The Australian Ocean Energy Group (AOEG) recently hosted an exclusive Ocean Energy Market Development Summit at the University of Technology Sydney (UTS). The primary aim of the Summit was to establish a simultaneous customer-pull and industry-push, in an effort to increase the number of ocean energy development projects across Australia.
Held on the 5th and 6th of December, the Summit’s main objectives were to:
- Profile a range of potential markets for wave and tidal stream energy generation technologies,
- Generate understanding of requirements for the establishment of a successful, sustainable ocean energy sector,
- Facilitate opportunities for global collaboration around one or more commercial demonstration projects,
- Foster connectivity across a range of supply chains, and
- Align with new Blue Economy CRC objectives to demonstrate a link between ocean energy technologies and ocean-based food producers as potential customers.
This invitation-only event included a cross section of ocean energy project and technology developers, industrial market representatives, finance, engineering, academia, government, industry groups and international experts.
Special thanks to Team Aquatera, who did an excellent job of designing and facilitating the entire program.
The aim of day one was to generate understanding about what potential market opportunities for ocean energy generation exist, and the requirements to meet these market needs. It was also intended to inform participants of the current state of the Australian ocean energy sector.
Market presentations and interactive discussions included:
- Microgrids and Remote Communities
- Ports and Harbours
- Offshore Oil and Gas
- Offshore Infrastructure (Monitoring and Observation)
A Developers Showcase was also included in the day one program, which provided the audience with insights into the ocean energy technology developer’s company, technology and target markets.
Participating companies included:
- Bombora Wave Power
- Carnegie Clean Energy
- CorPower Ocean
- MAKO Tidal Turbines
- Wave Swell
The excellent presentations and lively discussions were captured in a visual illustration.
Day two explored how development of markets for ocean energy might best occur. The concept of an Innovation Hub served as a catalyst for exploring various approaches. Participants were broken into sub-groups to deliberate four key issues needed to build a successful ocean energy sector.
These topics included:
- A regulatory structure and consenting pathway,
- Design of suitable business models adapted for specific markets,
- Establishment of a policy framework with strong stakeholder engagement, and
- Potential designs for what an Innovation Hub might look like.
The following illustration identifies the day two discussions.
According to feedback from participants, one of the single most important takeaways from the Summit is: there will not be a one size fits all in ocean energy. Participants learned about the very diverse wave and tidal technologies in development and how they are suited for varied ocean environments – such as deep and shallow waters, fast and slow flowing waters and other factors.
The key to future market success will depend on fulfilling the market need with the right ocean energy technologies and systems.
Next steps will be to translate this valuable information into practical roadmaps to connect key markets with ocean energy suppliers and systems.
AOEG sincerely appreciates all contributions that made this a highly successful event.
Special thanks to our event sponsors: the Australian Renewable Energy Agency (ARENA), the Blue Economy CRC, Climate-KIC Australia, CSIRO, Oceantera, National Energy Resources Australia (NERA), and the Pacific Northwest National Laboratory, a U.S. Dept. of Energy Laboratory.