Ocean-energy market innovation hub envisioned for Western Australia

Driven by the Australian Ocean Energy Group (AOEG) cluster, which was established with support from National Energy Resources Australia (NERA) in 2018, the IOEM will show end-user markets how ocean energy can meet their needs, leading to the increased adoption of wave and tidal energy, increased accessibility to technology, and increased understanding around affordability.

By bringing together global technology providers, renewable energy contributors, and specialist suppliers with transitioning energy customers, the IOEM is focused on scaling, commercialising, and de-risking the ocean energy sector.

AOEG Cluster Manager Stephanie Thornton says that currently Australia’s energy markets are largely unaware of the benefits of integrating ocean energy with other renewables, in-cluding offshore wind.

“We need to address this and raise the market’s awareness of the benefits of multi-purpose offshore energy parks that can optimise energy planning solutions as well as deliver low carbon solutions to marine-based industries and communities.”

“We’ve identified there are four main barriers to the adoption of ocean energy – aware-ness, accessibility, affordability, and commercial project delivery. The IOEM project has been designed to address these challenges head-on and directly connect key end-users to tech-nical solutions in development,” she says.

“The blue economy market sector presents a large and immediate opportunity for wave and tidal energy to have a significant decarbonisation impact,” she continues.

“Through the IOEM, we hope to demonstrate our vision. We believe [that] seeing leads to understanding, and understanding underpins adoption. This philosophy is at the heart of AOEG’s vision for the marketplace.”

The IOEM project’s first stage is a virtual marketplace and learning centre, providing a fo-rum for mutual understanding of the energy needs of end-users and the ocean energy ‘sys-tems-based’ solutions. Through simulation, this digital marketplace will draw data from exist-ing wave and tidal energy projects, to mix and match end-users to proposed ocean energy system integrations and potential providers.

The second stage is the construction of a physical marketplace where ‘seeing is under-standing’. Using an integrated microgrid approach, a working, pilot scale ocean energy system will be created as a world-first offshore energy marketplace. This interactive innovation hub will demonstrate the efficacy, economic, and social value of integrated offshore energy solu-tions as a key complement to Australia’s net zero goals.

The ocean energy microgrid will include a combination of wind and wave energy con-verters, solar (onshore and/or offshore), storage and application technologies including green hydrogen production, desalination capability, and EV charging. A database of ocean energy device capabilities for market-ready technology application will also enable potential end-users to understand the strengths of an integrated system, identify, and model their particu-lar energy requirements and be matched to integrated offshore energy options that best fit their future energy transition needs. Working with an associated project development part-ner, end-users can then design, cost, procure, and develop stand-alone or integrated energy solutions for commercial applications.

NERA’s Ocean Energy Program Manager Alex Ogg, who unveiled the feasibility study along with a concept video, says the lack of awareness about the potential of generating power from integrated tidal, offshore wind, and wave energy must be addressed.

He states: “Despite the fact that it has an almost limitless potential to produce clean en-ergy more consistently and predictably than any other source, energy from our oceans has been too often overlooked. What also sets ocean energy apart is its ability to be integrated with other renewables – from discrete blue economy applications today to multi-use off-shore energy parks in our future – adding huge value, consistency, and complementary ener-gy to the renewable supply.”

“We’re now seeking partners who share our vision to help us turn the vision into reality and help make ocean energy be a leader in the transition to a sustainable future for all,” said Mr Ogg.

NERA CEO Miranda Taylor says the work done by the AOEG cluster to drive this technolo-gy-led and integrated energy project demonstrates the strengths of the cluster model in ac-celerating the commercialisation of technology and renewable energy solutions.

She says: “NERA helped establish the AOEG in 2018 because the evidence from around the world clearly demonstrates that clusters provide the business model to achieve market visibility, connect technology innovators with end-users, and drive more rapid innovation and business development.”

“The AOEG cluster is facilitating the vital collaboration and innovation that is needed to ensure Australia achieves a net zero future and grows a strong offshore renewable sector, blue economy, and diverse businesses,” said Ms Taylor.

Global energy consultancy Xodus Group is supporting the development of the feasibility study for AOEG’s Energy Marketplace concept. Matt Smith, Environment and Renewables Manager APAC, said: “We are delighted to be pioneering new energy developments in Aus-tralia in collaboration with leading organisations like AOEG. The feasibility study will support the increasing knowledge base about Australia’s opportunity to improve the uptake of the marine estate to support Australia’s technology-led net zero ambitions.”

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