Exceedence’s case studies

Making the case for cost reductions in Wave Energy technology – Mocean Energy Ltd.

Mocean Energy Ltd. is a wave energy technology developer for whom Exceedence Ltd. has provided commercial support through the Marine Energy Alliance (MEA) programme. The aim was to investigate LCOE ranges from a first of a kind device compared to an nth of a kind device in a 100MW farm and investigate a potential cost reduction pathway.

“Exceedence and the business intelligence they have of the sector confirms what we are seeing as well, which for us is very encouraging for the continued development of our technology” – Cameron McNatt, Managing Director

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Proving the Exceedence financial module for floating PV systems – HelioRec

Through the Interreg programme the NWE Marine Energy Alliance, HelioRec, a floating PV company has received commercial services from Exceedence Ltd., who provided services on levelised cost of energy (LCOE) and sensitivity analysis on the key cost drivers for the HelioRec technology.

“Exceedence Finance has provided the robust metrics we need when approaching potential investors and partners” – HelioRec

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Exceedence COMPARE – Offshore Wind with ORE Catapult

During our recent EU project with Datapitch.eu we were able to build a techno-financial digital twin derived from a data set of the ORE Catapult Levenmouth turbine.  We used it to highlight how our new module Exceedence COMPARE can be used to highlight underperformance issues and then run multiple financial future scenarios such as repowering, future turbines, changing the O&M strategy, or refinancing, to ensure a project maximises its potential profitability.

“Exceedence Compare quickly allows the user to identify asset underperformance and to run realistic scenarios to understand how to rectify it”

Team, Exceedence
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Financial digital twins – Identifying Systematic underperformance of assets

This shows the results of a recent project with UCC, ORE Catapult and the Open Data Institute and highlights some of the benefits that a financial digital twin can bring to an offshore wind project. We demonstrate how software can be used to assimilate operational data to identify technical and financial underperformance.

“Exceedence Compare quickly allows the user to go from high level portfolio analysis right down to individual turbine performance to identify and rectify systemic asset underperformance”

Team, Exceedence
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Financial benchmarking against other tools

Through a recent SEAI project Exceedence Ltd. engaged EY to build a generic financial model.  Exceedence Ltd. provided the initial input to run the model, and simultaneously built a model using the same input in the Exceedence Finance software.  The objective was to identify areas of commonality and differences between the two financial models, which has been used by Exceedence to independently verify the software’s output.  Where both companies used the same methodology the two models produced identical results.

“EY purpose built a model to identify commonalities and differences with Exceedence’s proprietary software. The outputs were used by Exceedence to provide independent verification of the software’s output.”

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Wave energy technologies Developers – Sea Power

Wood and Exceedence undertook a case study which considered a hinged wavefollowing attenuator designed by Sea Power Ltd. OptiWave is a financial and engineering optimisation platform for wave energy systems which is designed to efficiently and accurately inform developers of key performance metrics.

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” Optiwave is a vital step in unlocking the complexities of technical and financial modelling. It allows developers and funders to focus their budgets to develop projects based on a transparent and robust metric – such as a cost per MWh. ”

” The integrated nature of the engineering and financial models, in addition to the online database of wave resource information, are major plus points for us ”

Cian Murtagh , Sea Power Ltd
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Micro offshore Wind technologies Developers – DareTech

DARE Technology have created the HiGEN 5 – 20kW wind turbine for marine vessels that can be used in combination with hybrid systems whilst in port. Exceedence FINANCE was used to calculate the LCOE of the Hi-GEN 5kW, at four different sites in the North Sea, using the power curve for the Hi-GEN 5kW. The variables were availability, and CAPEX.

” Exceedence have independently verified our technology using Exceedence FINANCE, giving us the convincing arguments, we were looking for. ”

” Exceedence FINANCE brings to us a new level of user friendliness to handling vast amount of hourly resource data to quickly match our device to a location. ”

Patrick Grehan, DareTech
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Project Developers of offshore Wind & Wave energy – GRSI

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. For the obvious reasons, GRS/I were very interested in using the Exceedence financial software. The software was tailored for a wide range of projects from early stage project development to refined detail financial review.

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” 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
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