Unique position in offshore renewables sector

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Symphony Wave Power develops an innovative wave energy concept, building on a long history with a lot of in-house knowledge and skills, in a (still) niche market in which there is increasing interest: all in all, a special position within the offshore renewables sector.

Reinder Jorritsma and Robert Hasselaar of ROER renewables BV have been involved with Symphony Wave Power since May of this year. Robert: “We are learning more and more about the long history, the in-house knowledge and experience within the organization. Various promising technical steps have been taken. One of the major challenges of wave energy in general is the reduction of its cost price. Reinder: “This is only possible through economies of scale and investors are needed for that. In that context, we support Symphony Wave Power with the further development of the business case and the mapping and preparation of possible financial follow-up steps.”

In the Netherlands, a lot of innovation is stimulated in the field of renewable energy. At the national government, but also within the EU, the demand for additional forms of renewable energy, in addition to solar and wind, is increasing. This increase in supply of different types of renewable energy, enables a more flexible organization of the entire energy system. Thereby increasing the overall energy security. Robert: “The interest in and the call for renewable energy in general and wave energy in particular is growing. If there is no wind, the sun may shine. The tide is always there, and waves are not always directly related to the wind. This puts Symphony Wave Power in a very interesting position.”

Until now, sustainable energy sources have mainly focused on the lowest possible Levelized Cost of Energy (LCOE); over the lifespan, the total average costs divided by the total energy yield. Now that the contribution of renewable energy is increasing, it is becoming more and more important how the value of energy varies over time: Cost of Valued Energy (COVE). Reinder: “Wind has a very low-cost price. But when winds are high, there is a large supply of renewable energy, which reduces its value on the market. This provides a very interesting opportunity for wave energy, because even without wind, you can have waves under certain circumstances.”

Invest-NL, an impact investment company of the Dutch government, has proactively linked ROER renewables BV and Symphony Wave Power, because they too see the potential of wave energy. And a possible match. Fred Gardner of Symphony Wave Power and Reinder and Robert connected immediately. Robert: “We first met five weeks ago and since then have had several conversations and exchanged interesting ideas. In the coming period, we will work hard in assisting the scale up of the company together with existing and new shareholders.”

Want to know more, or are you interested in participating? Please contact Fred, Reinder or Robert via info@symphonywavepower.nl.

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