Wave Swell Energy*** got a fair bit of coverage in the Australian press this morning, with articles such as this. We’re assisting Wave Swell in a capital raising at the moment. The company is developing its wave energy generation technology, and is carrying out commercial trials off Tasmania’s King Island ahead of a potential listing. Full details on the company can be found on its website.
The company has signed an off-take agreement with Hydro Tasmania for an initial 200KW trial unit, which it will operate during 2018 after its first funding goals are reached. Wave Swell CEO Tom Denniss has said that all energy generated will initially be provided to the King Island grid and Hydro Tasmania. Current tests put forecast generation costs at A$100/MWh, or A¢10/KWh. Typical solar systems cost around A¢13/KWh and wind about A¢7/KWh, not including grid costs. “This is really about ensuring independent verification, and Hydro Tasmania verifying that we can produce at the low cost of A¢10/KWh,” Mr Denniss said.
It has built “big concrete caverns” that use the constant back and forth flow of the ocean to generate energy. “What sets this apart from other wave generation technology is its lack of moving parts,” Mr Denniss commented. Its blocks are located in water depths of around 10m, and typically up to 500m offshore. They connect to the mainland via undersea cables and provide energy to the onshore grid via a transformer unit. The units can also be used as breakwaters or as an artificial reef, with trials demonstrating an increase in marine life where they are installed.
Wave Swell is still looking to investors to raise A$8.3m over the coming months, having secured A$2m in investment to date. It has set a goal of raising A$10m in total funding, Mr Denniss told Fairfax Media. “We are targeting anyone for funding, from energy companies, construction companies, or individuals who see upside in investing.”
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*RFC Ambrian acts as Nomad to this company
†RFC Ambrian acts as Broker to this company
††RFC Ambrian acts as Agency Broker to this company
**RFC Ambrian has acted as a Placing Agent for this company
***RFC Ambrian acts as Financial Adviser to this company
†††RFC Ambrian has received fees from this company over the last 12 months
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