Financial and engineering optimisation software for wave energy systems

Jointly developed by Wood and Exceedence, the OptiWave platform combines two software tools, Exceedence Finance, a techno-financial modelling package that performs detailed financial appraisals, and Flexcom Wave, an offshore marine energy engineering simulator that provides enhanced insight into power generation capabilities and structural designs.

Key benefits of OptiWave:

  • Accurate performance metrics: all financial projections are based on detailed engineering models and real-world wave resources
  • Design optimisation: explore potential advances in energy generation and identify opportunities for cost reduction
  • Detailed understanding: gain key insights into annual energy production, local power fluctuations, loads in structural members and fatigue life expectancy
  • Unlock investment: increase investor confidence by de-risking projects and providing financial information in investor’s language
  • Recognised by industry: validated via industry case studies and technical papers

Case studies

OptiWave was used to optimise the design of Sea Power Ltd.'s attenuator, an innovative wave energy device that reached TRL 7 in January 2018. For the AMETS test site off the west coast of Ireland, the optimised device design showed a 7% increase in power production over a previous engineering assessment, with a corresponding 7% reduction in levelised cost of energy (LCOE). The same device analysed at the Mollison test site also showed an improvement of 11% in power performance using OptiWave, with a 10% reduction in LCOE.

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