Leading wave energy technology company Wave Swell Energy has opened shares in its Australian renewable energy business on equity crowdfunding platform Equitise.
Valued at $24 million, Wave Swell Energy will, for the first time, open up shares in its business to retail and sophisticated investors with an entry price of $480 (100 shares).
Gathering major traction and momentum on a global scale, Wave Swell Energy uses near-shore technology that converts the energy in ocean waves into clean, emissions-free sustainable electricity.
Founded in 2016, its technology has no impact on the environment, even creating an artificial reef, and with no moving parts in the water, is more survivable in storms and costs less to maintain than previous forms of wave energy.
Related article:Carnegie and EGP collaborate on wave energy
Wave Swell Energy is currently developing a 200 kW wave energy project that is to be installed in the ocean off the east coast of King Island, between Tasmania and the Australian mainland. This electricity can be transmitted to shore and into the grid and, once adapted at scale, has the potential to be more cost effective than existing forms of energy.
The aim of the project is to demonstrate the ability of the company’s technology, when installed at large scale, to produce electrical energy at a cost comparable to that of new coal-fired power plants. Wave Swell Energy is collaborating with Hydro Tasmania and the King Island Council and community to ensure the project is developed to be of benefit to all stakeholders.
According to CSIRO projections, wave energy could provide a viable contribution to Australia’s future energy mix following an extensive study and research project earlier in the year.
Led by CSIRO Oceans and Atmosphere, a team of experts including oceanographers, economists and engineers conducted a review of existing knowledge including the technology, Australian resource, cost projections, likely uptake and the impact of energy extraction.
Related article:Hydro Tasmania reports huge profit
The results found the potential for wave energy in Australia is enormous, with the CSIRO’s preliminary studies showing the energy in waves impacting the southern coastline of Australia to be five times the country’s current electricity usage. This is due to the strong Southern Ocean winds generating consistently large waves that travel northwards to Australia’s southern coastline. The large consistent and predictable swell provides ideal conditions for wave energy production – an advantage of this energy technology over other renewables such as wind and solar.
CSIRO research shows wave energy could contribute up to 11 per cent of Australia’s energy needs (enough to power a city the size of Melbourne) by 2050, making it a strong contender in Australia’s renewable energy mix.