Offshore Marine Systems Seeks Funding for Its Wave Energy Converter

Offshore Marine Systems is seeking to raise £4 million in equity funding, for the construction and deployment of a full scale 6 Megawatt Wave Energy Converter (W.E.C.)

The W.E.C. is capable to operate far offshore in hostile seas and oceans, generating electrical power for shore based receivers on the mainland, with the ability to resist severe storms and survive intact, the company explained.

The purpose of operating far offshore is to capture the high energy density waves that exist there.

Inshore waves produce approximately 30 kilowatts per metre, whereas offshore waves contain in excess of 90 kilowatts per metre, this being an obvious location for the W.E.C to operate.

“We are aware of electrical generation losses in cabling over long transmission distances, employing the high voltage alternating current systems (HVAC). To overcome this problem our W.E.C is equipped with a sophisticated high voltage direct current system (HVDC), which unlike high voltage alternating current (HVAC), DC currents are largely unaffected by many resistive forces in lengthy cabling transmissions,” the company said.

The W.E.C operates a power generation system through its direct drive power take off mechanism (PTO).

“Our W.E.C could be particularly beneficial to island states and developing countries with coastal access, which relies heavily on the importation of expensive fuels for their electrical generation. If these islands and countries adopt our W.E.C with its low operation and maintenance costs, short servicing intervals and extensive operational periods they would discover significant financial savings in electrical generation costs compared to imported fuels.

“Also of interest to these islands and countries with basic infrastructure is that port or dock facilities are not essential for the operation of the W.E.C as servicing and maintenance are designed to be conducted on any suitable compacted tidal beach or tidal estuary with access to firm ground,” Offshore Marine Systems said.

“Expectations are that when the W.E.C is deployed and fully operational it will promote a speedy path to commercialization, giving investors a financial return in dividends,” the company added.