Since the start of our journey in 2012, CorPower Ocean has worked to a structured five-stage product development process, involving step-wise verification of survivability, performance, reliability and economics to reach a bankable product. The methodology aims at taking wave energy to a competitive and reliable energy source with the least time, risk and investment.
Division of the product development process into clear stages provides clarity on expectations for all stakeholders. Such clarity ensures that progress and success can be measured, building confidence in the technology. CorPower has tracked the development to Techno-economic metrics that could be measured already from the first stages of testing small scale models, such as Energy/Mass, Energy/Volume, Energy/Force. These were very useful proxies for LCOE (Levelized Cost of Energy) in the early days when accurate cost information wasn’t yet available, which allowed us to make architectural decisions towards the most competitive design. The development strategy has also involved on-land dry testing in a controlled simulated wave loading to debug and stabilize systems prior to ocean deployment, and rigorous product certification with DNV.
Clearly defined stage activities ensure investors place technology developers in the correct stage of a funding scheme to focus on what is required now, rather than reaching beyond their financial means or technical capabilities.
It further brings consistency in use of terminology, with stakeholders working together to build confidence and transparency in the sector. Adoption of more consistent technology development processes and Metrics worldwide will also stimulate wider international collaboration and globally transferable technology.
Ultimately, the Power of Structured Development ensures efficient decision-making processes to direct funding to technologies with highest chances of commercial success. A framework recommended by IEA OES, with input from CorPower Ocean, breaks the development process into a series stages, from concept creation to commercialisation – IEA-OES best practice guidance for ocean energy development
