AW-Energy Oy announces wave energy strategy for Green Hydrogen market entry

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Expansion of wave energy technology and new partnership arrangements are accelerating clean energy hydrogen solutions for the EU.

Finland, February 11, 2021: AW-Energy Oy announced today that it is entering the commercial hydrogen market by introducing a combined WaveRoller® and HydrogenHub process for the production of green hydrogen. Its wave energy device when combined with other renewable energy sources, can enable significant green hydrogen cost reductions and is a viable solution in the drive to execute the world’s clean energy hydrogen roadmap.

“Wave energy holds the greatest potential to generate constant low-cost green hydrogen,” says Christopher Ridgewell, CEO of AW-Energy Oy. “Our WaveRoller® process enables a green hydrogen plant to achieve much higher production capacities at reduced costs by complimenting wave energy with solar or wind.”

“Achieving carbon neutrality in many sectors will depend upon making vast amounts of renewable hydrogen. Because AW-Energy is the market leader in its field with utility scale technology, proven performance, our partners and industry stakeholders are encouraged by what we can now deliver commercially.”

Green hydrogen is produced by using renewable energy (such as combining wave energy with solar) to power electrolysis that splits water into its constituent parts. It is regarded as a leading approach in the journey to decarbonize emission-intensive industries and transport sectors.

Widely available analysis suggests a US$2/kg price represents a potential tipping point that will make green hydrogen and its derivative fuels the energy source of choice across multiple sectors, which includes steel manufacturing, fertilizer production, power generation, and shipping where vast near-term demand exists across Europe and internationally.

Green ammonia, a derivative of green hydrogen, is also being assessed as a way to displace fossil fuels in thermal power generation, greatly decreasing the emissions intensity of existing energy infrastructure.

“We believe the collective ingenuity of our supply chain can deliver green hydrogen at less than US$2 per kilogram. From an industry, technology and political perspective, we see no barriers to achieving this. It is time for energy operators and suppliers to work together with wave energy providers to scale-up to reduce costs,” highlights Ridgewell.

It is estimated that green hydrogen could supply up to 25% of the world’s energy needs by 2050 and become a US$10-trillion addressable market by 2050. These projections are underpinned by emerging hydrogen-focused energy strategies of countries across the EU and globally.

“Scaling up of green hydrogen using wave energy will be crucial to reach global climate goals. We believe that our wave energy technology and collaborative working approaches with leading companies in the private and public sector, using expertise, commitment and confidence in hydrogen’s potential, will play an important role in delivering projects to bring green hydrogen costs to the $2/kg tipping point – and potentially much sooner than current expectations predict.”

Baker McKenzie reports that the low-carbon hydrogen market size could reach $25 billion by 2030. The Hydrogen Council indicates that $70 billion – less than 5% of the annual global energy spend – from private and public sources will enable hydrogen to reach scale.

The growth in green hydrogen production using wave energy is a cost-effective solution in reaching the world’s latest hydrogen goals. AW-Energy is among the top few technology providers whose level of development meets the requirements of commercial renewable energy projects. WaveRoller® is 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 commercial wave energy technology.

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European Commission Seal of Excellence

AW-Energy

AW-Energy is a pioneer in the green economy and is the global leader in wave energy technology. Its flagship product, WaveRoller®, is a submerged wave energy converter based on a hinged panel that is attached to the sea bed in the near shore area. It generates electricity from the movement of the waves (surge phenomenon) and is connected to the electric grid onshore. The company is based in Finland, and operates in multiple continents cooperating with strong industrial partners. The company employs a highly professional and efficient team that manages a network of over 100 engineers and technical staff.

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