The wave energy sector is gaining momentum, with significant investments and innovative research driving the technology forward. This week, Swedish wave energy developer CorPower Ocean was awarded a $35 million (€30 million) European project aimed at enhancing the competitiveness and bankability of wave energy farms. The project, which includes large-scale validation work in UK waters, underscores the growing confidence in wave energy’s potential to contribute to the renewable energy mix.
CorPower Ocean highlighted research indicating that wave energy, under a high-growth scenario supported by a modernized UK supply chain, could deliver over $40 billion (£30 billion) in gross value added to the economy and support tens of thousands of jobs. This economic boost is a compelling reason for stakeholders to invest in and develop wave energy technologies.
One of the primary goals of the project is to demonstrate the survivability, reliability, and performance of wave energy systems. This challenge is not unique to CorPower Ocean; it is a global endeavor. In November, researchers at the National Renewable Energy Laboratory (NREL) in the US announced the development of a free, open-source tool called SEA-Stack. This tool combines multiple wave energy modeling capabilities into one user-friendly package. SEA-Stack allows wave energy companies and other developers working on water-based technologies to quickly vet new technology designs, potentially saving significant time and money.
The savings achieved through the use of such tools could accelerate technology development and help wave energy devices fulfill their promise of delivering reliable energy to populated coastal cities, rural and remote communities, and even offshore data centers and military bases.
In the UK, researchers from Cardiff University are pushing the boundaries of wave energy technology. They are exploring the concept of augmenting surface waves on the ocean with underwater sound waves. Usama Kadri, a Reader of Applied Mathematics at Cardiff University, noted in an article on The Conversation that current technologies face challenges in efficiency, particularly in deeper waters. Kadri’s research suggests that underwater sound waves could make surface waves around 30% more powerful, making them a more viable source of energy.
Kadri’s work is still in the experimental phase, but the potential for wave energy is already substantial. As Kadri points out, “Ocean waves have long been seen as having huge potential as a source of renewable energy. Waves produce an estimated 50 trillion to 80 trillion watts of power worldwide – nearly two to three times the world’s current annual energy consumption.”
The developments in wave energy technology are not only technical but also economic and environmental. The sector’s growth could lead to significant economic benefits, job creation, and a more sustainable energy future. As the technology matures and becomes more reliable, it could play a crucial role in the global transition to renewable energy sources.
The wave energy sector is poised for significant growth, driven by substantial investments and innovative research. The recent $35 million project awarded to CorPower Ocean, the development of the SEA-Stack tool by NREL, and the pioneering research at Cardiff University all highlight the sector’s potential to deliver reliable and sustainable energy. As these technologies advance, they could unlock new economic opportunities and contribute to a greener future.