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Oceanlinx New Ownership

Oceanlinx Wave Energy Converter Technology Under New Ownership and Management

1 December 2014

Wave Power Renewables Limited, the new owners of the Oceanlinx technology, is excited to announce its acquisition and further development of the Oceanlinx wave energy converter technology since its acquisition of the technology know-how and intellectual property in November 2014.

In 2009 the technology was named by the United Nations Industrial Development Organisation (UNIDO) as one of the Top Ten Renewable Energy Investment Opportunities in the World.

In 2012, the technology won the Innovation Challenge Australia award amongst approximately 430 industry players from the mineral and energy sector in Australia.

A report published by Thomson Reuters in July 2013, Analyzing the Global Market for Marine Energy, assessed the Oceanlinx technology as one of the most powerful players in the marine energy industry.

In early March 2014, the full scale 1MW greeWAVE wave energy converter demonstration unit was fully built and commissioned on land in South Australia.  The unit was capable of producing the electricity needs of 1,000 homes per annum.  During the transportation of the unit to its intended location for final installation, an incident occurred during the tow which damaged the transportation aids onboard and the unit was stranded off the south coast of Adelaide.  Due to this incident, the corporate entity, Oceanlinx Limited, was placed in voluntary administration for restructure in late March 2014.  Albeit a hard earned experience but the lessons learnt from this incident has no doubt provided the wave energy sector invaluable experience and for the marine operators to implement more robust perspectives on future marine operations.    

Wave Power Renewables Limited trading as Oceanlinx acquired the Oceanlinx technology know-how and intellectual property in November 2014, along with its key scientists and engineers.  Since the acquisition, the new owners under a new management team, have consciously continued with the R&D, development and promotion of this promising emerging technology, which began in 1997.  During the past 8 months, with the combined focus of the Oceanlinx team of engineers and scientists, the team has been enhancing the greenWAVE design with strong focus on its reliability, manufacturability, costs competitiveness and simplifying marine installation operations.

Over the next 12 to 18 months, the new Oceanlinx R&D team will develop an enhanced version of the 1MW greenWAVE device for commercial demonstration of its commercial viability and performance capabilities in partnership with local renewable power developer and academia in the northeast coast of Taiwan.