1 OceanEnergy Limited Mayors Conference, 5 th March 2011 John Keating, Commercial Director.

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OceanEnergy Limited

Mayor’s Conference, 5th March 2011John Keating, Commercial Director

In 2008, 80%-90% of total worldwide energy consumption was derived from the combustion of fossil fuels.

Global Energy Use

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Currently, 50% of the world’s population lives within 40 miles of a coast line. The sea represents a limitless source of clean, renewable power.

Global Wave Energy Markets

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Founded in 2001 by Michael Whelan and John McCarthy

Focus on commercial Wave Energy Devices.

Quarter Scale live Sea state testing completed

OceanEnergy, The Company

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OceanEnergy- Technology

• Simple Design and Ease of Construction

• One moving part• Low mooring forces –vastly

improved survivability

• Low Maintenance• Plug/Unplug away

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OceanEnergy Buoy- Operation

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Galway Bay Case Study

Galway Bay

Galway Bay selected as test site for first quarter-scale model because it represents a full range of Atlantic Ocean conditions

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Galway Bay, 1:4 Test Device

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Galway Bay Results: 2006-2009

After 21,900 hours of testing, OceanEnergy’s technology proved its capability under a number of headings:

Survivability, effective and efficient functionality confirmed in open sea testing with wave heights scalable to over 100 feet (32 meters) experienced

Full-scale energy output , enough to power 1,500 homes for a year

Device design, which resulted in low mooring tensions that kept device safely in place

The OceanEnergy technology may be adapted to suit different wave climates

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Development Protocol and TRL Progression

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Galway Bay Case Study

Commercialization Full-Scale Device

Live Sea Trials Three Quarter-

Scale Device

Live Sea Trials

Quarter-Scale Device

ECN, HMRC** 1:15-Scale Device

UCC, HMRC* Half-Scale Device

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012>

COMPLETED STAGES

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* University College Cork, Ireland – Hydraulics & Maritime Research Centre** Ecole Centrale de Nantes, France – Hydraulics & Maritime Research Centre

Moorings Installation

Design, Testing and Fabrication

OE Buoy Performance

0 2 4 6 8 10

Significant Wave Height

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1:50 Tests1:15 TestsGalway Bay Tests

OE Buoy Performance

Wave Energy, Cork’s Commercial Opportunity

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Wave Energy and Job CreationWave energy is expected to create approximately 8 jobs per megawatt installed

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Manufacturing = 71%

Installation = 7%

Operations & Maintenance = 12%

Other Direct Employment = 10%

Government Strategy and Targets

• Government Target 2012 ; 75mw.• Government Target 2020; 500mw

• Feed-in tariff ; €220 MW/h.• Funding Package ; €26m.

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External Barriers to Wave Energy Have Been Reduced

OceanEnergy selected to occupy the US wave energy test site. USA now committed to a strong wave energy programme.

European wave energy is maturing and is well advanced. National policy mandates support of all renewal energy

Capital investments in renewable power infrastructure

Climate change high priority on the global agenda

Wave energy costs are commercially efficient.

Wave Energy, The time is now

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Industry PartnershipsUniversity College Cork Dresser-Rand,Queen University, Belfast,CORES Project under EU FP7

Funding European Union (FP7) Sustainable Energy Ireland Enterprise Ireland Irish Marine Institute

Awards Rushlight Award for Technology Excellence (2007)OceanEnergy Pioneer Award (2008)Finalist, Green Energy Awards (2010)

Partners and Industry Recognition

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