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Case Study 2017-03-22T15:35:31+00:00

Case Study – GRSI Energy

Unfortunately the ocean energy sector has been plagued with technical and financial failures over the last number of years, given the sectors infancy it is vital that engineering innovation is assessed not only in a performance manner but also financially to ensure a sustainable sector is created. Therefore guiding early stage development and conceptual designs in a cost competitive direction, allowing for ocean energy to reach its goal of a competitive levelised cost of energy. For the obvious reasons, GRS/I were very interested in using the Exceedence financial software. We have a number of projects underway at present including the development of our ¼ scale device/ tidal site development opportunities in South East Asia and therefore we internally highlighted a number of appropriate applications.

It’s clear that the software has massive potential to help commercialise wave and tidal renewable energy in a sustainable manner.
Eoghan Quinn, GRSI Energy

User friendly – From the beginning we were very impressed with the professionalism of the Exceedence team (Chris and Ray) offered with their turn key approach, providing the software 12,000km from their office in Cork to our computers in Melbourne, Australia. At first glance the model allowed for a plug and play output, ultimately the user defined the level of detail, using existing site/turbine data provided by Exceedence or alternatively adding a number of sites from our on collated data. This was a very useful aspect of the software as it allowed to assess the viability of projects.

ocean wave
The software was tailored for a wide range of projects from early stage project development to refined detail financial review. We were very impressed with the ability of the model to easily assess the financial viability involving both wave and wind, this was previously something which took time and effort to asses using our techno-economic model.
Applications – The software was first adapted to our current projects in Ireland which allowed us to verify our existing financial model. Different elements of the software were interesting to different members of our team; an example includes the ability for the software to carry out a sensitivity analysis on resulting outputs – e.g. minor changes in the development cost can have a large effect in the ROI/NPV; all outputs were clearly presented in graph form which is ideal for presentation purposes. This I believe was one of the major advantages of the software, its ability to clearly present its findings allowing for transparent data dissemination amongst our team and clients. The sensitivity analysis paints a very interesting picture for developers allowing them to clearly understand that ‘large’ energy production is not always the most economical. The GRS team have been delighted to part take in the Exceedence trail and now happily become one of the first customers of the software. It’s clear that the software has massive potential to help commercialise wave and tidal renewable energy in a sustainable manner.
 
Eoghan Quinn
Project Manger at GRSI Energy Ltd.
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About GRSI Energy

GRSI Energy Ltd is the Irish subsidiary of Global Renewable Solutions (GRS) Pty Ltd, an Australian-based marine renewable energy company who are developing a wave energy technology encapsulated in a device called the Power Platform. The Power Platform is a fixed based structure using a wind turbine and oscillating water column technology to generate electricity. The technologies design utilises proven technology from the offshore oil and gas industry to achieve reliable, cost-effective power generation with minimal environmental impact. Over the last four years GRS have been approaching the technolgy and project development in a cost effective manner working closely with MAREI and a number of other international partners.
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