Ocean DEMO is an Interreg North-West Europe project providing funding to developers of marine renewable technologies to test their products or services in real sea environments. Ocean DEMO specifically targets multi-machine ocean energy installations. This will allow developers to move closer to market by demonstrating their technologies at full commercial scale. The project will run from 2019 to 2022 and has a total budget of €12.8 million.
The existing terrestrial supply for renewables is already market-driven, whereas Ocean Energy (OE) is untapped. Having advanced single device OE deployments, the former project FORESEA has identified a key market failure relating to the first multi-device OE farms; this is the point when risks and capital requirements are highest, hence market intervention is now most needed to realise the NWE OE potential.
OceanDEMO will address this market failure via 3 key elements:
- Prove investability with investors by demonstrating and de-risking the most promising OE generating technologies in multi-device farm configuration.
- Develop an active supply chain that invests in dedicated OE sub-systems and components.
- Create a supportive policy environment for OE by providing governments with confidence in OE and highlighting OE’s economic benefits.
Demonstrate investability of OE with at least 15 investors that provide debt and project finance to raise awareness and promote the uptake of OE. Create a more active and invested supply chain to help reduce technical risk of OE and advance the TRL of dedicated OE sub-systems and components. Establish political support for a supportive policy environment that will encourage production of ocean energy in NWE. These will most likely be in Ireland, UK, the Netherlands, France and Belgium as this is where the majority of the NWE resource is located.
Operation of 2 OE deployments in multi-device farm configuration in NWE connected to the European electricity grid. Advance 15 cross cutting low carbon technologies to near to commercial readiness. Supportive policy environment for OE in at least 3 member states in NWE.
€500M of private funds invested into OE deployment farm deployments
20 dedicated OE products
100MW of OE installed capacity
Visit the project website www.oceandemo.eu