carnegie wave energy limited - eu sustainable energy week · 2016. 6. 16. · commercial in...
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© Copyright Carnegie Wave Energy Limited 2015 1
Carnegie Wave Energy Limited
Mr Kieran O’Brien
Executive Director – European Business
Development
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 2
The information contained herein has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate
in any trading strategy or to enter into any transaction. If any offer of securities is made, it shall
be made pursuant to a definitive offering memorandum prepared by or on behalf of any fund or
other issuer which would contain material information not contained herein and which would
supersede this information in its entirety.
Disclaimer
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 3
“Of the eight leading wave companies four have gone bankrupt, one was
folded by its owner, one has scaled back its activities drastically, one has
had serious setbacks and one (Carnegie Wave Energy) has made
considerable progress with its technology.” - Bloomberg New Energy Finance, 2016
Carnegie: A Global Leader in Wave Technology
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 4
Company Highlights
• Owner and developer of world leading “CETO” wave energy
technology.
• Dual market focus -
1. Europe/UK:
o Dedicated wave sites, grants, tariffs, wave resource, EDF license, and
supply chain.
2. Islands:
o High diesel tariffs, lack of energy security, wave resource, funding
support.
• Some €75m spent to date on CETO over six prototype cycles.
• Team of 45 focused on wave technology and project development,
financing and delivery.
• Well capitalised: €12.5m cash, €9.5m in undrawn Government
grants, €13.5m undrawn debt facility (March 2016)
L-R: Kieran O’Brien (ex ESB), Mike Fitzpatrick (ex
Hastings), John Leggate (ex BP), Jeffrey Harding
(Chairman, ex Pacific Hydro), Michael Ottaviano (MD
& CEO), Grant Mooney (NED, Joint Company
Secretary)
Carnegie Team
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 5
CWE Ireland
100% owned subsidiary
CWE Chile
100% owned subsidiary
CWE UK
100% owned subsidiary
CWE Mauritius Wave &
Microgrid Design Project
CETO 6 – Garden Island
Microgrid Project
CWE Wave Hub Berth
Carnegie HQ & Wave
Energy Research Facility
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Global Reach
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 6
Credible Alliances
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 8
Technology Development & Commercialisation
© Copyright Carnegie Wave Energy Limited 2015 9
• Fully submerged, point absorber
• Near-shore location or deep-water location
• Onshore or offshore power production
• Onshore water production
• Modular design largely using proven subsea components
CETO 5 - Near-shore, onshore power & water CETO 6 - Deepwater, offshore power production
CETO Technology
© Copyright Carnegie Wave Energy Limited 2015 10
Perth Wave Energy Project – operation, maintenance and performance
The Perth Wave Energy Project CETO 5
© Copyright Carnegie Wave Energy Limited 2015 11
Perth Wave Energy Project – CETO 5 generation successfully demonstrated
• Garden Island, Western Australia
• Demonstrated CETO 5 technology including:
• Three WECs
• Power delivery to grid
• Wave powered, reverse osmosis desalination
• <1 day CETO WEC installation
• >14,000 operational hours over 12 months
• Designed and delivered by Carnegie
• Measured CETO 5 results confirmed modelled forecasts
• Measured results confirm CETO 6 forecasts
Video
© Copyright Carnegie Wave Energy Limited 2015 12
Perth Wave Energy Project – Operation
© Copyright Carnegie Wave Energy Limited 2015 13
The Next GenerationCETO 6
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 14
CETO 6 – Commercial Product Platform
• Development based on:
o CETO 5’s in-ocean operational hours and data analysis
o CETO 6 wave tank testing at European Universities
o Internal modelling and design development
o Engagement with European and Australian supply chain.
• Approx. four times the output of CETO 5
• Power generation inside the buoyant actuator allows more
advanced control capability
• Rapid installation and retrieval (no offshore heavy lifts)
• Electrical export cable delivers power onshore avoids hydraulic
transmission losses
• Tidal range compensation
• Nearshore and more distant to shore wave sites suitable.
