Wave Treader Possible Power Source Oil & Gas Industry
Green Ocean Energy has secured GBP 45,000 funding through ITF, the industry technology facilitator, to develop its Wave Treader technology for the oil and gas industry. This is the first ever renewable energy venture to receive support from ITF, which will enable Green Ocean Energy to investigate the capability of its wave energy generator to power offshore structures. Further funding for the project has been raised from GDF Suez, Tata Steel and Bosch Rexroth.
The six month project will examine the potential of the device to provide sustainable electricity to unmanned platforms and offshore installations being decommissioned. Graeme Bell, CEO of Green Ocean Energy, said: “Wave Treader was originally designed to attach onto offshore wind turbines, but this project is to explore using Wave Treader with either new or existing offshore oil and gas installations. Remote manned and unmanned offshore platforms currently rely on diesel generators for electricity. These incur fuel and maintenance costs, additional vessel activity and health and safety issues as well as contamination and pollution risks. There is great potential for our wave energy project to revolutionise how the oil and gas sector is powered.”
Suitability
Initially the project will assess the suitability and level of demand for a local energy source at a range of locations. Detailed investigation of wave resources, potential deployment methods and structural loading impacts will be carried out, alongside establishing a power matrix to quantify power demand and indicate the required size of Wave Treader.
Dorothy Burke, Operations Director of ITF said: “Sustainability is a constant thread to new technology developments and this pioneering project could lead the way for the future of the offshore oil and gas sector. ITF invested GBP 25,000 from our Pioneer Fund, which supports the early-stage development of potentially game changing technologies, and also secured a further £20,000 investment from one of our operator members. The Wave Treader device may be the key catalyst to a clean source of electricity to power offshore operations.”
ITF
ITF is a not-for-profit organisation owned by 26 major global oil and gas operators and service companies. Offering members a cost effective way of solving cross-industry issues in a more efficient way with less risk, ITF has successfully launched 170 joint industry projects and secured over GBP 60 million investment to bring new technology to market. Enabling inventors to retain their intellectual property (IP), ITF supports technology developers through funding, development and implementation of new technology to the industry. It is the only global technology funding programme that has the potential to offer up to 100% funding, directly from its membership, for the development of new technologies.