two companies integrating their services

Emissions Scrubber Receives Class Approval

Langh Ship received final class approval from Germanischer Lloyd for its exhaust gas cleaning system on m/s Laura (pictured), a 1996-built a 6,500 DWT general cargo

‘Green’ Hybrid-powered Research Vessel Christened

The Maritime Aquarium at Norwalk christened a larger, “greener” new research vessel on Friday, September 26 in preparation for launching a new era in examining,

News

Livorsi Launches New Throttle Lineup

Livorsi Marine introduced the all new Platinum Series throttles, which they say are designed to be more ergonomically comfortable to the operator while being lighter

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

Austal Launches Trenton (JHSV 5)

Second Joint High Speed Vessel to be launched at Austal in 2014 On September 30, 2014, Austal USA successfully completed the launch process of Trenton (JHSV

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2117 sec (5 req/sec)