CorPower readies for US expansion with latest deal
In preparation for its expansion in the United States, Swedish wave energy developer CorPower Ocean has signed a memorandum of understanding (MoU) with America’s blue economy research and developments center AltaSea at the Port of Los Angeles.
The agreement will provide CorPower with access to facilities and resources at AltaSea’s campus located in the nation’s busiest seaport – Port of Los Angeles.
CorPower Ocean and AltaSea will collaborate to scientifically quantify the value of wave energy’s consistent power profile that complements existing wind and solar resources.
Studies on ‘Multiple Energy Systems’ have illustrated the lowest cost mix to reach 100% renewables features a high proportion of wave energy in many places of the world – including 10-25% on the West Coast of the United States.
A regional study for California, using the GenX model, included 55 GW of wave energy in the lowest cost mix to reach zero carbon between 2040-2050. The complementary production profile ultimately allows for a smaller, cost-efficient energy system despite the initially higher levelized cost of energy (LCOE) of wave versus wind and solar.
The signing of the MoU between CorPower and AltaSea comes as the U.S. continues to encourage the introduction of new renewable energy sources, including a $369 billion investment in climate and energy programs through the Inflation Reduction Act of 2022.
New legislation specifically enabling the deployment of wave energy has also been passed by both California’s Senate, with unanimous and rare bi-partisan support.
“We’re hugely motivated by the prospect of developing a wave energy industry in the US, accelerating the energy transition and stimulating long-term jobs and wealth creation. We have been steadily ramping up activity in the US for several years. Our collaboration with AltaSea strengthens this foundation, opening up a tremendous resource in California and other West Coast states,” said CorPower Ocean’s Head of Business Development, Anders Jansson.
“We believe wave energy will play a vital role in America’s future energy transition as a consistent power source with the ability to provide stability to the clean energy mix. This will ensure renewable energy can be delivered 24/7 in line with demand, reducing market volatility. Ultimately, we are looking to help pave the way to 100% renewable energy systems delivering 24/7 carbon free energy with the lowest cost and highest resilience.”
Recently, CorPower Ocean installed its first commercial-scale wave energy converter in northern Portugal, setting the course to making wave energy a bankable technology for mass deployment.