Perpetuwave Power was formed in 2003 to develop an efficient and low cost wave energy power plant technology. The company was formed when research indicated existing wave energy converters (WEC) designs were falling well short of performance forecasts and viability. Research also showed that ocean wave energy offers a higher resource per metre than wind or solar in a number of major markets.
It was also noted that upon applying laws of physics models to existing technologies that limited performance was indicated. It was believed there needed to be a ‘conceptual rethink’ to improve efficiency and performance whilst slashing capital and operating costs so a WEC could compete head on with the established wind and solar industries which had established industry benchmarks.
The founders set a goal to develop a viable low cost and high efficiency wave powered clean and totally renewable electricity generator within ten years. It was believed a raft of highly innovative yet simple and practical design elements were required to overcome numerous design challenges in every facet of a WEC for a viable and successful wave power plant.to be demonstrated.
From the outset, instilling integrity across operations was considered essential. This included establishing a number of core values.
OUR CORE VALUES
- All design and development work to Best Practice Procedures including ensuring all performance results were authentic – measured average electricity produced
- Development to be led by the science and physics
- Implementing quality assurance and product improvement processes
- Operations and maintenance according to established maritime O&M procedures
OUR MISSION STATEMENT
To be the world’s first commercially successful wave energy converter technology with a positive return on investment in a number of target markets.
To emulating the success of wind and solar technologies.