Swedish wave energy developer CorPower Ocean has taken a major step towards expanding its operations to the United States by signing a memorandum of understanding (MoU) with AltaSea, located in Los Angeles. This agreement will give CorPower Ocean access to facilities and resources at AltaSea’s 35-acre campus in the Port of Los Angeles.
The main objective of this partnership is to build on previous work and scientifically quantify the value of wave energy as a consistent power source that complements existing wind and solar resources. Studies on “Multiple Energy Systems” have indicated that including a high proportion of wave energy, such as 10-25%, in the renewable energy mix can result in the lowest overall cost in many parts of the world, including the West Coast of the United States.
A regional study conducted for California using the GenX model found that incorporating 55GW of wave energy would be the most cost-effective way to achieve zero carbon emissions between 2040-2050. Despite the initial higher levelised cost of energy (LCoE) of wave energy compared to wind and solar, the complementary production profile allows for a smaller and more cost-efficient energy system.
Anders Jansson, the Head of Business Development at CorPower Ocean, expressed his excitement about the potential of developing a wave energy industry in the US. He believes that wave energy can play a vital role in America’s transition to renewable energy by providing stable and consistent power, which can help reduce market volatility. CorPower Ocean aims to contribute to the establishment of 100% renewable energy systems that deliver carbon-free energy 24/7 at the lowest cost and with the highest resilience.
By partnering with AltaSea, CorPower Ocean gains valuable resources and support that will strengthen its foundation in the US. This collaboration also opens up opportunities to utilize the abundant wave energy resource in California and other west coast states, paving the way for a more sustainable and resilient energy future.
– Wave Energy Developer CorPower Oceans: https://www.corpowerocean.com/news/corpower-joins-forces-with-altasea-to-accelerate-us-wave-energy-transition/
– AltaSea: http://www.altasea.org/