After six years of research and development BioPower Systems is set to construct its pilot demonstration plant just off the coast of Port Fairy, Australia.
The plant has received a combined funding of AU$10.6 million (€8.4 million) from the Australian and Victorian governments and BioPower Systems has also sealed a new strategic partnership with large Chinese industrial organisation Shanghai Electric Power Generation.
Shanghai Electric will only act as an observer during plant construction, then take a more active role to help develop and commercialise a new ocean wave energy system.
‘It will be necessary for ocean energy systems to be both substantial in scale and technically sophisticated, in order to become cost competitive,’ says BioPower CEO Timothy Finnigan. ‘This alliance intends to enable development of our system to a commercial stage within a reasonable time frame.’