Wavepiston

Idea

Introduction

Wavepiston is a revolutionary technology that harnesses wave energy to create clean electricity and clean water. The patented system uses a standard hydropower turbine and reverse osmosis system. We are on the verge of finalising the demonstration phase and entering the commercialisation of the technology.

The global wave energy potential is vast. We believe that wave energy plays a crucial role in replacing fossil fuels and ensuring clean drinking water. Our initial focus is on islands, hotel resorts and remote coastal communities that rely on diesel generators as their main power supply, often lacking fresh water.

The Wavepiston system is initially expected to deliver electricity at a cost of € 0.13-0.2/kWh and desalinated water at a price of € 0.7-1/m3. Prices are expected to drop to one-third as the technology matures and scales up.

The installation is non-intrusive to the environment, with low visual impact and no negative environmental effects recorded.

Substantial accomplishments to date

• 2009: The conceptual patent on Force Cancellation was granted.

• 2008 – 2013: Over €200k and thousands of hours of work invested.

• 2010 – 2011: Proof of concept through scale 1:30 model tests in a wave tank at Aalborg University.

• 2012 – 2013: Offshore testing with a scale 1:9 model at Nissum Bredning, Denmark.

• 2014 – 2019: € 2.9M raised via partners, grants and private equity.

• 2014 – 2019: Development and offshore testing of prototype scale 1:4 - 1:2 in The North Sea at Hanstholm, Denmark.

• 2018: Patent on the power take-off system granted.

• 2018 – 2021: Raised € 6M in grants from EU programmes, SME Phase 2 and Fast Track to Innovation for two full-scale demonstration projects, and participation in the VALID Horizon 2020 development project on accelerated testing.

• 2020 - 2021: Raised € 2.4M of equity in the first round of the Seedrs campaign for the demonstration phase.

• 2020 - 2021: Trial installation of the full-scale demonstration system in Gran Canaria, Spain, December 2020 – March 2021.

• 2022: Started the installation of our full-scale system at Gran Canaria, commenced the accelerated tests of critical components and subsystems at the Technical University of Denmark (DTU), refined our digital twin model, and applied for 3 new patents.

Monetisation strategy

Wavepiston will deliver turn-key systems for producing wave-to-energy, wave-to-desalinated water or combined. Our revenue will be based on the installed capacity as well as operations and maintenance during the system's lifetime.

We are now in the demonstration phase, where we test and demonstrate the full-scale Wavepiston system in real-life conditions and mature the technology for commercialisation. The first full-scale system will be in operation in the second quarter of 2023.

In our 2-step go-to-market strategy, we first focus on islands, hotel resorts and remote coastal communities, introducing small-scale systems of 2 MW–20 MW that will replace diesel generators and desalinate seawater. Building up the value chain and economies of scale will lower costs and increase efficiency. This will open the second step focused on the utility-scale energy market and desalination installations. We expect to close the first commercial agreement in 2024 for an installation in 2027-28.

Use of proceeds

The budget targeted in this campaign will be used to finalise the demonstration of the technology at full-scale and to prepare for its commercialisation. The specific goals are as follows:

A. Full-scale demonstration project with electricity production connected to a grid.

B. Full-scale demonstration project with a combined electricity production and desalination system.

C. If applicable, enter a partnership with a large industrial partner – the first exit possibility for investors.

D. Prepare the first small commercial wave energy systems on islands or coastal communities, replacing diesel generators for both electricity and desalination.

Critical Success Factors for this phase:

• Demonstrate power to the grid.

• Demonstrate desalination potential.

• Optimise power production.

• Optimise the production of desalinated water.

• Optimise for large-scale production.

• Agreement on a first commercial project in consortium with key suppliers and first-mover customers.