New AquaGen Patent Short-Cuts Path To Lucrative Market

In a major breakthrough, AquaGen has patented a new technology which short-cuts the traditional wave energy commercialisation market path by providing rapid access to the lucrative oil and gas market.   This technology, known as RigDrive® is being developed as a retrofittable module which taps into the potential energy of an existing rig technology, transforming it from an energy consuming to an energy generating product.  The energy generating potential of RigDrive® is massive as the floating oil rig itself becomes the energy absorber as it moves with the passing waves.

CEO, Nick Boyd said that ‘this technology represents the first wave energy product to tap into existing infrastructure to bring wave energy into the short term commercial market. 

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Waves could power Melbourne by 2050: CSIRO

AquaGen’s SurgeDrive technology has been highlighted in a milestone report released by the Australia’s Principle Scientific Body, the CSIRO. The report found that ocean power generated by waves could supply a city the size of Melbourne by 2050.  Alex Wonhas, the director of CSIRO's Energy Transformed Flagship, says waves could be a big part of the future.  "We found it could provide up to 10 per cent of Australia's future energy needs by 2050. That's roughly equivalent of a city the size of Melbourne," he says. 

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Worley study reports that SurgeDrive will be competitive with wind and solar

Internationally renowned engineering consultants Worley Parsons have released an independent report into AquaGen’s SurgeDrive technology and the extraordinary results indicate that the technology will be able to compete in the mainstream renewables market.

The report;

  • Indicates that SurgeDrive’s Levelised Cost of Energy will lie between 8 and 24 cents per kWhr (AUD) depending on wave farm location.  This means that in optimal wave energy regions, the technology will be competitive with onshore wind energy and, even in lower wave energy regions, will undercut solar energy on levelised cost.
  • Confirms SurgeDrive’s technology readiness level at NASA TRL7 out of a possible 9 levels, which confirms the company’s investment readiness for phase II commercialisation development and puts the company on par, in terms of technical readiness, with many of its longer established rivals.

Click here to read about the study on the Worley Parsons website

 

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Agreement signed for 70Mw wave farm in Southern Europe

AquaGen has signed an agreement for the development of a 70Mw wave farm in Southern Europe.  The move sets the company up for development in the region where there are significant wave energy gross feed-in tariffs.  CEO Nick Boyd said that "The region where we are looking to develop this wave farm attracts a feed-in tariff of 320€ per Megawatt hour which is around 5 times what we can fetch here in Australia.  Hence the attraction of developing such projects in Europe."