Wood Group and Exceedence plan to present a new software platform for combined financial and engineering modelling of wave energy systems next week.
The software platform that combines Wood Group’s Flexcom Wave and ExceedenceFINANCE was designed to inform developers and funders of key performance metrics, such as levelized cost of energy (LCOE), throughout all stages of a project life-cycle, according to Exceedence.
The platform, supported by the Sustainable Energy Authority of Ireland (SEAI), is expected to guide de-risking of projects and improve investor confidence, thereby reducing barriers to the development of wave energy systems.
The new software product will be unveiled during the European Wave and Tidal Energy Conference (EWTEC) 2017, which will be held at the University College Cork next week.
Exceedence, a spin-out company from the University College Cork, was set up to catalyze commercialization and investment in marine renewable energy industry by providing the gold standard financial evaluation for the sector.
Wood Group is a multinational energy services company operating across broad range of sectors, including renewable energy.