Current wave and tidal energy converters have universally failed to address surviving the extremely demanding conditions of the marine environment, the result being systems that have an exceptionally limited life span before they have to be replaced or rebuilt. This detrimentally impacts their economic viability.
Globally, there are a multitude of schemes and targets to increase the amount of power generated from wave energy, the UK alone has a target to produce 6GW (gigawatts) of power by 2030, globally the International Energy Agency has forecast projects with a capacity of up to 130GW by 2050.
Martin Wave Pumps have been in development for eleven years and our "Patent pending" system will become uniquely placed to capitalise on these initiatives and resolve the design flaws of previous systems.
Martin Wave Pump units consist of four large marine concrete wave powered pumps each with a lifespan of over 100 years. They are assembled on a single marine concrete barge which is floated into position and submerged onto the seafloor, at an average depth of 30m, near cliffed coastline. The pumps sit below the surface, and the floats are lifted by pumping in compressed air. This is controlled by staff in an on-shore control centre to regulate the buoyancy and ensure the pumps work at optimum efficiency in all sea conditions. The rise and fall of the floats pumps sea water up to an on-shore reservoir. With a rise and fall of only 1 metre, the four pumps collectively pump 1 tonne of water per second up to a height of over 100m. This is capable of producing 1MW of hydro=electric power.
FEATURES AND BENEFITS
Components are designed for easy assembly and maintenance
A four pump deployment pumps 1 tonne of water per second up to a height of 100m
The 3 moving parts are all lined with low-friction plastic which can be recycled
Compressed air from an on-shore control centre controls the buoyancy and movement
Floats can be submerged easily to ensure their safety during harsh conditions
Components are pre-cast marine concrete with a lifespan of over 100 years
Ability to supply reservoirs for desalination and 1MW of "zero-emission" electricity per unit
All materials are already widely used at sea with very little impact on the marine ecology
Built-in monitoring provides feedback to the control centre for real-time control
Multiple units can be deployed in an array to gain economies of scale
EXISTING POTENTIAL MARKET OPPORTUNITIES
Ireland - Glinsk windfarm and seawater pumped hydroelectric storage
Scotland - major investment underway to develop wave power solutions for electricity
Islands in the Far East - pay a premium for electricity generation and have no fossil fuel resources of their own would benefit from wave powered electricity generation
South Africa - Cape Town needs long term fresh water provision solution to supplement the existing water supplies and water desalination plants require a mechanism to pump water from the sea
Chile - requires water and electrical power for copper mining and is already investing in desalination plants
USA - a lot of development underway to build desalination plants and wave powered electricity generation on the West Coast, particularly Oregon
Intend to work with a marine engineering and civil engineering companies to build and maintain pumps.
Revenue model similar to the hydro-electric construction industry and not dependent on deteriorating feed-in tariffs.
Mechanical and Engineering costs are around 30-40% of the full build cost of a site.
40MW plant costing between £120m and £180m will generate between £36m - £72m with ongoing maintenance revenues of around 10-15% per annum
Commercial model proven by Carnegie CE
The levelized cost of electricity (LCOE) is estimated, in line with hydro power generations is approximately 10 times lower than current wave power LCOE. The pumps are calculated to produce on par with most medium scale (20MW-50MW) hydro-electric plants at 9p/KWh with comparable CAPEX and OPEX costs.
Extremely robust design ensures that we can provide customers with longstanding maintenance contracts generating valuable downstream revenue.
Once established, there are further opportunities to generate revenue from marine data.
Experienced management team in place - engineers and business development consultants
CEO and CFO to be appointed
Three small scale models produced and tested - the most recent, an accurate 1:40 scale model has provided data successfully proving output volumes and wave response times
Tested at sea
Further testing at larger scale required
Three phases of fund raising required
Phase 1 - Angel investment requirement = £400,000
PHASE 1 OBJECTIVES
Develop and test a 1:16 scale prototype - to gain more data on efficiency
Submit three further patents to protect the IP
Raise grant funding to run off-shore tests in the Falmouth Bay test facility
Initiate meetings with power companies and establish MOU's or LOI's
Establish a detailed financial model
Initiate conversations with marine development partners to establish a JV
For further information please contact Finov8