With a pioneering and world-leading wave energy project firmly underway off the coast of Tasmania’s King Island, Wave Swell Energy’s rise as a revolutionary ‘wave energy technology company’ has gained in strength over the past 3 years, putting the Australian based company well and truly in the world’s spotlight within the industry.
After receiving $4 million of funding from the Australian Renewable Energy Agency, we sat down with CEO, Dr Tom Denniss, to unearth the story behind this revolutionary technology company’s coming to fruition – from concept to implementation; and now a multi-million dollar Federal-backed project.
Founded in 2016, Wave Swell Energy (WSE) was formed from a culmination of Founder, CEO and Inventor Dr Tom Denniss’s PhD in Mathematics and Oceanography specialising in energy flows in waves, tides and currents and his over 25 years experience in the industry. When he mentioned his idea to John Brown, now Chief Operations Officer and a then colleague in the financial industry, WSE was born.
Passionate about wave energy, and climate change, Dr Tom Denniss said:
“It just made sense for me. It was the right fit at the right time, to do something I had studied and was passionate about, create the proof of concept, and it just so happens that we were doing this at the right time when climate change and renewable energy are major topics of the day”.
While Tom has invented the WSE technology, he’s also served as the Australian Government’s representative on the International Energy Agency’s Ocean Energy Systems Executive Committee, as well as on the Global Roundtable on Climate Change, an initiative of the Special Advisor to the Secretary-General of the United Nations.
Impressive in concept, and with an unrivalled background, we were keen to find out more about the technology and what set WSE apart from other technologies like it in the market – ultimately, we wanted to know why this company is attractive to investors.
Revolutionary yet Simple
Uniwave®, the technology invented by Dr Tom Denniss, differs from most previous attempts to generate energy from other technologies on a number of different levels.
Wave Swell Energy’s Uniwave® technology does not float, and the housing of its energy generation system does not have any moving parts within, or underneath the water.
This simple, robust and yet significant feature results in a more efficient channelling and movement of energy through WSE’s unit, and results in significantly fewer maintenance costs needed on the housing of the unit, particularly when the unit is deep in the ocean.
WSE’s technology conversely, houses no moving parts in the water, with its only moving parts, the turbine and the simple flap valves located above the waterline.
“So how do you generate energy?”
Cheaper, more robust, more efficient.
“The system mimics the channelling and movement of energy, similar to that of a blowhole”.
“The revolutionary aspect to Wave Swell Energy’s technology is that it’s not bidirectional like other technologies that create energy from the movement of water, both up and down, currently operating in the ocean.”
“What we came up within 2016, was something quite counterintuitive, and that is, instead of trying to generate energy on the upwards and downwards movement of water; what if as the wave rises, we have a simple flap valve that falls, thereby generating energy only on the downstroke.”
“As it turns out, we found that we generate 15% more energy just on the downstroke than bidirectional generators. Our technology is, therefore, simpler, more robust, efficient and only needs to rotate and accept airflow from one direction.”
The $12.3 million King Island Project is now well and truly underway, and Wave Swell Energy’s traction has increased significantly in recent weeks.
WSE is raising $500k, offering shares at the prevailing share price of $4.80. However, as a result of the company being the beneficiary of a non-dilutive grant, investors in this capital raise will receive one bonus share for each share purchased at $4.80.
Use of Funds
WSE’s King Island project is fully funded. However, it has become clear that a significant level of interest is building for follow on projects in the near future. For this reason, the company is seeking additional capital to fund the subsequent project pipeline, post the King Island project.
A public unlisted company, register with the Australian Securities and Investment Commission (ASIC), with a four-person Board of Directors, two of whom are non-executive Directors.
Find out more about Wave Swell Energy and register your interest in this truly revolutionary company here.