Wave Energy

Wave Energy Overview
The world’s oceans are an enormous potential source of clean, renewable energy that, at present, remain relatively untapped. For example, the U.K. Carbon Trust estimates ocean waves can supply about 10% of global electricity needs and, in the United States, the Electric Power Research Institute (“EPRI”) estimates that wave energy can supply about 7% of domestic electricity needs which is the equivalent of all hydroelectric generation currently in operation.

Wave energy has several advantages over other renewable energy resources with the first being that it is right next to coastal load centers. According to the National Renewable Energy Laboratory (NREL), the 28 U.S. coastal states consume 78 percent of the nation's electricity, but only six of them can meet even one-fifth of their power demand with land-based renewable energy technologies. According to the Socioeconomic Data and Applications Center (SEDAC) division of the U.S. National Aeronautics and Space Administration (NASA), approximately 70% of the world’s population lives within100 kilometers of an ocean coastline and coastal population density is expected to increase markedly over the next several decades if urban migration continues at its current pace.

Waves have an energy density over 800x higher than wind which means that more energy can be extracted from a given area which translates into an offshore and onshore footprint that doesn’t require the sacrifice of large tracts of valuable coastal real estate. Wave energy has additional benefits related to its predictability (accurate localized estimates of wave conditions can be made up to 72 hours in advance), consistency (24/7 availability and less dramatic short-term variations in energy flux) and low visual impact (Resolute’s wave energy converters have a minimal surface presence).

Wave Energy Industry Growth Drivers
Developing innovative technologies that can cost-effectively supply clean water using renewable energy resources is critically important to continued global health and welfare. It is widely accepted that all nations must reduce their dependence on imported fossil fuels while increasing fresh water supplies to support continued economic growth. Resolute expects that changes in public policy in response to these imperatives will have a long-term positive impact on its business. Other factors that will attract additional investment interest in Resolute and fuel its growth include:

  • Establishing pricing mechanisms for CO2 emissions and other greenhouse gases
  • Continued population growth in coastal areas
  • Initiatives to reduce urban migration by improving infrastructure in remote communities
  • Increased adoption of distributed (rather than centralized) water and energy production asset models in response to coastal population growth and urban migration
  • Protecting and growing sustainable “Blue Economies,” e.g. fishing, renewable energy, tourism and shipping, for coastal communities and islands
  • Adoption of circular water management strategies
  • Growth in the popularity and number of “green” hotels, resorts and real estate developments
  • Increased pressure on global consumer products companies e.g. Coca-Cola, Nestle, etc., to become “water neutral"
  • Becoming better prepared for disaster recovery operations