Viktor Kauranen
Saga Sollman
Hanken School of Economics
Martin Fougere
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WaveRoller is an innovative renewable energy source, converting ocean wave energy into affordable and clean electricity, by accessing natural ocean energy resources. It works with a panel (or multiple panels) installed under water, absorbing the Oceans’ power from back-and-forth movement of the waves, converting it to electricity, and connected to the electric grid via a subsea cable. Hermetically sealed hydraulics avoid emitting pollutants and minimizes impact to the Marine Life and Ocean ecosystems, actively contributing to the intent of SDG 14 (Life Below Water).
WaveRoller, an innovative ocean energy converter, captures the back-and-forth movement of waves underwater, transforming this kinetic energy into electricity. Connected to the electric grid via a subsea cable, WaveRoller operates optimally in the surge zone created by the wave surge phenomenon as waves approach the shore. This technology is a promising step towards sustainable energy production and aligns with various Sustainable Development Goals (SDGs). WaveRoller significantly contributes to SDG 7 (Affordable and Clean Energy) by offering a renewable energy source, potentially reducing reliance on fossil fuels and promoting a cleaner energy mix. Moreover, it supports SDG 13 (Climate Action) by generating clean, emission-free energy and aiding in the transition to a low-carbon economy. Additionally, the technology positively impacts SDG 14 (Life Below Water) by operating without emitting pollutants, thus preserving marine life and ecosystems sustainably. Furthermore, WaveRoller aligns with SDG 9 (Industry, Innovation, and Infrastructure) by presenting an innovative approach to renewable energy harnessing, driving advancements in sustainable infrastructure and fostering innovation in the renewable energy sector. The deployment of this technology also supports SDG 8 (Decent Work and Economic Growth) by creating job opportunities and promoting sustainable employment, especially in the renewable energy sector. Lastly, by collaborating with various stakeholders, WaveRoller embodies the essence of SDG 17 (Partnerships for the Goals), showcasing the importance of collaboration to achieve sustainable development.
The inspiration for WaveRoller resides in nature and a passion for diving. Specifically, the ocean and the potential to utilize its unharnessed power as a renewable energy source.
The story started in 1993 and is best described in the company’s own words, “The power in the wave surge is observed by the diver and inventor Rauno Koivusaari during a dive on the Finnish coast. He sees the strong back-and-forth movement of a large hatch in a shipwreck and realizes that the power could be harnessed.”
This moment of inspiration developed over the next 6 years, and in 1999 a proof-of-concept panel implementation, made possible by Rauno and a small team, which utilized wave power to pump seawater to the shore, demonstrating the potential of the solution.
In the short term, WaveRoller has demonstrated promising results in harnessing wave energy and converting it into a sustainable power source. In the long term, the widespread adoption and successful integration of WaveRoller into the energy sector could significantly impact the renewable energy landscape. It may help diversify the sources of energy production and contribute to a more sustainable and resilient energy infrastructure. Evidence of its impact can be seen through ongoing research and pilot projects that showcase the efficiency and reliability of the WaveRoller technology, demonstrating its potential to become a viable and scalable solution for clean energy production from ocean waves.
Christopher Ridgewell, CEO, states that implementation of solutions in the energy sector is complex and requires infrastructure investment. This demands capital, time, and resources.
With product development, field testing and validation processes taking between 3-10 years, securing finance, and managing cash flow is a challenge for small to mid-sized companies when competing for funding with for example Software industry, where typically Return on Investment (ROI) timeframe is much shorter.
By demonstrating the solution potential and developing the products and solutions, AW-Energy have been able to open doors to new funding and involvement in larger scale projects, which in turn will pave the way to scale the solution through infrastructure investments. Through economies of scale and partnership, there is potential to demonstrate green energy can be both competitive and reliable. When combined with changes to financing, such as the EU’s sustainable finance taxonomy regime, Ridgewell believes they can motivate “big business” energy consumers, such as the steel industry to switch to renewable energy.
Ridgewell highlights in an article “making-waveroller-bankable” the following example. November 2020, “AW-Energy secured funding for WaveFarm project from the European Maritime and Fisheries Fund” - The company aims over 3 years to deliver the “world’s first large-scale wave farm, with integrated WaveRoller unit arrays” Ridgewell states “Our ambition is to pave the way for more commercial delivery of WaveRoller-powered wave farms”, he estimates this initiative could be worth several billion Euros annually.
WaveRoller, an innovative ocean energy converter, harnesses ocean waves efficiently, showcasing its potential as a compact, reliable, and complementary renewable energy solution. Ocean waves, known for their dependability and predictability, offer immense energy potential, with Wave Power surpassing other renewables. WaveRoller demonstrates significant advantages, yielding approximately seven times more nominal power generating capacity than a wind turbine in a comparable area, boasting higher reliability by being 30-40% less intermittent than wind and solar energy. In terms of environmental impacts, WaveRoller holds substantial benefits. Shifting to wave energy could lead to a reduction of 273,626 tons of CO2 emissions by 2027, minimizing reliance on fossil fuels. WaveFarms contribute to reliable energy without requiring extensive backup power generation, addressing intermittency challenges faced by solar and wind energy.
Furthermore, WaveFarms complement other renewables, enhancing the overall growth of renewable energy and reducing fossil fuel imports, fostering energy independence. Additionally, the adoption of wave power lessens ocean-based and road-based fuel transportation, benefiting the environment and improving public health, especially in decentralized countries facing traffic and safety issues from frequent fuel transportation. On a societal level, WaveFarms have positive local and international impacts. The 'WaveFarm' project demonstrates the potential for economic growth and job creation in local communities, attracting fish stocks and benefiting local fishing industries. Moreover, these projects contribute to global sustainable development goals by supporting economic activity and providing clean electricity to developing countries, enhancing energy independence and opportunities for growth.
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Christopher Ridgewell, CEO
WaveRoller allows the buyers to turn wave energy (movement) into renewable energy, providing reliable and predictable energy generation. Connected to the electric grid onshore, it provides power for commercial and residential purposes.
Wave power is constant and predictable, with peak production often occurring when solar and wind supply decrease. It should be considered as a complementary and balancing mechanism, supporting the growth of other forms of renewable energy. WaveRoller is an efficient, compact, reliable and complementary Renewable Energy Solution.