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FOCUS ON CORNWALL


WORKING TO MAKE WAVE ENERGY COMMERCIAL


Merging engineering and financial analysis to accelerate wave energy R&D


Innovators have always been attracted to wave energy, motivated to create new renewable energy technologies and a new industry. To date, however, the minimum viable product in wave energy conversion has proved elusive. Traditional R&D approaches have not yet


delivered. New design methods that are more holistic in scope and take advantage of modern capabilities in cloud computing and big data now offer the opportunity for a step change in the rate of progress.


WHOLE SYSTEM OPTIMISATION


Wave Venture is at the forefront of developing techno-economic analysis software for wave energy. Their Wave Venture TE software is an integrated engineering, logistics and financial analysis package and is recognised as a key enabling technology that will accelerate improvements in technology performance. The holistic nature of the new analysis means that the economic or financial consequences of technical and operational design choices can be assessed almost instantly. Without integrated software this evaluation is only available through


a cumbersome process taking weeks or months to complete.


In the meantime many decisions have to be made in the context of out of date or missing information. Integrated software puts the metrics that matter at the hands of decision makers and designers every step of the way from concept initiation through R&D all the way to large project planning.


REDUCING COST OF R&D


Wave energy R&D is expensive. Of the past development efforts in wave energy many have stalled, not for conclusive technical reasons but simply because available R&D finance was exhausted. Affordability of the R&D effort is a critical predictor of success in wave energy.


Wave Venture’s software tools reduce the cost of R&D in three ways…


1. Reduction in the cost of each design iteration


2. Reduction in the duration of each design iteration


3. Increase of the performance improvement in each design iteration


NEW DESIGN


METHODS THAT ARE MORE HOLISTIC IN SCOPE AND TAKE ADVANTAGE OF MODERN CAPABILITIES IN CLOUD COMPUTING


SUMMARY


Compared to developing in-house software for all aspects of technology assessment and optimisation use of a standardised software will reduce design costs and time. Use of an integrated software will provide a step change improvement in the quality of the final design due to the holistic nature of the assessment and the instant availability of economic value measures.


Wave Venture www.wavetidalenergynetwork.co.uk PAGE 25


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