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

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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

AquaGen CEO, Nick Boyd, said that "The report represents a major milestone for the company as it demonstrates that our unique philosophy of getting the power conversion equipment out of the water enables a reduction in the cost of energy to levels which make it possible to compete with the likes of wind and solar power."

Martin Buden, a director with AquaGen commented that "Receiving a TRL level of 7 out of a maximum of 9 from Worley Parsons shows how close SurgeDrive is to a being fully commercial".

The report is already peaking the interest of investors and is thus helping the company with its multi-million dollar capital raise.