EU approval: seal of excellence for AW-Energy and its WaveRoller
04.06.2020
Finnish company, AW-Energy Oy (AWE), has received the EU Seal of Excellence award from Horizon 2020, the EU’s research and innovation funding programme. It follows the company’s project submission to the EU’s EIC Accelerator programme.
Christopher Ridgewell, CEO of AW-Energy Oy, says: “We are delighted our project is recognised with the EU Seal of Excellence. It clearly demonstrates recognition of our commercial competence and excellence in innovation, supported by our in-house technical expertise, to deliver a market-ready device that is tested and proven as a near-shore wave energy converter (WEC).”
An international judging panel including business angels, entrepreneurs, venture capitalists and experts from innovation hubs, evaluated AW-Energy’s wave energy project. It was judged to provide strong added-value, being commercially viable and better than existing solutions on the market.
The wave energy sector represents significant opportunities for investment as global energy needs are predicted to rise, combined with the political and social pressure to supply future energy using sustainable, low carbon sources.
Wave energy is itself a highly predictable form of energy, 24/7, 365 days a year, and a CO2-free power source for hundreds of millions of people. AW-Energy’s technology helps to extract energy from waves that are accessible to 80% of the world’s largest cities, which are in coastal areas. Theoretical estimates have recently been published which show global output of wave power to be 29,500 TWh/yr, equivalent to 125% of the current global demand for electricity.
With projects in US, Europe and Asia, AW-Energy expect to see rapid sales for its wave energy technology as governments, operators and energy policy strive for cleaner and more sustainable power generation solutions ahead of next year’s global UN climate talks.
The EU Seal of Excellence award recognizes AW-Energy’s technology as a viable solution in the transition to ocean-based renewable energy, and as a way for the sector to create jobs and revenue internationally.
It is also the first marine energy technology to be qualified through certification by Lloyd’s Register to mitigate risks, and provide investors with confidence in the delivery of functional wave energy technology.