Certification set to settle ‘marine-money’ match

MET-CERTIFIED workshop participants (Photo: MET-CERTIFIED)

The relevance of certification in accessing commercial finance for marine energy technologies was the subject of a workshop organized by the MET-CERTIFIED project as part of the Ocean Energy Europe (OEE) 2018 Conference.

The goal of the workshop, led by Andrew Smith of Deja Blue Consulting, was to raise awareness about international certification as a positive tool in fundraising, and to discuss both the benefits and challenges of implementing certification during technology development.

MET-CERTIFIED workshop participants (Photo: MET-CERTIFIED)

The workshop brought together experts in standardization, technology and project development, installation, financing and insuring of marine energy projects.

Some of the key messages formulated during the gathering was that the certification was vital to reduce risks and move down the cost curve of the projects, and that – as the industry matures – the need for a structured pathway for applying certification during the technology development will only increase.

Investor and consultant Andrew Smith explains the benefit of certification from an investor’s point of view to young developers of marine energy technology.

(The interview was taken by the Interreg 2 Seas project MET-CERTIFIED)

The workshop was a unique event to bring different parties together to tackle this issue from a sectoral perspective – instead of project or technology perspective, according to MET-CERTIFIED.

“Creating mutual awareness and understanding about the pathway towards international certification are important achievements of this workshop,” the workshop organizers said.

The conclusions of the workshop will be made publicly available shortly, according to MET-CERTIFIED – an EU-supported project that aims to accelerate the adoption of insurable and bankable marine energy technologies by advancing internationally recognized standards and certification schemes.

The project is funded by the Interreg 2 Seas program, and co-funded by the European Regional Development Fund under subsidy contract.

Also, the project is being financially supported by the Ministry of Economic Affairs in the Netherlands, the provinces of South and North Holland and the Belgian Province of West Flanders.