Cyprus-based Sea Wave Energy Ltd (SWEL), in collaboration with the University of Cyprus, Department of Mechanical and Manufacturing Engineering, performed a series of experimental tests for its wave energy technology.
SWEL has been focused on the design and development of its wave energy converter, the “Wave Line Magnet” (WM).
The company has evolved and developed its technology for more than 12 years achieving numerous patents throughout Europe, the Americas and Australasia.
According to SWEL, the results of the tests carried out provide evidence that this technology is highly competitive and can efficiently harvest wave energy to produce electricity, desalinated water and/or hydrogen.
These competitive advantages of the WM come at only a fraction of the cost of current alternatives being developed internationally, the company claims.
Inventor and CEO, Adam Zakheos indicated that the company will now be moving onto the next round of developments and strategic alliances with the aim of having an operational commercialised system deployed within 2 to 4 years.
Zakheos, said: “ We can show how a commercial sized device using our technology will achieve a Levelised Cost of Energy (LCoE) less than 1cent €/KWhr, crushing today’s wave energy industry reference value of 85cent €/KWh. ”
The University report prepared by Dr.Dimokratis G.E. Grigoriadis (Assistant Professor) and Charalambos Frantzis (PhD Student), states that the WM is capable of converting a significant amount of energy in both low and high wave heights.
The design of the WM and its operation is said to have the potential to overcome several difficulties currently faced by the wave energy sector, such as those related to survivability and durability. Moreover, the WM is expected to reach low construction/operation/maintenance costs, leading to a highly competitive LCoE.
In addition, SWEL said that this technology could be the answer to water and renewable energy issues, providing low carbon, cost effective solutions to countries and remote regions around the world.