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. 

The current market in clean technology only really allows for the development of clean technologies which generate short-term revenue.  Wind and Solar are good examples of this.  I think that this has to be the new paradigm for wave energy – instead of planning for capital intensive, large scale, long term payback wave farms, wave energy needs to develop technologies which build on existing subsea infrastructure to enable a short term investor to come in and make a profit.  The revenue from RigDrive® will then be re-invested into the development of technologies such as SurgeDrive®, our large scale wave farm technology, in the future.  This is a much better strategy both for our investors and for us as a solid commercial business.’

Director Martin Buden commented; ‘It seems like an oxymoron at first as we are leveraging from a non-sustainable industry.  But when you think about it, creating a clean sustainable energy industry is about transitioning from carbon-based energy to clean energy.  It cannot happen without the massive leverage available through such an industry.’

Director, Martin Buden, sees the technology as the key to a lucrative market; There are currently over 400 floating oil rigs in operation worldwide, each using Megawatts of electricity for month long campaigns at a time. These ships normally burn diesel for on-board electricity needs, and require supply vessels for refuelling purposes during operations - RigDrive® will transform these costs into positive revenue.

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