Wave Venture TE™
techno economic analysis and optimisation for wave energy
Wave Venture TE™ is an integrated techno-economic analysis software specifically designed for optimising the commercial performance of wave energy conversion systems. This software currently underpins many of our consultancy service offerings and we are investing in further development towards a software release.
Wave Venture provides a standardised general purpose software tool for Wave Energy Converter (WEC) performance assessment and optimisation. The components of this tool are • engineering analysis • operational simulaiton • financial analysis, and • numerical optimisation:
Wave Venture provides a multi-body hydrodynamic time domain solver for engineering analysis. Outputs of the engineering simulations include:          • wave forces
• mooring forces (coupled)
• body motion
• forces due to power take off (p.t.o.), mooring, joints
• p.t.o. power / power matrix
• statistical post processing tools.
Wave Venture provides an operational simulation for investigation of energy productivity and operations and maintanence (o&m) strategy in a given environment. The operational simulation includes:          • weather window analysis
• failure mode efects and criticality analysis (f.m.e.c.a)
• vessel usage analysis
• availability analysis
• energy productivity estimate
• operational expenditure (op.ex) estimate
Wave-Venture software generates proven estimates of economic performance, such as cost of energy (c.o.e.) internal rate of return (i.r.r.) and net present value (n.p.v.), using simulated cashflows based on outputs of the engineering and operational modules. These are better measures of performance than yield or yield per unit displacement or other surrogate costs. These estimates are naturally well suited to fill the role of objective function in the integrated optimisation methods.
The performance of the WEC may be optimised by automatic manipulation of technical design, o&m or financial parameters. Using one of several integrated optimisation methods and objective functions. This optimisation allows the true potential of any concept, rather than the performance of a single instance of that concept, to be discovered.
key strengths• 100% independent assessment, no third party performance data required
• verified and validated simulations of physical processes.
• o&m simulation estimates availability and op.ex from first principles (avoids arbitrary % or $/kWh assumptions)
• output is a tried and tested measure of economic performance rather than energy yield or energy yield per unit displacement
• parameter studies easily done (e.g: how does economic performance change with changes to parameter X?)
• optimisation easily done (e.g: what is the best instance of a w.e.c. concept in this location?)
• ultimate potential of a concept uncovered not just performance of a single design instance of that concept.
• designed for deployment on High Performance Computing clusters.
The Wave Venture TE™ software will be launched in 2019. Subscribe to updates here if you would like to be kept up to date on announcements.
This software was initially developed and verified as part of the TEOWEC research project at the Centre for Ocean Energy Research in Maynooth University. Wave Venture has taken an exclusive license to this IP and is investing in further development. Wave Venture is a spin out company from Maynooth University and the former principal staff members working on the TEOWEC project are now the principal staff of Wave Venture.