CorPower Ocean and Simply Blue Energy have signed a Strategic Collaboration Agreement to develop a number of significant wave energy projects off the coasts of the UK and Ireland.
The two parties are no strangers to each other. After Simply Blue Energy completed a comprehensive research project, in collaboration with consultancy Wave Venture, in 2017 to identify the most viable wave energy technologies emerging globally, Simply Blue Energy and CorPower exchanged a Memorandum of Understanding (MoU) for further collaboration. This has now materialized into a Strategic Collaboration Agreement focusing on the large scale, commercial roll out of wave energy arrays.
Simply Blue Energy has identified a number of development areas suitable for commercial wave energy project deployment. Under this Agreement, they have exclusive rights to use CorPower’s technology in the designated zones and aim to start producing and exporting electricity as early as 2024. According to the agreement CorPower reserves supply capacity for the respective projects.
Simply Blue Energy will also investigate the development and deployment of combined floating wind and wave energy farms. This is to explore opportunities to significantly reduce costs as well as increase output by dovetailing the variations in resource availability between wind and wave energy.
Commenting at the signing of this new Strategic Cooperation Agreement, Sam Roch-Perks, CEO of Simply Blue Energy said, “We have worked with the team at CorPower over the last 2½ years and they have, during this time, convinced us that they have the ability to bring their technology to the required levels of technical readiness within the timeframes we have agreed. We are also excited to explore the possibility of combining floating wind and wave energy to bring balance to the grid which is so important if we are to increase the reliability and viability of renewable energy”.
CorPower has already proven that its revolutionary technology offers a step change in structural efficiency, making it up to five times more efficient than what is currently available on the market.
“We are very excited about the collaboration with Simply Blue Energy which is a dedicated blue economy developer with strong vision and execution capabilities. These commercial projects line up as the next step following our ongoing product verification and certification program. Having a commercial developer investing in projects based on our technology is a significant milestone for CorPower and the wave energy industry as a whole” said Anders Jansson, Commercial Director, CorPower Ocean.
Source: Company Press Release