Project description
NoviOcean is a wave energy converter (WEC) that extracts energy from ocean waves. It relies on several unique and patented innovations. The unique patented design allows for utilizing simple, light-weighted, well-proven and reliable components, which makes it very cost-effective even from the early deployments.
The converter acts as an Inverted Hydro Power Plant at Sea (HPAS concept) to produce clean electricity on a 24/7 basis. The power density (4-10 times vs. the competition) and the simple design leads to a levelized cost of energy (LCOE) comparable to offshore wind from an early commercial stage.
The 1:5 prototype has been validated and the 500-kW full-scale pilot unit (called NO500) is planned to be deployed in 2025.
NoviOcean aims at powering national grids, decarbonizing island communities, offshore oil/gas platforms and coastal industries that rely on fossil fuels. The LCA emission is estimated as 17 kgCO2 eq/MWh with respect to the EU grid average of 230 kgCO2 eq/MWh.
The problem we are solving
Energy production is facing several key challenges impacting the environment and economic growth. The problems with the current system include fossil fuels usage and energy insecurity with dependency on few or intermittent energy supply sources. Moreover, the impact is intensifying in remote islands influencing over 200 million people who live in EU coastal regions where the reliance is on imported fossil fuels and energy from mainlands resulting in low island self efficiency and a high cost of power.
Renewable energy systems have partially contributed to solving the above-mentioned issues. Leading to an unstable grid with the present wind and solar combination. Nevertheless, the need for storage batteries implies a long carbon payback period.
Wave power is 2.5 x more stable than wind power and more durable than solar power. Integrating one unit of NoviOcean WEC (NO500) into the current system would add 500 kW clean and cheap power toward stabilizing the grid. The LCOE is relative to the offshore wind power in the early deployment and decreases with the learning curve to reach 40 €/MWh after the first 500 MW deployed. The avoided emission is expected to be 213 kgCO2/MWh representing 93% reduction to the average EU emission rate.
The NO500 is a breakthrough to the wave energy field (due to 4 to 10x more energy density per ton than what other competitors offer) paving the way to a more efficient and reliable wave energy future toward maturing the technology and diversifying the power sources to reach EU targets of renewable energy. Nevertheless, NoviOcean will assist in electrifying remote islands with clean and stable energy and improve air and life quality, promote tourism, and economic growth on islands.
Sustainable impact on Blue Economy
Novige's unique concept has the potential to lead the breakthrough for wave energy that is needed if the world is to be able to transition to a more sustainable economy. The EU commission has stated a 40 GW target of ocean energy by 2050 to meet 10% of the EU electricity. This market is estimated to be worth 11 billion euros creating a new industrial sector, and around 200,000 skilled jobs across the supply chain. In addition, the coastal communities and societies close to where wave energy installations will be located, are often suffering from a lack of investment and sustainable development, thus meaning that the company will help the world reach several of the sustainability goals set out in Agenda 2030 (including 7, 9, 11, and 13) as well as the European Green Deal. The global scale market estimation is much higher with new jobs based firmly in Europe.
