WaveX

WaveX is an Australian renewable energy company focused on commercializing wave energy technology. The firm was founded by a group of offshore engineers, including CEO Simon Renwick, who leveraged their experience in the oil and gas industry to address the challenges of renewable energy generation. Renwick's concept for the company's core technology originated from an experience on an offshore construction vessel, where he applied his university honors research in the hydrodynamic motion of oil and gas facilities to the problem of harnessing wave energy.

The company's primary product is the D-Spar, a floating steel buoy that converts the vertical motion of deep ocean waves into electricity on an industrial and utility scale. This technology is designed to be scalable, durable, and commercially viable, targeting deep-water environments. A key design feature is the absence of underwater electrical or mechanical moving parts, which are instead housed within a watertight steel hull to enhance reliability and reduce maintenance issues common in marine environments. The D-Spar system consists of two large, connected floating structures that move relative to each other, with this motion being converted into electricity. WaveX aims to provide a stable power source that complements intermittent renewables like wind and solar, thereby reducing the need for large-scale battery storage.

WaveX operates on a business-to-business model, functioning as an Original Equipment Manufacturer (OEM). The company intends to sell its wave energy devices to power developers and offshore project operators rather than generating and selling electricity itself. Its commercialization strategy involves leveraging existing marine energy test sites that already have grid connections and environmental approvals, paying a fee for their use. The company is also pursuing a dual revenue stream by selling the D-Spar units and offering ongoing monitoring solutions through a subscription model. Significant milestones include receiving a AU$2.4 million grant from the Australian Government's Cooperative Research Centres Projects (CRC-P) program to develop shared anchor systems for offshore wind and wave energy. The company has been actively seeking seed funding to advance the development and deployment of a large-scale prototype in Albany, Western Australia, in collaboration with the University of Western Australia.

Keywords: wave energy, renewable energy, D-Spar, offshore engineering, power generation, clean technology, marine energy, energy storage solutions, sustainable power, Simon Renwick, Australian startups, utility-scale renewables, ocean energy, hydrodynamic motion, floating buoy technology, offshore wind integration, grid stability, renewable energy infrastructure, OEM energy, deep water technology