Australian renewable energy business WaveX has signed a memorandum of understanding (MoU) with a compatriot consultancy company, Floating Solutions Consulting (FSC).
According to WaveX, under the MoU, FSC is to apply its expertise in operations and maintenance (O&M) from the oil and gas and defense sectors to enhance the operability, reliability, and lifecycle costs of WaveX’s proprietary D-Spar wave energy technology.
Simon Renwick , CEO of WaveX, said: “This is a key milestone for the technical and commercial development of the D-Spar and will accelerate our pathway to reductions in LCOE.”
WaveX’s D-Spar is a floating steel buoy designed to convert ocean wave motion into electricity for industrial and utility-scale use. The platform generates power from wave energy, offering a renewable source of electricity for various applications.
Alex Mosnier , Managing Director of FSC added that the team is excited to be applying their industry-leading expertise to the WaveX D-Spar.
WaveX is currently in the process of securing SEED funding to complement recent government grants, aiming to deploy a large-scale D-Spar prototype in Albany, Western Australia, by 2025 in collaboration with the University of Western Australia (UWA).
In August, WaveX received a statement of feasibility from OWC Australia & New Zealand , a division of energy and marine consultancy ABL Group, for its wave-powered generator technology. Following a technical review, OWC deemed the D-Spar wave power generator to be feasible.