The Equimar project involves establishing standardised methodology for assessing the economic viability of marine energy conversion project. As Teamwork is one of the most experienced parties in the field of both wave and tidal energy, we have been approached to share our practical experience with participating members and provide new recommendations. This is the first step to standardisation within this industry.
The standard also specifies how a project can proceed systematically, using a process heavily based on risk management and the analysis of specific project 'properties' in each phase (link to the description of the protocol). The protocols will be published early 2011 and offered to the International Energy Agency (IEA).
There are many parties, including investors and pioneers of original solutions, who want to enter the 'energy by water' market. However, they often possess very little knowledge and experience with a considerably large investment to do experimental work; often in fields where there is a lot of knowledge and information already available. As a result this can have the affect of irrevocably damaging the image of the wave and tidal energy. To counter this we aim to better inform parties of both the market and current state of research well before major risks are taken. This should not be at the expense of innovation. New ideas should be given a chance. Through Equimar we aim to professionalise this industry and protect newcomers from such pitfalls.