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FEATURE SPONSOR


RESEARCH AND INNOVATION


STEP CHANGE IN WAVE ENERGY PERFORMANCE


New integrated engineering and financial analysis tools will facilitate a step change improvement in the performance of wave energy conversion technology


BASED ON EXPERIENCE Wave Venture, a spin-off from Maynooth University, has developed a suite of combined engineering and financial tools that deliver on this potential. The need for integrated engineering and financial software tools was identified through an analysis of the shortcomings of available tools and common practice in wave energy. The design of these software tools is based on years of experience at the coal face of Wave Energy Converter design, as well as fundamental academic research and contribution to development of international standards.


METRICS THAT MATTER Wave Venture TE software is an integrated engineering and financial analysis package. The holistic nature of the new analysis tool means that the economic or financial consequences of technical 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In the meantime many decisions have to be made in the context of out of date or missing information.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. This facilitates better decision making at every point, these inches gained quickly add up to miles of performance improvement.


REDUCING COST OF R&D Affordability of R&D is a critical predictor of success in wave energy. Wave Venture TE reduces the cost of R&D in three ways: reduction in the cost of each design iteration; reduction in


the duration of each design iteration; and, increase of the performance improvement in each design iteration so that fewer iterations are needed.


PUTTING IT IN PRACTICE Wave Venture has recently used its software to conduct, on behalf of a client, a Horizon Scanning project that evaluated the best available wave energy technologies. Wave Venture have also been successful in a number of bids to Wave Energy Scotland and are applying integrated engineering and financial analysis to these projects.


Wave Venture


+44 1872 309 877 | www.wave-venture.com www.wavetidalenergynetwork.co.uk 11


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