© Copyright Carnegie Wave Energy Limited 2015 15
• Garden Island, Western Australia
• Funded by CWE, €14m CBA debt funding and €7.0m
ARENA grant
• Commissioning 2017
• Offtake to Australian Department of Defence
• Wave Hub, Cornwall, UK
• Stage 1 Commissioning 2018
• Expandable to 15MW
• Tariff support and Government grants/debt available
• CWE & Government Funding
CETO 6 – Demonstration Projects
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 16
Commercialisation of CETO – UK/EU and Islands
Commercialisation via two key initial markets:
• UK/EU: taking advantage of sites, funding, tariffs and supply chain.
• Islands: taking advantage of high power tariffs, competitive advantage of wave (consistency and
footprint).
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 17
• Multiple, dedicated wave energy sites across UK/EU
either in operation or in development with a total
potential capacity approaching 100MW.
• Dedicated wave energy tariff support, grants, debt
facilities available.
• Experienced supply chain for manufacturing, assembly,
installation and maintenance.
• Carnegie now very active in the UK:
o CWE UK subsidiary.
o Locally based CEO and Directors.
o Wave Hub berth.
o Extensive R&D activities.
o Deep supply chain engagement.
• First deployment of CETO 6 post Garden Island will be
in UK and as part of a 10-15MW project.
International Market – UK/EU
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 18
• €7.5m portfolio of externally funded, collaborative R&D
• University of Plymouth wave tank testing programme completed April 2016
• University of Dublin collaboration to optimise hydrodynamics performance through BA shape studies
• University of Western Australia (UWA) projects focussed on cost and performance optimisation:
• Foundation design and loads
• Optimal number, size, arrangement and location of wave energy converters
• University of Adelaide development of control strategies to increase efficiency of CETO
• Partner in the SUPEGEN funded “E-Drive” linear generator project with University of Edinburgh applied to CETO
• Wave Energy Scotland (WES) funded Artemis hydraulic motor digital displacement technology applied to CETO
• Atlantis Resources collaboration agreement focused on electrical architecture.
Ongoing R&D focused on Highest Opportunity Areas
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 19
• CWE purchase of former Aquamarine PTO
test rig at the Institute for Fluid Power Drives
and Controls (IFAS) at RWTH Aachen
University in Germany.
• Supports ongoing CETO PTO test program
including:
• Component performance under a
realistic duty cycle
• System durability, functionality &
efficiency.
• Ongoing collaboration with IFAS
• Continuing to work with Bosch Rexroth on
PTO design and delivery
CETO Hydraulic Electric Test rig
© Copyright Carnegie Wave Energy Limited 2016 20
Wave-Integrated Microgrids – Expanding Our Capability
• Multiple energy generation sources
• Sophisticated control systems and
storage
• Takes advantage of temporal variation,
reducing energy storage and diesel
generation.
• Desalination allows higher levels of
renewables, as a form of energy storage
• Garden Island Microgrid (GIMG) will be
the world’s first wave integrated
renewable microgrid project.
• Delivering Mauritian wave and microgrid
design project
• 35% stake in and strategic alliance with
leading Australia microgrid EPC, Energy
Made Clean.
© Copyright Carnegie Wave Energy Limited 2016 21
Key Achievements & Upcoming Wave Developments
CETO 5 Perth Wave Energy Project
3 units, 14,000 hours, computational models validated
Exported power and water to the Australian Department of
Defence
CETO 6 Project, Western Australia
CETO 6 concept design complete
• Construction to start 2016.
CETO 6 Project, UK
Development started 2015, Construction 2018
• Funding progress expected in coming months
Microgrids
• Mauritian project delivery
• Garden Island project funding progress expected in coming
months
© Copyright Carnegie Wave Energy Limited 2016 22
4GW
(18 years)
The Offshore Wind Story…
By 2015:
11GW deployed
LCOE > €100/MWh
€80/MWh expected by 2025 (32 years)
Ref EWEA 2015
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 23
The CWE Supply Chain… from 15,000km away…
The prize…
Commercial in Confidence © Copyright Carnegie Wave Energy Limited 2015 24
END…