GWave has entered into a commitment with Wave Hub to deploy their first Power Generation Vessel. GWave sees a direct path from the demonstration project at Wave Hub to installing thousands of megawatts of capacity across England and Wales in the future, tapping the ocean energy reserves off the UK's coast to provide cheap, clean power to the country and to strengthen its core maritime industry.
GWave recognises the strength of the supply chain and the marine industries offer in Cornwall, the South West of England, and Wales, and while the first device has been constructed in the States, an opportunity exists to construct further hulls in Falmouth.
A commercial-scale power plant would require scores of vessels. Each vessel requires approximately 5,000 tons of steel, creating a strong opportunity to support the UK steel industry. In addition to this material investment, south west supply chain companies with expertise in operations, installations and maintenance companies are already benefiting from contracts to carry out work on the water.
Looking ahead to 2020-2021, GWave intend to construct five to ten additional vessels, with construction distributed across the UK. It is envisaged that the main hull would be built in the south west of England, while the technical insides could be constructed in the North of England, such as in Sheffield, with its strong tradition of precision manufacturing.