Swedish wave energy developer, CorPower Ocean, has taken a significant step in its global expansion plans by signing a memorandum of understanding (MoU) with AltaSea, a leading marine science innovation center located in Los Angeles. This strategic agreement aims to facilitate CorPower Ocean's entry into the US market by providing access to AltaSea's extensive facilities and resources situated on a 35-acre campus within the Port of Los Angeles.
Under the terms of the MoU, CorPower Ocean and AltaSea will leverage years of research and development to scientifically evaluate the value of wave energy's consistent power output, which complements existing renewable energy sources such as wind and solar.
Studies focusing on “Multiple Energy Systems” have demonstrated that in many parts of the world, including the West Coast of the United States, the most cost-effective approach to achieving 100% renewable energy involves a significant contribution from wave energy, ranging from 10% to 25%.
A regional study specific to California, utilizing the GenX model, has indicated that incorporating 55GW of wave energy into the energy mix is the most economical path to achieving carbon neutrality between 2040 and 2050. While wave energy may initially have a higher levelized cost of energy (LCoE) compared to wind and solar, its complementary production profile allows for a more compact and cost-efficient energy system in the long run.
Anders Jansson, Head of Business Development at CorPower Ocean, expressed enthusiasm about the prospects of establishing a wave energy industry in the United States. He stated, “We're hugely motivated by the prospect of developing a wave energy industry in the US, accelerating the energy transition and stimulating long-term jobs and wealth creation. We have been steadily ramping up activity in the US for several years. Our collaboration with AltaSea strengthens this foundation, opening up a tremendous resource in California and other west coast states.”
Jansson emphasized the pivotal role of wave energy in America's transition to renewable energy, highlighting its reliability as a power source capable of providing stability to the clean energy mix. He noted that this would enable the continuous delivery of renewable energy in line with demand, consequently reducing market volatility.
