CorPower Ocean has been selected to lead the €30 million (~ $35.2 million USD) POWER-Farm EU Project, which aims to address the competitiveness and bankability of wave farms by validating the technology in conditions required for large-scale deployment in UK waters.
The initiative, partly funded by a €19 million (~ $22.3 million USD) grant from Horizon Europe, intends to underscore wave energy’s role as a mainstream renewable sector. With potential to supply up to 17% of electricity in key EU countries by 2050, the project also targets volume manufacturing across the EU.
The consortium includes EMEC (European Marine Energy Centre), The University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers and Kristinehamn Teknik & Service. Together they will attempt to demonstrate the survivability, reliability and performance of wave energy systems at EMEC’s test site in Scotland.
According to research from Supergen ORE Hub and the Policy and Innovation Group at the University of Edinburgh, wave energy could deliver over £30 billion (~ $40.1 billion USD) in Gross Value Added (GVA) to the UK economy under a “high ambition” scenario where the UK develops a strong, modernized domestic supply chain and leads in global deployments.
The project builds on CorPower Ocean’s WEC (wave energy converter) technology currently deployed off the Atlantic coast of Portugal, while also placing strong emphasis on proving the scalability of a European, and particularly UK and Scottish, supply chain capable of supporting larger wave energy farms.
“The POWER-Farm EU initiative arrives at a pivotal moment for the wave-energy sector, as the industry shifts from research and development to commercial deployments,” said Anders Jansson, Head of business Development at CorPower Ocean. “With Europe investing to bring wave energy to farm-scale readiness, we urge the UK to match this ambition and unlock its vast wave-energy potential. The UK is uniquely positioned to become a global leader in this emerging frontier, establishing a major new sector driving economic growth and job creation. With the right support and a clear route to market, developers and investors will have the certainty they need to deliver the nation’s first commercial wave-energy arrays, while ensuring the UK can capitalize on this golden opportunity.”
