Press Release 2018Posted: October 24 2018
On 23rd October 2018, Sea Wave Energy Ltd (SWEL), in collaboration with the University of Cyprus, Department of Mechanical and Manufacturing Engineering, performed a series of experimental tests for their wave energy technology, showing outstanding ground breaking results and potential.
The results of the tests carried out provide evidence that this technology is highly competitive and can efficiently harvest wave energy to produce electricity, desalinated water and/or hydrogen. These competitive advantages of the WM come at only a fraction of the cost of current alternatives being developed internationally. As stated by the inventor and CEO Mr Adam Zakheos “…We can show how a commercial sized device using our technology will achieve a Levelised Cost of Energy (LCoE) less than 1c€/KWhr, crushing today’s wave energy industry reference value of 85c€/KWh...”
The University report prepared by Dr.Dimokratis G.E. Grigoriadis (Assistant Professor) and Charalambos Frantzis (PhD Student), states that the WM is capable of converting a significant amount of energy in both low and high wave heights. The unique design of the WM and its operation has the potential to overcome several difficulties currently faced by the wave energy sector, such as those related to survivability and durability. Moreover, the WM is expected to reach low construction/operation/maintenance costs, leading to a highly competitive LCoE.
Mr Adamos Zakheos indicated that the company will now be moving onto the next round of developments and strategic alliances with the aim of having an operational commercialised system deployed within 2 to 4 years.< Change Article >