carnegie wave energy limited - eu sustainable energy week · 2016. 6. 16. · commercial in...

© 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


“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


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


CWE Ireland

100% owned subsidiary

CWE Chile


CWE UK


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


Credible Alliances


Technology Development & Commercialisation


• 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


Perth Wave Energy Project – operation, maintenance and performance

The Perth Wave Energy Project CETO 5


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


Perth Wave Energy Project – Operation


The Next GenerationCETO 6


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.


• 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


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).


• 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


• €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


• 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


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.


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


4GW

(18 years)

The Offshore Wind Story…

By 2015:

11GW deployed

LCOE > €100/MWh

€80/MWh expected by 2025 (32 years)

Ref EWEA 2015


The CWE Supply Chain… from 15,000km away…

The prize…


END…

carnegie wave energy limited - eu sustainable energy week · 2016. 6. 16. · commercial in...

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