Jointly developed by Wood and Exceedence, the OptiWave platform combines two software tools, Exceedence Finance, a techno-financial modelling package which performs detailed financial appraisals, and Flexcom Wave, an offshore marine energy engineering simulator which provides enhanced insight into power generation capabilities and structural designs.
Key benefits of OptiWave
- Accurate financial metrics: Financial projections based on detailed engineering models and real-world wave resources
- Accelerated project development: Screen out weaker concepts earlier, and accelerate the development and refinement of innovative designs with genuine prospects
- Design optimisation: Explore potential advances in energy generation and identify opportunities for cost reduction
- Detailed understanding: Key insights into annual energy production, local power fluctuations, loads in structural members and fatigue life expectancy, based on detailed engineering simulation
- Clarity: Complete transparency of both financial and engineering design processes
- Consistency: Suitable for all stages in the design process, from concept development, to model scale prototypes, and right through to full scale versions
- Unlock investment: Increase investor confidence by de-risking projects and providing financial information in investor’s language
- Recognised by industry: Validated via industry case studies and technical papers
- Environmental and societal benefits: Reduces entry barriers to new developers and facilitates growth of wave energy sector in general
Optimum settings for the power take-off mechanism were determined by OptiWave using sensitivity studies, which resulted in increased annual energy production. The combined engineering and financial assessment was completed in a matter of weeks and cost a fraction of the commercial investment made to date by Sea Power in the device development.
“The integrated nature of the engineering and financial models, in addition to the online database of wave resource information, are major plus points for us” - Sea Power LTD
SEAI’s Ocean Energy Development Unit received a preliminary training course on OptiWave to understand how it could be used to assist with their funding programmes. “We were able to build and analyse a series of wave energy projects and were impressed by the ease of use for such a powerful capability” – Sustainable Energy Authority of Ireland.