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Increased demand for renewable energy
Wave Power – Renewable energy at a competitive price
Energy from waves will be a part of the future!
Executive Summary
• Looking for EUR 400K from investors
In 2017 - 2019 • Partnership with industry • Possible exit for investor • Multiple of 20 – 100 times
payback
Value Proposition
Requirements and Exit
• Patented Technology • Reduction of costs on wave energy by a factor 20
Existing technologies struggle with high costs
Potential: EUR 600 Bn per year / 2000 GW
Energy from waves has a large potential
We have the solution
1,5 MW system
Very low weight! Very robust! Very cost efficient!
Weight = Costs
2400 Tons Wavestar
3600 Tons Pelamis
2700 Tons Oyster
510 Tons Seabased
158 Tons
Fully Automatic Production
Standard Transportation
Inspired by the ”Flat Pack” principle
Custom production
Custom transportation
One module (‘Energy Collector’)
In a system of strings and modules
Simple Deployment! High Redundancy!
Scalable!
Many modules – One system
Nonintrusive – Almost Invisible
Looking at a 7MW system
20
10
50
30
40
100
Cost of Energy (EUR / MWh)
The Result – A Very Competitive Price
Wavepiston Potential
EUR 27 / MWh
Issued in 2009
+
Broad, Conceptual Patent
Ongoing
Market, Customers and Turnover
Total Potential 2000 GW
Market Size 17 GW
Wavepiston 3 GW
Forecast 2028 Wavepiston Turnover (EUR ‘000)
A small part of the potential – Still a very interesting business
2019 - First year of turnover
2028 – Last year of patent
Customers – We start with small scale
Utilities and Energy Service Companies • Invest in large scale energy parks • Also potential future partners
Islands and Coastal Communities • Invest in small scale energy solutions • Less price sensitive • Good access to funding and subsidies
– And then large scale
Technology validated
• Theoretical
• Proof of Concept
• Experimental
• External Evaluators
Grant EUR 650K
Calculations validated by leading engineering consultancy company (Niras)
Tested and validated in wave tank at Aalborg University
Proof of Concept in scale 1:9 at test centre DanWEC, Nissum Bredning
2010 - 2013 2014
Grant EUR 50K
Construction & Hydrodynamics, Kristian Glejbøl. M.Sc. Mech. Eng., Ph.D. Material Science. > 20 years offshore and product development (NOV, NKT, Novo Nordisk) > 60 patents
CTO & Design, Martin von Bülow. B.Sc. Mech. Eng. > 16 years product development (Coloplast, Novo Nordisk)
CEO, Michael Henriksen. M.Sc. Econ. & Bus. Adm. > 15 years financial industry (Nordea, Nykredit, SDC) and 3 startups.
Composites & Production, Paul Harder Cohen. > 30 years marine industry
The Team
Chairman of the board, Asger Kej. M.Sc. Civ. Eng. > 40 years water environment, management and CEO (DHI Group)
We have the competences ready for the next phase
Numerical Modelling, Troels V. Lukassen. M.Sc. Mech Eng.
Plan 2015 - 2017
2015 2016 2017 2018 2019 2020 2021
Use of Funds Funding One - Planned Sources
Founders EUR 240K
EUR 1.5M
Investors EUR 400K
Grants+ EUR 810K
Patent, Legal, Adm
Project
80 % direct project related Prototype Phase • Deploy a Wavepiston system
off the coast of Hanstholm to validate the full potential.
• Keep relevant industrial players up-to-date with progress to prepare for partnership.
Prototype Commercialisation Global
Current Partners: Experts in offshore hydraulics, mooring, hydrodynamics and testing wave power
• Construction and test of the Wavepiston system
• Produce power • Refine hydrodynamic model => Validate the full potential of
Wavepiston
Plan 2017 - 2019
Prototype Commercialisation Global
2015 2016 2017 2018 2019 2020 2021
In dialogue
We are looking for more...
Keep updated
Value inflection points in 2017 and 2019
Possible exit for investor!
Commercialisation Phase • Partnership with large
industrial player • Deploy full scale Wavepiston
system • First commercial small scale
projects (Islands / Coastal Communities)
Global
Plan 2020 - ...
Prototype Commercialisation
2015 2016 2017 2018 2019 2020 2021
Global Phase • Being partner in a large indu-
strial company - Go Global! • Large scale systems,
production, infrastructure, sales etc.
• Exploit synergies with offshore wind
• Continue with small scale projects
Worlwide Near-Shore Potential Min. 30.000 km relevant coast line By exploiting 10 % 20 – 30 GW EUR 25Bn – 40Bn
Our first step is to exploit the near-shore potential
Financials - Valuation
Founders EUR 170K
Capital Increase EUR 0.6M
Investors EUR 400K
+
Post-Money EUR 1.6M
=
Equity EUR 70K
IPR+ EUR 130K
Grant+ EUR 810K
Founders EUR 170K
Investors EUR 400K
25 % 50 %
25 %
Equity EUR 70K
IPR+ EUR 130K
Grant+ EUR 810K
Pre-Money EUR 1M
• Patent • Knowledge • 12,000 hours • EUR 300K
• ForskEL: 650K • H2020: 50K • Tax Credit: 110K
Financials - Valuation
2015 2016 2017 2018 2019 2020 2021
Budget I EUR 1.5M
Prototype Commercialisation Global
Budget II EUR 3M
A
Score Card (other companies)
B
Budget III EUR 5-10M
NPV EUR 40 – 200M
NPV EUR 80 – 400M
Market value of other wave power companies is EUR 8M – 80M.
Wavepiston is better! Exit A: EUR 40M – 200M Exit B: EUR 80M – 400M
Value EUR 1.6M
Financials – Risks and Funding
2015 2016 2017 2018 2019 2020 2021
Budget I EUR 1.5M
Prototype Commercialisation Global
Budget II EUR 3M
Budget III EUR 5-10M
Grant+: EUR 1.5M Investors: EUR 1.5M
Grant+: EUR 810K Investors: EUR 400K Founders: EUR 240K
Tech Risk
Market Risk
Market Value
Step wise funding as risks decrease.
“For WECs, the key to successful commercialization is the right combination of low cost, good conversion efficiency, and survivability. Wavepiston, because of its unique design is poised to offer a breakthrough in all three categories.” C.A. Goudey & Associates
“…Wavepiston have come up with what is in my opinion likely to be the first commercial viable wave energy harvesting device.” Julian Smith, CENG MRINA. Naval Architect and Structural Engineer Please contact us for further details.
Michael Henriksen, [email protected], +45 40 99 40 40
Simple, Robust,
Standard,
Invest EUR 400K,
ROI EUR 10M+
Broad, Conceptual
Patent
Competitive Renewable
Energy
