They have signed a strategic collaboration agreement under which Simply Blue Energy has exclusive rights to use CorPower’s wave energy technology – claimed to be 10 times more efficient than those currently on the market – in a number of development areas that have been identified for commercial deployment.
The companies aim to start producing and exporting electricity by 2024.
Simply Blue Energy will also explore the development and deployment of combining floating wind and wave energy farms, targeting reduced costs and lower energy prices as well as booting output.
Sam Roch-Perks, CEO of Simply Blue Energy said: “We have worked with the team at CorPower over the last 2½ years and they have, during this time, convinced us that they have the ability to bring their technology to the required levels of technical readiness within the time frames we have agreed.
“We are also excited to explore the possibility of combining floating wind and wave energy to bring balance to the grid which is so important if we are to increase the reliability and viability of renewable energy”.