Finland-based AW-Energy has successfully deployed WaveRoller, a technology that converts ocean wave energy to electricity, in Portugal. This machine operates in near-shore areas at depths of between 8 to 20 meters and depending on tidal conditions, it’s mostly or fully submerged, anchored to the seabed.
Individual WaveRoller machines are rated for 1 MW of peak power production, and expected to produce between 624-813 MWh per year. AW-Energy is aiming for a global project pipeline of 150 MW for their WaveFarm solution, and anticipates to add an additional €275 million to the European economy and create 500 jobs over the next decade.
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WaveRoller can deliver electricity closer to baseload power than other renewables, and keep Europe at the forefront of innovative renewable technologies. The WaveFarm project enabled AW-Energy to take significant steps towards positive cash generation, both for the company and the European ocean energy sector, by readying the technology and the company for commercial deployment of the devices, and in developing the sales pipeline itself,” said Matthew Pech, CFO of AW-Energy.
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