GMax Tidal Energy has calculated the levelized cost of energy (LCOE) for its tidal platform, currently under development, to be at $77 per MWh.
The US-based tidal energy developer said the calculation was done using National Renewable Energy Laboratory’ş LCOE calculator.
GMax said the tidal platform could produce energy at 7.7 cents per kWh, or at $77 per MWh.
The company noted that for the LCOE calculations, the data from the in-house study by the GMax team on the water flow dynamics which showed potential output increases up to 20%, was incorporated in the calculations, along with the use of new state-of-the-art materials.
Also, GMax team estimates the cost per megawatt when mass-produced will not exceed $3.9 million when purchased in a 3MW platform including the cost of installation.
“Within this offering the GMax team has developed a dynamic lend lease approach for potential power purchase agreements with local and regional utility companies. There is the possibility of no initial capital investment depending on the rating by Moody’s Investors Service. A lend lease program will provide cost effective accessibility, and apprising deal structure for our future customers,” GMax said.
GMax’s modular unit device uses linear flow technology to produce power. It’s design incorporates 2 GMax permanent magnet generators with the nameplate capacity between 2-4MW, according to the company.
These generators are supported by a connecting structure upon a deck, on a floating structure, which excludes the need for ocean floor contact.