Report

Teaser, summary, work performed and final results

Periodic Reporting for period 4 - POSEIDON (Market maturation of Floating Power Plant’s Floating Wind- Wave- Energy Device)

Teaser

Updated: 010717 Project: Market maturation of Floating Power Plant’s floating wind and wave energy device POSEIDON At the start of the project FPP had two years of offshore tests with a ½ scale prototype, being the only technology developer in the world to have delivered...

Summary

Updated: 010717

Project: Market maturation of Floating Power Plant’s floating wind and wave energy device POSEIDON

At the start of the project FPP had two years of offshore tests with a ½ scale prototype, being the only technology developer in the world to have delivered power to the grid from wave and wind at the same time. This combined with key IP, a small organisation in Denmark, key partners in place for development of key components, (mainly design partners), first generations of advanced numerical models and engineering, interest from end users with initial negotiation on project but no explicit pipeline, no clear path for certification and insurance etc.

The overall objective of the POSEIDON project was to position FPP for high growth by generating market uptake of its innovative hybrid concept for the deep water offshore renewables segment

5 sub objectives and outcomes were identified to secure the overall objective:

OBJECTIVE 1
Development of value chain for the UK market
a) Value chain in place for site development, device manufacturing, deployment, logistics and operation and maintenance (O&M)
b) Engagement with key stakeholders.

OBJECTIVE 2
Development of commercial-scale device classification and certification procedures
a) Establish certification methodology, which will facilitate certification of the device and communication with stakeholders
b) Reduction of risks, insurance and financing costs.

OBJECTIVE 3
Showcasing of technology (a 1:50 scale version of the P80 device) for stakeholders, customers and relevant parties to the market development
a) Increased awareness about FPP’s technology’s advantages and confidence in performance predictions for specific sites
b) Encourage uptake of FPP’s innovation on a broader scale
c) Accurate numerical models. Ensure that all values given for external use, such as certification or manufacturing requirements, are of the utmost accuracy.

OBJECTIVE 4
Definition of P80 specifications and external validation of P80 design
a) Design optimised for the UK market to ensure an optimal operation of the device, taking into account feedback from environmental agencies, value chain partners, site developers and end-users.
b) Updated IPR to cover any design modifications.
c) Speed up of due diligences; acceptance/trust in P80 technology data.

OBJECTIVE 5
Refinement of innovation business plan
a) Business model updated and validated for the UK.
b) Commercialisation strategy validated.

Work performed

Updated: 010717

Key achievements directly resulting from the POSEIDON project pr WP
See floatingpowerplant.com/eu/ for more info

WP1 PROJECT MANAGEMENT
- Continuous project meetings
- Strict budget control and audit
- Deliverables and milestones are submitted
- Capital raise initiated
- Continuous management of project risk and contingency
- Establishment of Norwegian branch
- Establishment of UK branch office to support UK project and investments
- Company staff expanded with 5 employees, 1 PhD student, 1 master student and 1 intern
- Reorganisation of board to better fit the commercialisation strategy
- Tendering subcontracting activities conducted as part of this project

WP2 DEVELOPMENT OF VALUE CHAIN
- 2 UK and 1 Irish deployment sites selected and SPVs created
- Data for the sites continuously collected
- Engagement governments at operational and ministerial level
- Engagement with EU Commission for awareness
- Procurement system for supply chain created and continuously expanded
- Meetings with manufacturers
- Discussions with O&M service providers
- Concept design adapted to feedback
- Establishing contract structures for warranties / guarantees

WP3 MARKET RECOGNITION AS A HYBRID DEVICE
- Collaboration with development partners with extensive knowledge and experiences with offshore certification rules and companies
- Lloyds Register selected as certification body and process initiated
- Establishment of classification rules relevant to the P80 and development of a Regulatory Matrix
- Engagement with stkaeholders that directly or indirectly influence policy in the UK

WP4 BUILDING MARKET CONFIDENCE AND SHOWCASING
- Wave flume and wave basin at Aalborg University (AAU)
- 1:44 scale model of the absorber chamber and absorber of the P80 device build and tested
- Power take-off system simulator constructed and tested
- Physical visits to the wave flume during construction and testing
- Remote access system to tests used to showcase the FPP technology
- Hydrodynamic absorber numerical model expanded to include more nonlinear viscous effects
- Flume data from the adapted setup used for model validation
- Due diligence partners selected and contracted to perform due diligence and quality assurance
- CeFront selected as a strategic partner to perform adaptations of the platform design
- BVGA have checked and validated LCOE calculations

WP5 COMMERCIAL-SCALE DEVICE SPECIFICATIONS
- Collection of environmental data to inform design process
- Design Basis and Functional Specification issued
- Design basis issued after obtaining comments from Lloyds Register
- Global design of the platform completed
- Optimisation of the first issue of the hydrodynamic design carried out
- Overall geometry of the upper section of the wave absorber optimised
- Power Take Off (PTO) design adaptation initiated with industry partner
- Work with partners on further protection of obtained IP in overseas markets

WP6 EXPLOITATION, DISSEMINATION AND COMMUNICATION
- Dissemination and communication plan and KPIs
- New website launched during period 1 and 3 focusing more on the commercial elements
- Building presence and creating engagement with key stakeholder groups on LinkedIn
- Participation in conferences
- Publication of articles by FPP employees
- PR activities carried out on an ongoing basis and FPP continue to experience increased interest
- Competitor analysis and comparison tool developed
- Market positioning and lobbying
- FPP A/S has joined OEE and FPP Ltd joined SR and R-UK
- Founding member of “Friends of Floating Offshore Wind” to promote the floating offshore wind industry

Final results

Updated: 010717

Final results of the project and technology:

- Immediate market potential of approximately 600MW in Europe
- Accessing deeper water offshore market >45m where fixed wind is not feasible
- Providing energy at a lower LCoE
- Increased access, availability and safety in offshore operation
- Staged project development with end-users to access affordable capital
- Establishment of multiple potential suppliers based on location and skills
- Develop supply chain and integration plan, working with key suppliers to demonstrate growth trajectory and develop design and requirements
- Reduced risk perception through awareness of FPP technology and understanding of performance to date
- Showcase technology and testing to key stakeholders
- Development of standards and certification procedure for hybrid devices, providing end-user confidence
- Contribute to market lobbying and general communication to stakeholders on need for suitable support and the advances in technology and reduction in LCoE of offshore energy
- Development of unique combination of competitive product features demonstration of low LCoE model
- P80 device correct scale for target markets
- Establishment of FPP as a long term “technology provider” business model through well-developed supply chain

Website & more info

More info: http://www.floatingpowerplant.com/eu/.