US and all-island business forum creates new business and research opportunities

The Joint Business Council was a partner in a major two-day Marine Energy and Smart Grid conference which was held to create business and research opportunities between Ireland, Northern Ireland and the U.S. The event attracted 150 senior representatives from the three countries.

The Minister for Communications, Energy and Natural Resources in Ireland, Eamon Ryan, opened the event on 10 May in Farmleigh House, Phoenix Park, Dublin.  The workshop continued the followed day, May 11, at Parliament Buildings, Stormont, Belfast, led by the Northern Ireland Minister for Enterprise Trade and Investment, Arlene Foster.

 

Pictured from left are US ambassador, Dan Rooney, Minister for Energy, Eamon Ryan and Tom Gillen of Viridian

The island of Ireland, located at the extreme edge of Northwest Europe, has an offshore marine territory which covers ten times its landmass and a coastline which is amongst the best in the world for offshore wind, wave and tidal resources according to industry experts.

Companies and organisations attending the two-day workshop explored opportunities in marine energy and smart grid technology and heard about plans to develop the island's resources in this area. The workshop also highlighted opportunities for collaborative projects and partnerships between companies across the island and those in the U.S.

Opening the event, the Irish Minister for Communications, Energy, and Natural Resources Eamon Ryan, said:  "This conference will help us tap into the potential we have for renewable energy in Ireland, particularly off our coasts. Governments, business and consumers alike will reap rewards if we can harness the immense power of the oceans.  Maximising Ireland's renewable potential, including the development of a smart grid, is Irish Government policy. Today we join with our friends in the US, those in industry and academia to eliminate any obstacles and forge ahead with the new economy."

Hosting the event in Stormont, the Northern Ireland Energy Minister Arlene Foster, said: "Northern Ireland has a strong renewable energy sector with significant growth potential. By profiling our local capabilities and geographic location, global energy companies will be encouraged to access our technology, skills and advanced expertise. Their market presence will also give local companies the opportunity to network and compete for supply chain opportunities in export markets. As a key investment area, Invest NI is offering advice and support to companies who wish to take advantage of the multi million business opportunities in marine, wind and bio-energy technologies."

The U.S. Ambassador to Ireland, Daniel M. Rooney, who also attended the conference and hosted a reception for attendees, said: "We are very pleased to co-host this important conference with both governments and are delighted that we had such strong participation from senior U.S. government officials, which is yet another example of the close ties between the U.S. and the island of Ireland.  The turnout and the discussion we will have today also indicate the vast potential for future collaboration by companies and research institutions on both sides of the Atlantic."

 

Julie Jordan, Joint Business Council Director, said: “This event brings together industry leaders, key energy researchers and Government officials to create greater collaboration in marine energy and smart grid business development and research between the island of Ireland, North and South and the U.S.  This fits with one of our JBC key priority areas – energy – and our work to facilitate greater all-island collaboration to ultimately ensure a balanced energy mix, achievement of energy targets and security of energy supply at cost effective prices for business.  Energy is a top priority for business on this island and thus a top priority for the Joint Business Council.  Supporting collaborations across the island between the two jurisdictions, as well as with GB, European and International partners is a crucial component in taking full advantage of opportunities in this sector and simultaneously addressing our energy challenges.” 

During the 2 day event, a number of investment announcements were made.  Rockhouse Mountain Energy, LLC (“RME”), a U.S. company dedicated to the support, promotion and development of alternative energy sources, announced their intent to construct up to 500MW of wave power generation off the western coast of Ireland by 2020. The wave power systems to be installed will be manufactured by Ocean Power Technologies Inc. (“OPT”), a NASDAQ and AIM-listed company that specializes in the development and commercialization of wave energy based on its proprietary PowerBuoy® device.  OPT's PowerBuoy system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. Its technology and energy systems benefit from over a decade of in-ocean experience and are insured by Lloyds Underwriters of London.

