Aquamarine Power is a fast-growing wave energy company with offshore operations in Scotland, and interests in Ireland and the US. After demonstrating its hydro-electric concept with the prototype of its innovative wave energy converter Oyster 1, Aquamarine realised that significant cost savings were required for the second generation Oyster 800 and 801 machines to be commercially viable. To achieve this, Aquamarine turned to PA.
By bringing together the right team – combining expertise in innovation with experience of value creation and cost analysis in manufacturing – we could work out costs for each stage of production from concept to operation. We used this analysis to propose design changes for three key components and identify opportunities to reduce expenditure associated with assembly and maintenance. We also highlighted areas where additional cost control could be realised to support future viability, which is helping to secure funding and access to the grid.
Oyster 801 will be installed within the next two years, with the first wave power array project planned for soon after. Our work identified potential savings of 21% and additional design changes and improvement measures to close the remaining gap with the target of £1.1million.
"PA integrated very well with the team, and they worked with us to develop a number of tools for the company and track the development on the cost curve. We are now in a position where we have changed the cost culture in the business." - Matthias Haag, Chief Operating Officer, Aquamarine Power
For further information on how your organisation can benefit from PA's capabilities in commercialising new technologies, contact us now.