Proteus Marine Rewables’ tidal energy system on track to slash costs, EIB confirms

UK-based tidal energy company Proteus Marine Renewables (PMR) has had its cost reduction projections validated with the European Investment Bank (EIB), confirming that the levelized cost of energy (LCoE) reduction forecasts for its AR3000 tidal energy system are achievable. 

The independent report, commissioned by the EIB, examined the 12 MW tidal pilot project NH1 developed by Normandie Hydroliennes, which uses PMR’s AR3000 tidal technology. 

The report, which is said to have also analyzed potential LCoE reductions in the next phase – NH2 (approximately 200 MW), – concluded that the LCoE predictions by Normandie Hydroliennes are “reasonable and, in some cases, conservative,” with an expectation of around €150/MWh at the 200 MW stage, aligning with the 2030 Ocean Energy Vision targets.

Including inflation adjustments, the EIB-backed report highlighted that the technological advancements and scale changes represent a promising future for the tidal energy industry, driving cost reductions and increasing efficiency.

This verification also supports PMR’s forecasts of achieving below Europe’s SET target of €100/MWh once at 1GW deployment.

As Drew Blaxland, CEO of PMR, noted, “We’re delighted to see that Proteus’ technical innovations have been recognized as critical to reducing LCoE, and to have the forecasts verified independently. It provides a strong foundation for NH’s development plans in France and should strengthen investor confidence in tidal energy achieving large-scale arrays globally.”

The Normandie Hydroliennes’ NH1 project, located off the coast of Normandy, taps into the energy potential of the Raz Blanchard, a site recognized for its prospects in integrating low-carbon technologies. With a capacity of 4GW, Raz Blanchard holds the potential for commercial tidal energy deployment in Europe, said Normandie Hydroliennes. The project’s execution is expected to showcase the advantages of tidal turbine technology, accelerating the commercialization of marine renewable energy in France, Europe, and globally. 

Built in France, the PMR AR3000 turbine is the largest and “most powerful single-axis turbine ever produced”, according to Normandie Hydroliennes. The fully submerged subsea turbines will cause no visual impact and be installed in harmony with the natural environment, the company noted.

After the successful AR500 pilot tidal project, which saw a 500 kW turbine installed in Japanese waters in 2021 with 97% availability, the company signed an engineering, procurement, and construction (EPC) contract with Kyuden Mirai Energy (KME) in November 2022 to upgrade the turbine to the AR1100 model. PMR started assembly works on the AR1100 tidal turbine in August, in Japan, with completion and reinstallation expected later this year, followed by clean energy export to Japan’s Goto Islands.

Recently, the UK-based tidal energy company also launched a crowdfunding campaign to support its technology commercialization program.