A more capital–efficient route to reducing risk so that wave energy can be a viable commercial segment of renewable generation David Campbell

developing commercially viable wave generators Wave Sector ChallengesAlbatern Solutions Large energetic waves => large expensive devices Large array made up of smaller modular units Large one off devices with high capital cost Modular units with standard components => cost down High deployment costsUsing local vessels and cranes Lower energy extraction from complex energy field Fully articulated – captures 5 of 6 energy components Also puts the array to work Grid cost of electricity a tough target at £ / kWhr Diesel replacement at costs calculated to be £0.55 – 0.65 / kWhr Up to £80-100m per company and still a way to go Risk reduced first with smaller cheaper devices - GBP1.8m to 2 nd generation units High costs and lower yield = high cost of energy Reduced costs and higher yield brings cost of energy down faster

3 developing commercially viable wave generators Waves - A complex pressure field in which to work – hence so many different concepts Centre of mass and centre of buoyancy allow movement on all joints. Rams at each joint create hydraulic pressure which is taken around the array structure and drives marinised hydraulic motor/generator sets. Electricity is rectified to DC for offtake to offshore user or shore and then conditioned for use.

developing commercially viable wave generators 2010 Finalist – Innovation Regional Winner Scotland 2013 Greenius Project WATERS2 Project The Team John Findlay, CEO 30 years leading civil engineering company David Campbell, CFO 15 years in technology start-ups from seed to AIM fundings David Findlay, CTO 8 years of marine renewable experience including with Prof Stephen Salter and ScotRenewables

developing commercially viable wave generators Opportunity Largest untapped global renewable energy source High energy density Global market estimated at £ bn/ye ar Carbon Trust Investment £1.24m equity to date; grants of £1.32m secured Next Steps unit array with Marine Harvest, Muck, Scotland - 6 unit array at Galway Bay Wave Test Centre - 3 unit array demonstrator on Scottish fishfarm Further pipeline of projects Chile, Scotland, Malta, Norway Commercialise off-grid in aquaculture, island and remote communities Increase device size to address grid scale project market. Revenue Projections 2014 £410, £880, £4.02m Ask Round 3 investment: £2.5m Technical and commercial partners to scale up devices for grid projects