Germanyâ€™s Sinn Power has developed what it calls the worldâ€™s â€śfirst floating ocean hybrid platformâ€ť by combining wave, wind and solar power.
The Gauting-based startup has secured $6.2 million from Schweizer Kapital and a German government ministry since its founding in 2014. According to a recent article in Forbes, the company hopes to offer solar panel manufacturers the chance to test PV solar arrays on a floating platform at Heraklion, off the Greek coast, as part of an off-grid energy platform.
â€śThe floating platform can supply renewable energy to islands across the world â€¦ and contribute to the worldwide implementation of offshore wind farms,â€ť CEO Philipp Sinn told Forbes.
The modular unit can be equipped with a 20 kW solar array and up to four small 6 kWp wind turbines. Sinn Power says it wants to provide â€śpeople living near coasts all over the world with access to clean electricityâ€ť and â€śturn the unlimited power of ocean waves into clean and cost-efficient energy.â€ť It claims to operate fully functional prototypes at its research location in Heraklion and says it is â€śon the vergeâ€ť of commercializing its technology.
Despite the potential energy held within waves and tides, the wave and tidal energy industry has been stuck in the demonstration phase for decades, as companies have been unable to overcome immense technical and financial hurdles. A renewable energy investment bubble sent capital to wave companies in the aughts, but recent funding has largely been restricted to government programs for demonstrations and tests.
Wave of bankruptcies
The wave and tidal energy market is littered with bankruptcies and retreat at companies such as Aquamarine Power, Finnevera Renewables, OceanLinx, Pelamis, WaveGen and more. The companies remaining in the market such as Verdant Power, Nova Innovation or Wave Star Energy are, at best, niche power providers for oil and gas, defense, and research. Ocean Power Technologies, the only publicly-listed wave energy firm had revenue of $0.6 million during the twelve months ended April 30, 2019.
Itâ€™s feasible that wave energy equipment can be made reliable, just as the offshore drilling industry has demonstrated with its hardware â€“ but itâ€™s very expensive. The sector was non-competitive 20 years ago and is even less competitive now, with the advent of cheap natural gas, offshore wind, and onshore solar.
The artistâ€™s renderings for the platform include small wind turbines and ducted wind turbines â€“ inefficient solutions both. As for putting roof-top solar panels and electronics on the open ocean â€“ check your warranty and IEC 61701 salt mist corrosion testing.
Correction: Verdant Power, contrary to our earlier reporting, is alive and well. The company received $6 million in funding in late 2018 from the U.S. Department of Energy and the New York State Energy Research and Development Authority for its Gen 5 turbine system. We apologize for the error.Â