Ocean power revolution: Wave energy breaks cost barrier
The Swedish company Ocean Harvesting has developed a system called InfinityWEC, designed to generate energy from ocean waves. According to the company, implementing this system is seven times cheaper than building offshore wind farms.
Experts are currently seeking new, more ecological and economical sources of energy. Despite its potential, wave energy remains relatively underutilized. The InfinityWEC system, developed by Ocean Harvesting, suggests this method can be significantly cheaper than wind energy produced from floating structures.
How does wave energy production work?
InfinityWEC uses buoys to produce electricity and can operate at depths ranging from 260 to 650 feet. At these depths, offshore wind farms using floating platforms also operate. According to cision.com, this project is characterized by very low capital expenditures (CAPEX).
Information shows that when evaluating new energy technologies, CAPEX plays a critical role, influencing the levelized cost of energy (LCOE). LCOE considers both the initial costs of constructing the power plant and the subsequent operational costs.
Wave energy vs. wind energy
To assess the efficiency of InfinityWEC, a system with a capacity of 6 MW was constructed and compared to the Hywind Scotland floating wind farm with the same output. Both systems can use similar infrastructure for transmitting the generated energy.
According to data from Ocean Harvesting, InfinityWEC requires about seven times lower capital expenditures and generates roughly seven times fewer carbon emissions than the Hywind Scotland wind farm.
The benefits of the InfinityWEC system, as highlighted by the company, include its scalability and high efficiency, which reportedly ensures continuous energy production from each wave. This technology also boasts a low LCOE—with energy production at approximately 2 GWh, the cost is estimated at 100 euros/MWh at an installed capacity of 100 MW, and less than 35 euros/MWh at an installed capacity of 5 GW.
