Scaling up for 2021: AW-Energy seeking growth capital to deliver its first scheduled commercial wave energy projects

Source: press release, 10 June 2020

The WaveRoller® operates in near-shore areas (approximately 0.3-2 km from the shore) at depths of between 8 and 20 metres, converting ocean wave energy to electricity
The WaveRoller® operates in near-shore areas (approximately 0.3-2 km from the shore) at depths of between 8 and 20 metres, converting ocean wave energy to electricity (illustration: AW-Energy)

AW-Energy Oy (AWE), the Finnish global wave energy technology company, is using corporate finance advisory firm Fredericks Michael & Co. in New York to identify and approach potential strategic partners and investors for additional growth capital needs in support of the commercial WaveRoller® deliveries scheduled in 2021.

With projects in US, Europe and Asia, AWE expects to see rapid growth for its technology as governments, operators and energy policy strive for cleaner and more sustainable power generation solutions ahead of next year’s global UN climate talks. WaveRoller® embraces and leads this transformation across the global wave energy sector that will go further and deeper to enhance the renewables energy mix. It pushes the boundaries with exciting results.

WaveRoller® technology has been developed over several years with a robust capital stimulus and dynamic team allowing for more technology and system advances than most other companies in its sector. It has been able to reach demonstrable milestones with the advanced in-house engineering and technology-based expertise.

Today, AWE represents much more than a pure start-up, with technology that is tested and proven as a near-shore wave energy converter (WEC). Mounted to the seabed with a panel that oscillates with the wave surge to derive energy from the ocean, WEC is a sustainable way to develop grid-compatible power in many locations around the world.

AWE will be the first to profitably commercialise wave energy. With AWE’s WaveRoller® technology, operators can balance their electricity grid’s need for a stable power supply, complementing the variability and cycles of wind and solar. Using wave energy, and the WaveRoller® technology to complement other sources of renewable energy, reduces the need for separate costly battery storage, as the technology “plugs in” to the largest saltwater battery, and economically solves the seasonal challenge for energy storage.

Recent accomplishments and validation for AWE’s technology, include:

  • Bankable insurance: AWE’s WaveRoller® is the first marine energy technology to have been qualified through certification by Lloyd’s Register to mitigate risks. Certification provides investors with confidence in the delivery of this functional wave energy technology. It makes the technology bankable for large utility customers in the US, as well as across Europe and in Asia.
  • Validated technology: AWE’s WaveRoller® performance has been verified by DNV-GL, provider of technical assurance to the maritime, oil and gas, and energy industries. Verification has helped to secure the first-of-a-kind grid connection with WaveRoller® deployed off the coast of Peniche in Portugal.
  • Strong patent portfolio: In addition to its already substantial patent portfolio covering many countries globally, AWE’s WaveRoller® technology has received new patents from the United States Patent and Trademark Office (USPTO), and from the European Patent Office (EPO) protecting the use of WaveRoller® in 38 countries across Europe. The patents cover WaveRoller®’s energy system and its power transfer application, in addition to a range of operating improvements made to the device, such as on failsafe operating improvements to protect against varying ocean conditions.

WaveRoller®is a technology that solves key market challenges in the transition to ocean-based renewable energy. Wave energy is highly predictable, 24/7, 365 days a year, and a CO2-free power source for hundreds of millions of people. Waves are accessible to 80% of the world’s largest cities, which are in coastal areas. The estimated theoretical global output of wave power is 29,500 TWh/yr, equivalent to 125% of the current global demand for electricity. Moreover, waves are a significant source of energy as global energy needs are predicted to rise, but with pressure to supply energy using sustainable, low carbon sources.

As the world begins to look at broadening the energy mix with sustainable forms of renewable energy offering cleaner and lower emitting energy solutions, wave energy offers a highly predictable source of energy. The use of WaveRoller® as a wave energy converter, can make a valuable contribution as a hybrid “plug-in” technology to the mix of wind and solar power generation.

The Finnish company is leading this new era of energy innovation to ensure power generation from wave energy is bankable with its certified and commercially ready WaveRoller® technology. It is now raising growth capital as it approaches the start of its first commercial installations in 2021.

AWE has retained the services of Fredericks Michael & Co. to provide assistance in the process of identifying and approaching strategic partners, and financial investors, to support AWE’s future growth capital needs.