Wave Power – An Erroneous Reputation
Wave Power – An Erroneous Reputation
At February’s Innovate Energies Summit, the potential for wave power within the Energy Transition was addressed by ZOEX Power, a UK-based company committed to delivering the world’s first ever commercially viable wave energy capture device.
Wave power is the largest source of renewable energy on the planet and yet, as a renewable energy source, it has failed to grab the headlines – but why is that? After all, wave power has the potential - in combination with other renewable energy sources - to easily satisfy a shortfall, and yet it contributes nothing to our current and near-term energy mix.
More predictable than other forms of renewables, the enormous energy density of wave power and its proximity to areas of maximum demand wave power has the capability to reduce grid stress by evening out peaks and troughs of solar or wind.
It seems like a no-brainer, right? However, a historic focus upon utility scale wave power solutions created an ethos of “non-viability” around it, with technical complexity and prohibitive economics tarnishing its reputation. Subsequent attempts at reinventing the genre then failed having neither the all-round capability nor the financial backing to make a breakthrough in the industry.
This is where ZOEX comes in.
The Blue Economy
Understanding that wave power must be part of the sustainable energy mix, ZOEX has taken a different market approach which is tipped to bring wave power back up the agenda, by focusing on the auxiliary power market and in particular within the aquaculture industry.
Aquaculture is a rapidly expanding sector, the energy needs of which are projected to be worth $10 billion globally by 2027. ZOEX’s objective is to become the leading supplier of green energy solutions to the aquaculture industry by building a dominant position in the existing market and exploiting new opportunities.
Having developed the world’s first commercially viable, deployable and reliable wave energy capture system, ZOEX’s pragmatic approach has utilised existing technology and resources, innovating only where necessary – and that’s a critical element of the system’s predicted success.
Fundamentally, the incorporation of technology that already exists within specialist non-energy sectors is where the real innovation lies and has resulted in a wave power value proposition much greater than the sum of its parts.
And by bringing these standalone technology elements into a single coherent design, ZOEX has closed the technology maturity gap at a stroke. Its unique combination of deployability, performance and economic viability makes ZOEX a renewable energy gamechanger.
That, of course, does not happen overnight but the ZOEX journey is not protracted…
The Timeline
The Blue Economy - Aquaculture: 2024
By focusing on developing and consolidating ZOEX within the aquaculture market, we’re enabling further development and optimisation of the technology for wider commercial application.
Contemporary Diesel Displacement Applications: 2025
Seamless transition of ZOEX into other off-grid diesel displacement applications such as offshore O&G installations, wind power auxiliary support and marine logistics markets.
Tomorrow’s World: 2030+
Costs will reduce dramatically as volume manufacture and industrialisation further opens up the global blue economy; nearshore grid support (port/harbour arrays), deep-sea smart aquaculture, marine charging sites and so on.
Wave Power – the inevitable?
Sooner or later, commercial wave power is going to happen but only with a product that transcends all the design, deployment and operability challenges that have plagued the sector to date.
In other words, ZOEX is the genesis of something new – it will shape the future of the next era of energy supply and diesel displacement within the offshore marine auxiliary power sector offers a genuine opportunity for ZOEX to gain a competitive advantage and provide a breakout route for the sector.
ZOEX not only offers the best performance metrics within the wave power space but is also the most widely deployable and flexible in design.
The lifetime costs/kW (LCOE) are not only comparable with diesel today, but the energy is 100% green, renewable and limitless.
Investors – join us
The ZOEX growth strategy is to expedite commercial viability with minimum development expenditure thereby bringing forward revenue streams and accelerate payback on initial investment. Subsequent market expansion into the blue economy and utility scale applications will be funded through a combination of organic growth, equity investment rounds and potential public flotation.
Our strategic partners bring specific capabilities and expertise to the development program and will support our in-house engineering team to ensure learning is captured and IP rights remain protected.
ZOEX started as a personal odyssey to make waves work, it now stands on the brink of commercialising the world’s first viable energy capture device for universal wave industry application. ZOEX will yield exceptional returns to those who join us on our journey to liberate the greatest untapped energy source on the planet.
To find out more, contact ZOEX via Jim Peden at Mayfair Energy Advisory
