Swedish wave energy developer CorPower Ocean has signed a memorandum of understanding (MoU) with AltaSea in Los Angeles in preparation for its US expansion.
The agreement will provide access to facilities and resources at AltaSea’s 35-acre campus located in the Port of Los Angeles.
According to the terms of the MoU, CorPower Ocean and AltaSea will build on years of work to scientifically quantify the value of wave energy’s consistent power profile that complements existing wind and solar resources.
Studies on “Multiple Energy Systems” have illustrated the lowest cost mix to reach 100% renewables features a high proportion of wave energy in many places of the world – including 10%-25% on the West Coast of the United States.
A regional study for California, using the GenX model, included 55GW of wave energy in the lowest cost mix to reach zero carbon between 2040-2050.
The complementary production profile ultimately allows for a smaller, cost-efficient energy system despite initially higher levelised cost of energy (LCoE) of wave versus wind and solar.
CorPower Ocean head of business development Anders Jansson said: “We’re hugely motivated by the prospect of developing a wave energy industry in the US, accelerating the energy transition and stimulating long-term jobs and wealth creation.
“We have been steadily ramping up activity in the US for several years.
“Our collaboration with AltaSea strengthens this foundation, opening up a tremendous resource in California and other west coast states.
“We believe wave energy will play a vital role in America’s future energy transition as a consistent power source with the ability to provide stability to the clean energy mix.
“This will ensure renewable energy can be delivered 24/7 in line with demand, reducing market volatility.
“Ultimately, we are looking to help pave the way to 100% renewable energy systems delivering 24/7 carbon free energy with the lowest cost and highest resilience.”