CorPower Ocean AB - part of Inovacor AB services

To get a clear understanding of the opportunity, a feasibility study can be performed to clarify the main characteristics of a project. This typically involves site assessment to identify suitable areas for wave energy farms, preliminary resource and yield analysis, constraint mapping and project finance calculations. At this stage we also invite customers to perform due diligence on the technology and on CorPower Ocean as a company to ensure suitability for the project and a potential supplier relationship.

This a structured process with milestones and gateways through the Pre-FEED, FEED and Detailed Design. During the project development several departments are involved such as Finance, Engineering, Environmental and supply chain. The main goal is to bring the project to Financial Investment Decision (FID), meaning that all consents have been secured, the business case and financing package has been fully developed and commercial terms on both financing and key system supply has been established.

For the installation we foresee joint development of installations methods optimized for each individual project based on distance to port, choice of vessel, geotechnical conditions etc. All necessary machinery, electrical components and mechanical parts, including the CorPacks and all associated infrastructure, are installed, set up and connected during construction. Construction & Installation services will be provided to customers by EPCi partners (Engineering, Procurement, Construction, and Installation), typically being marine operators who own and operate the vessels being used.

During the operational phase of the wave farm, it is crucial to perform scheduled and ongoing control, maintenance and monitoring activities to ensure the smooth running of the project and to limit downtime. The wave farm must be monitored on a daily basis, and routine maintenance work must be undertaken. As part of our Guarantees and Warranty package, CorPower Ocean can take full responsibility of Operations and Maintenance ensuring a low risk and carefree ownership of the wave farm.