Energy Storage Solutions for an Intelligent Future, Garth Bryans, Aquamarine Power & Oyster
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Transcript of Energy Storage Solutions for an Intelligent Future, Garth Bryans, Aquamarine Power & Oyster
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• Aquamarine Power & Oyster • How does it happen?
– Stages of development, funding & types of funding – How and when to present a case for funding – Managing change and maintaining funding
• Aquamarine Power & Technology development – Examples of technology development
• How this has worked for us?
Contents
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Aquamarine Power
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How Oyster works
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Near shore Advantages
Lower total energy in the near shore… But greater assessable proportion Fixed reaction point, as the sea bed
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Oyster 1 • 315kW demonstration device • Grid-connected 2009 • >6000 operating hours • 100kW generation, Peak power close
to 300kW.
Oyster 800 • 800kW demonstration device • Installed Sept 2011 • First electrical power June 2012 • Improved power generation • Simplified marine installation
Oysters
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Idea / concept research High level design Component and scale testing Detailed design Build and full scale testing
Stages of development & funding
Very valuable (don’t rush this) • Wide scope • Wide range of solutions & options • Low cash requirements
Funding • This is normally funded through
limited but flexible R&D budgets • Universities, research councils, R&D
departments etc.
Outputs • Concept business plan • KPIs to support this • Concept design
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Idea / concept research High level design Component and scale testing Detailed design Build and full scale testing
Stages of development & funding
Risk reduction • Identify the areas of greatest risk • Further research to reduce risk Funding • Seed funding for a specific scope • Normally from early stage investors,
or those who could benefit from the business plan e.g. suppliers
Outputs • Revised, lower risk business plan • KPIs of design • High level design • Detailed testing and design plan
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Idea / concept research High level design Component and scale testing Detailed design Build and full scale testing
Stages of development & funding
Design • Narrow scope • Use component / scale testing to
reduce uncertainty in the design • Design against the KPIs. E.g. cost,
performance etc. Funding • Requires a larger amount of
investment • Normally from large players in the
sector, customers and suppliers • Can attract grant aid Outputs • Revised, lower risk business plan • KPIs of design • Design and build plan
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Idea / concept research High level design Component and scale testing Detailed design Build and full scale testing
Stages of development & funding
Purpose is to verify design and cost estimates. This should justify the business plan. Funding • Often the same as before but
suppliers sometimes consider this to be an exit point at which they expect an order
Outputs • Verification of business plan & KPIs • Demonstration of product to
customers
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What should you know: • Development plan? • Equity requirements? • Forecast returns? • Risks? • Investment gates • KPIs? • What are you prepared to offer for investment? IP,
shares, sales contracts, other?
Presenting the case
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What happens when things don’t go to plan? • Change management is key! • Change requests
– Set tolerances on the KPIs for the project – Assess change requests against the KPIs – Report exceptions accordingly
• Meet with the funders regularly to talk through all the small changes as they happen. This prevents any surprises at the end
• Maintain an up to date plan demonstrating the effect of any changes on the funding requirements and expectations
Keeping funding
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Example 1 - Oyster
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Queen’s University Belfast
concept research Initial design
Component and scale testing
Detailed design
Build and full scale testing
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Example 2 – Oyster Flap
Cost
✗ Concrete ✗ Plastic ✗ Fabric ✗ Rubber
Steel Construction
Other Material
FRP Construction
Starting point
Target
Mass production
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• Flap – Material - Steel FRP
• 393 tonnes 100 tonnes
– Shape – 18m 26m wide • 250% the energy production
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Example 2 – Oyster Flap
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DR Garth Bryans Head of New Tech & Eng. Forecasting AQUAMARINE POWER ELDER HOUSE, 24 ELDER STREET EDINBURGH EH1 3DX UNITED KINGDOM Tel: +44 131 524 1436 Mobile: +44 7503881503 Email: [email protected] Web: www.aquamarinepower.com