The existing terrestrial supply for renewables is already market-driven, whereas Ocean Energy (OE) is untapped. Having advanced single device OE deployments, FORESEA has identified a key market failure relating to the first multi-device OE farms; this is the point when risks and capital requirements are highest, hence market intervention is now most needed to realise the NWE OE potential.
Ocean DEMO will address this market failure via 3 key elements:
- Prove investability with investors by demonstrating and de-risking the most promising OE generating technologies in multi-device farm configuration.
- Develop an active supply chain that invests in dedicated OE sub-systems and components.
- Create a supportive policy environment for OE by providing governments with confidence in OE and highlighting OE's economic benefits.
- Demonstrate investability of OE with at least 15 investors that provide debt and project finance to raise awareness & promote the uptake of OE.
- Create a more active and invested supply chain to help reduce technical risk of OE and advance the TRL of dedicated OE sub-systems and components.
- Establish political support for a supportive policy environment that will encourage production of ocean energy in NWE. These will most likely be in Ireland, UK, the Netherlands, France and Belgium as this is where the majority of the NWE resource is located.
- Operation of 2 OE deployments in multi-device farm configuration in NWE connected to the European electricity grid.
- Advance 15 cross cutting low carbon technologies to near to commercial readiness.
- Supportive policy environment for OE in at least 3 member states in NWE.
- 500m EUR of private funds invested into OE deployment farm deployments
- 20 dedicated OE products
- 100MW of OE installed capacity