Off-Shore Data Centers, Desalination Plants, Naval Mission Power Platforms, Off-Shore Fish Farms, Carbon Capture and Grid Quality Electricity – With Reliable, Robust OE Technology 

That Generates Sustainable Power from Waves.

PORTLAND, Ore., October 1st, 2018 — Irish marine innovation combined with U.S. engineering prowess is taking shape in an Oregon shipyard, where shipbuilder, Vigor, is constructing a marine hydrokinetic convertor called the OE Buoy for US and Irish based wave-power pioneer, OceanEnergy. Once completed, in spring 2019, the wave device – dimensions: 125 feet long, 68 feet tall, and 59 feet wide – will be towed to the U.S. Navy Wave Energy Test Site on the windward coast of O’ahu, Hawaii. This private sector project is supported by the Unites States and Irish governments and their agencies as part of an agreement committing both governments to collaborating on Marine Hydrokinetic Technologies.

The 125 foot OE Buoy has a potential rated capacity of up to 1.25 MW in electrical power production giving it the ability to support a range of exciting uses including marine-based data centers, offshore fish farming, desalination plants, naval Underwater Autonomous Vehicle (AUV) power platforms, off-grid applications for remote island communities as well as utility-quality electricity supply.

A short two-minute narrative about the OE Buoy is available for viewing here:  https://www.oceanenergy.ie/enterprise-ireland

Additionally, time-lapse video b-roll of its current state of construction is viewable here: https://www.oceanenergy.ie/oe-video

According to John McCarthy, Chief Executive Officer of OceanEnergy, the scale and ambition of the OE Buoy project is unique and transformative. “This first-of-its kind wave energy convertor is scalable, reliable and capable of generating sustainable power to facilitate a range of use-cases that were previously unimaginable or just impractical.”

“In the energy-hungry and rapidly expanding IoT world, technology companies will be able to benefit from wave power through the development of OE Buoy devices as marine-based data storage and processing centers. The major players in Big Data are already experimenting with subsea data centers to take advantage of the energy savings by cooling these systems in the sea. OE Buoy now presents them with the potential double-benefit of ocean cooling and ocean energy in the one device.”

The sustainability aspects of the 826-ton OE Buoy project are also significant. Each deployed commercial device could reduce CO2 emissions by over 3,600 tons annually, which for a utility-scale wave farm of 100 MW could amount to over 180,000 tons of CO2 in a full year. It is estimated that a 100 MW wave farm could power up to 18,750 American homes.

Emerging industries such as offshore aquaculture could also benefit from wave energy as they require power at remote marine locations. Additionally, with safe drinking water shortages plaguing cities around the world, wave energy could potentially provide a highly cost-effective solution to desalination. Today, some countries are 100% dependent on desalinated water to meet daily needs – the Global desalination market was market valued at $15 Billion in 2017 and it is predicted that by 2025 the market will be worth over $26 Billion1. By 2030, the world is projected to face a 40% global water deficit under the business-as-usual scenario2.

Commenting on the project, Sean Davis, Regional Director, North America for Enterprise Ireland noted, “The partnership between Vigor and OceanEnergy exemplifies the partnership between Irish innovation and American business wherein information and ideas are shared across the Atlantic to create opportunities, investment and jobs on both sides of coasts. This project has the added potential of powering entrepreneurship and innovation in new realms and also supporting sustainability.”

About Enterprise Ireland

Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. In this way, we support sustainable economic growth and regional development, and help create and sustain employment in Ireland. 

About OceanEnergy USA

OceanEnergy USA LLC is a wholly owned subsidiary of the OceanEnergy Group and is actively pursuing opportunities in the US market. Marine renewables represent a market space that is relatively small at present but is expected to grow rapidly over the coming decade. The opportunity for marine energy is that it can meet a significant percentage of the global energy demand. In the United States, the technical potential of wave energy for example could meet roughly 15% of the electricity needs, which would represent a market of over $50bn/year in electricity sales alone. Globally, wave power could meet up to 10% of the electric energy needs.

About OceanEnergy Group

OceanEnergy is the trading name of New Wave Technologies Limited, part of a specialised commercial group of companies developing wave energy technology. The group’s companies are developing technology which has been extensively tested and is now at a stage where it is one of the most commercially viable technologies for harnessing the power of the oceans. The device, through careful development, has the advantages of a robust and practical design, one moving part and proven survivability having withstood over three years of live sea trials in Atlantic waves at the Irish Wave Energy Test site in Galway Bay – a critical milestone in the development of the OE Buoy technology.

1 Source; OceanEnergy

2 Source; The United Nations World Water Development Report 2015