Cork-based OceanEnergy expects to deploy its first full-scale device costing €9 million at Wave Hub off the north coast of Cornwall by the end of this year.
Ocean Energy has been testing a quarter scale prototype of its OE Buoy in Galway Bay for three years. The company with its technology partner Dresser-Rand, the largest service provider in the oil and gas industry, was one of a number of companies competing for the opportunity to win the Wave Hub contract. The full-scale unit has the capacity to generate sustainable energy to power up to 1,200 homes.
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Wave Hub will fund OceanEnergy's deployment costs up to a maximum of £1 million (€1.2 million). This includes the cost of securing a marine licence and installation of moorings and deployment.
John McCarthy, Chief Executive and co-founder of OceanEnergy said: "This is a major achievement for Irish technology, which has been developed with the assistance of Irish government funding and expertise at the UCC Hydraulics and Maritime Research Centre. It is also an endorsement of the technology development path adopted by OceanEnergy."
He said that the rigorous testing and proven survivability of OceanEnergy’s technology was a key driver in winning this opportunity for their device.
"Ireland, with its resources and technical capabilities, has the potential to become the world leader in wave energy and OceanEnergy plans to play its part in making this a reality."
According to a recent study by SEAI – Sustainable Energy Authority Ireland - the Irish wave energy industry has the potential to employ 50,000 people by 2030 and could generate over four times our current installed capacity or 30,000 MW of power. Denmark is the world leader in wind energy development and earns €6 billion annually from the industry, which employs 30,000 people.
(CD/GK)
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