John McCarthy, CEO of OceanEnergy Limited, Commissioner Maire Geoghegan-Quinn and Michael Whelan Operations Director OceanEnergy Limited.

November 21st 2010

Maire Geoghan-Quinn, the EU Commissioner for Research, Innovation and Science, today visited the OceanEnergy Buoy in Galway. The device has been successfully tested in Galway Bay for over 2 and a half years. It is the only device of its type to have undergone and survived such rigorous testing including coping with a one in 40 year wave during the sea trials.

It is now to be used as a platform for European Universities and Companies to test their components on as part of the €4.5m European Research Project - CORES funded by Commissioner Geoghegan-Quinn’s department.

The project is being co-ordinated by the Hydraulics and Maritime Research Centre (HMRC) in UCC and its aim is to further develop components required by the wave energy sector as it evolves such as power generators, power control systems, telemetry and grid interface tehchnology. The total amount of EU funding for the four Irish participants is €1.4m. The other countries represented in the project are Protugal, UK, Spain, Germany, Denmark and Italy.

Dr. Tony Lewis, Director of HMRC and Coordinator of the project said that it represents important research collaboration between University research groups and Industry in Europe and will lead to increased understanding of component behaviour to accelerate wave energy development.

John mcCarthy, Chief Executive of OceanEnergy said the project would make a significant contribution to the realisation of the wave energy sector in Ireland as a commercial reality. He said “the potential of the industry is tremendous not alone in terms of clean energy generated but also for job creation. The value of the wave energy resource could be worth as much as €295 Billion to the economy by 2050. Ultimately we will be connected to a Eurpean supergrid selling Irish electricity to Europe.”

“The publication in the past 2 weeks of the draft Ocean Renewable Energy Development Plan states that we have the potential to install 30,000MW of wave energy devices by 2030, by comparison the current level of installed wind is about 1,500MW and the industry employs about 1,500 people. Based on the Government studies, by achieving even 25% of this 30,000MW wave energy target we could create over 50,000 jobs because we could be using indigenous technology rather than importing it as we did with wind” according to Mr. McCarthy.

The firm’s new deal with Dresser-Rand gives Ocean and Ireland an opportunity to become a leading exporter of global wave electricity. At the centre of the company is CEO John McCarthy, who co-founded Ocean Energy and has been one of the driving forces behind the strategic vision of the company- Ocean Energy featured in Business & Finance 25th February-24th March 2010

Ocean Energy featured in Irish Examiner on 1st March 2010, article by Donal Hickey on harnesing the ocean for electricity

Wave energy company Ocean Energy has signed a deal with US multinational Dresser-Rand which has boosted Ireland’s aspirations for autonomy in its future electricity generation
Article by Joe Dermody, Irish Examiner 6th February 2010

Ocean Energy has signed a deal with US multinational Dresser-Rand. This partnership could lead an Irish industry generating 600MW of electricity by 2020(…)
Ocean Energy featured in Irish Examiner on 6th February 2010, article by Joe Dermody.

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Ocean Energy Ltd. featured in article by Paul Melia, Irish Independent, on 6th February 2010

Pictured at the signing in the Alexander Hotel, Dublin were Alec Budge, Operations Director, Dresser-Rand, Eamon Ryan TD, Minister for Communications, Energy and Natural Resources and John McCarthy, Chief Executive of Ocean Energy. Picture Jason Clarke Photography

The generation of commercial quantities of electricity from Irish wave power has moved a step closer with the signing of an agreement by Ireland’s leading wave energy development company, Ocean Energy Limited with one of the world’s leading turbine manufacturers, US multinational Dresser-Rand.

The move endorses Ocean Energy’s technology and also boosts the Government’s alternative energy strategy.

Ocean Energy has successfully tested its quarter scale Ocean Energy Buoy over the last two and a half years at the Government’s test site in Galway Bay. It is the only device of its type to have undergone and survived such a rigorous testing including coping with a one in 40 year wave during the sea trials.

John McCarthy, Chief Executive of Ocean Energy said the turbine development and supply agreement with Dresser-Rand marks another major milestone in the development of wave power in Ireland.

“As testament to Dresser-Rand’s belief in the potential of the wave energy sector and to the Ocean Energy buoy in particular Dresser-Rand have a designated product development team specifically tasked to develop air turbines for devices such as ours. The nature of our agreement is that Dresser-Rand have agreed to develop and supply turbines for our devices. We are the only company in the world Dresser-Rand have entered into a development and supply agreement and we see this not only an endorsement of our technology but of the Irish Government’s development strategy for the industry,” said Mr McCarthy.

By combining their technologies and expertise, Dresser-Rand and Ocean Energy Limited will provide total energy solutions backed by Dresser-Rand’s global service network.

“Together we will be able to provide clients with a high level of confidence in the global wave energy market which is estimated to be worth €200 billion per annum. There will also be the added benefit of creating thousands of Irish jobs as well as providing much needed solutions to our energy and greenhouse gas problems,” said Mr McCarthy.

Dresser Rand are world renowned turbine manufacturers, with roots dating back to 1840. The company has a market capitalisation of $2.5 billion and has 62,000 turbines operating in over 140 countries. Dresser-Rand are major players in the oil and gas market and have the most extensive global service and support organisation in their sector with over 6,000 employees and service centres in seventeen countries.

Mr McCarthy concluded: “To have their support for our company is a significant endorsement of our technology by a company with such pedigree.”

Dresser-Rand Vice President and Chief Marketing Officer, Brad Dickson said: “When our UK subsidiary, Dresser-Rand Company Ltd., acquired certain assets of Peter Brotherhood Ltd. last year, it expanded our renewable energy capabilities. The company has considerable experience in steam turbine systems for combined cycle and cogeneration, and waste-to-energy, among other applications. But one of the most interesting technologies is the patented air turbine – the HydroAir turbine – specifically targeted at the oscillating water column (OWC) or “wave energy” market. Marine renewable energy is becoming part of the renewable energy mix. Capturing just five percent of this theoretical global resource could satisfy 25 percent of the current global electricity consumption of 18,000 TWh/year. Our HydroAir turbine’s unique energy recovery system can be applied to offshore, near-shore and on-shore applications.”

Mr Dickson added: “Dresser-Rand is proud of its history and its continuing commitment to responsibly meeting global energy demands. And we’re excited about the opportunities ahead. We’re helping our clients improve their process efficiencies, meet increasingly stringent environmental regulations and increase energy capacity worldwide…all the while remaining focused on the environment.”

Ends

Ocean Energy featured in The Sunday Business Post, Environomics-The Business of Going Green Supplement, in article by Linda Daly. Click here to open the article as a PDF

Cork company Ocean Energy has secured funding of €230,000 from Sustainable Energy Ireland. The Funding boost follows successful completion of trials to test the company’s wave power technology at an offshore site in Galway Bay(…)

Ocean Energy featured in Sunday Business Post, 6th September 2009

The company said the successful completion of the trials meant that it could proceed with the next stage of developing its system commercially.
For pictures click here

Ocean Energy featured in The Irish Times on 24th August 2009