Mr. Robert Jawitz, Manager of RME, noted: “The excellent wave climate, the proactive support of the U.S. Embassy, and the visionary policies and plans of the Irish Government, combined with OPT’s planned timetable for the commercial roll out of its PB500 PowerBuoy (500kW), will allow for an OPT wave farm with a total capacity of 500MW to be installed off the Irish coast by 2020 to meet the wave component of Ireland’s Energy Plan.”

Dr. George W. Taylor, Executive Chairman of OPT, added: “OPT is pleased to be a part of the significant initiatives being undertaken by the Republic of Ireland to harness its plentiful renewable ocean energy resources, which complements our projects in Cornwall and Scotland. Rockhouse Mountain Energy has devoted much effort in recent years to working with the Irish Government and other stakeholders to develop wave energy in Ireland.”

Ireland’s leading independent energy firm Energia also announced its plans to add wave power to its 220 MW renewable energy portfolio in an initiative that strongly supports Government’s renewable energy development objectives.  The company signed a preliminary off-take agreement (for the purchase of electricity generated) with the pioneering U.S. firm Ocean Energy Systems (OES) whose Wave Energy Converter (WEC) uses wave energy to produce electricity. The off-take agreement has a potential value of €1m annually for each WEC unit being constructed for a 20 year operating life. The electricity will initially be generated from a development test site off Belmullet, Co. Mayo, where the Sustainable Energy Authority of Ireland (SEAI) and OES are jointly developing a Wave Energy Converter prototype. The prototype will be capable of generating 12 Megawatt Hours of electricity each day.

The new technology in the Wave Energy Converter transforms the ocean’s wave motion into electricity using the McCabe Wave Pump articulated-barge coupled with a novel power take-off system.  Powered by a swell of 2.5 metre high waves for 8.5 secs, the WEC is capable of supplying 500 kilowatts of electricity to the grid – enough to displace 380kg of CO2 from conventional generation.  The power take-off technology is being developed in the U.S. by Dr. Michael McCormick, a professor who specialised in ocean wave energy at the US Naval Academy.

Tom Gillen, Chief Operating Officer, Energia, commented, “This exciting new deal with Ocean Energy Systems is a natural step for Energia given our longstanding commitment to renewables. There is a massive role for new energy technologies such as this in meeting the Island’s future energy needs.  Energia already supplies many of the island’s leading public and private sector organisations with green power.  We look forward to growing our existing green energy client base through the use of new renewable sources such as the Wave Energy Converter, alongside our already considerable bank of wind farms.”

Brian Cunningham, Chief Executive, Ocean Energy Systems commented, “The oceans of the world contain as much as 10 trillion watts of renewable energy, and the west coast of this island is recognized as one of the richest wave environments in the world. Energia is making a smart commitment to harness the huge potential that remains largely untapped in the oceans, and we look forward to working with them to help this island use the natural resources to meet its energy needs sustainably.”

Through its renewable energy portfolio, Energia is eliminating over 350,000 tonnes of carbon dioxide a year from the atmosphere – the equivalent of removing the emissions of over 160,000, 1400 cc cars from our roads.   In this way, Energia’s operations make a very strong contribution to carbon reduction by its electricity customers.  These figures will increase significantly in the years ahead as further green projects come on stream.

The company is a leading all-island player in the provision of renewable power. They have consistently been one of the largest investors in the renewable sector.  Following initial wind farm investments in 2003 in Derry,  Energia currently has over 220 MW of operational windfarms, and a further 400 MW in development. Energia also sources conventional power from the Group’s power stations in north Dublin, where the company has invested €500 million in the capability to supply up to 17% of electricity requirements on an all-island basis.

Energia has a 25% market share of the business electricity market on an all–island basis with over 50,000 customers.  The company also supplies one third of all gas consumed by the largest industrial and commercial gas users. Energia has offices in Dublin, Galway, Cork, Belfast and Omagh.

Joint Business Council Director, Julie Jordan, said: “These business partnerships are to be commended and demonstrate the value of facilitating and supporting joint meetings, discussions and events both on a cross-border basis and with international counterparts.”

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