Setting a separate target for deploying novel renewable technologies could open up markets for start-ups, but other barriers also need to be lifted
FREMONT, CA: The impact of institutional framework change on ecosystem services (ITREs) defines innovative renewable energy as a renewable energy generation technology that improves in at least one way on comparable state-of-the-art renewable energy technologies. This can also make exploitable a substantially underutilised renewable energy resource and involves a precise degree of risk, in technological, market or financial terms, which is higher than the risk generally.
CorPower's wave energy systems will meet the criteria, but it is unsure what else will be acceptable. Wave system is almost commercialised, but perhaps less inventive, but might still fit that criterion and eat up a significant chunk of the 5 per cent, leveraging the most innovative technologies that can have a greater influence on the energy transition.
Although solar thermal energy has been around for a while, it is still viewed in some commercial sectors as a unique technology and a risky investment. For instance, TVP Solar is involved in the Horizon 2020 project SHIP2FAIR, which intends to show the use of solar thermal in the agri-food industry.
The target's contradiction is that while innovative technologies are required, they must also be sufficiently developed by 2030 to have a significant impact. There is no sufficient way to experiment with ideas in this formulation because it is essential in future. Even the 5 per cent target translates to gigawatts, which calls for proven, high-volume production technology.
In order to incorporate high vacuum expertise from CERN's Large Hadron Collider into the construction of solar thermal collectors, TVP Solar was founded in 2008. As a result, a flat-plate solar thermal panel was created that can provide industrial-grade heating in locations with little direct sunshine. The company, which has its headquarters in Geneva and a production facility in Avellino, southern Italy, has raised over USD 100 million since its founding, primarily through private investment. It currently employs about 80 people there.
To commercialise wave energy systems modelled after the beating of the human heart, CorPower was established in 2012. This has been accomplished by utilising technology. So far, the business has raised USD 65 million in capital and introduced its first goods to the commercial market. The EU Strategy on Offshore Renewable Energy has already established goals for the ocean energy sector, including 100 megawatts by 2025 and 1 gigawatt by 2030.