Ocean Harvesting Technologies AB (OHT) is developing an innovative, patented system of hydraulic collection and storage of energy generated from waves.
Close to 45% of European electricity generation is based on low-carbon energy sources – mainly nuclear and hydropower – however parts of the EU could lose more than a third of their generation capacity by 2020 because of the limited lifetime of these installations. Wave energy provides an important alternative giving the opportunity to generate electricity at a wide range of locations throughout Europe and strengthen the stability of Europe’s energy networks.
However, Wave Energy Converter (WEC) developers still have not achieved lower energy costs through viable and competitive technology.
The innovative energy storage system being developed by OHT, based on the multi pump force control principle, will result in a considerable expansion of the existing capabilities of this sector. Besides generating efficient and even power, the simplicity of the OHT design will allow better protection in rough conditions, and make generation impressively cost-efficient. OHT’s energy storage technology will solve problems with current centralised hydraulic collection systems and will not only remove the intermittent nature of wave energy but turn wave farms into flexible power plants, ultimately leading to lower energy costs.
This technology will greatly facilitate European transition to low carbon alternatives, achieve a truly integrated internal EU energy market, and aid in the reduction of emissions.