Congratulations to Resolute Marine Energy on obtaining approval and financing for a commercial scale renewable energy project off the coast of Africa. Wave energy is an innovative kinetic energy source that is converted to electricity via on-shore inverter. The electricity is then utilized at the project site to derive potable water from sea water. Wave energy is a constant source with high density and at no direct cost. The project will deliver electricity and drinking water to native population areas of Africa that are off the grid for both at reasonable project costs. This award will cover project financing costs and is from the African Development Bank.
Resolute Marine addresses significant needs for the local population in highly dense locations. This demand represents huge potential for the company with potential locations all along the African coast. RME has received significant US financial support from the US Dept. of Energy to date for renewable energy technology development. They have also repeatedly encountered significant challenges in launching and permitting project sites off of the US coast after many expensive attempts. Coastal African locations do not propose these permitting challenges. They also acknowledge a critical population need for drinking water far outweighs energy cost debates. Finally, there is no existing electrical grid to debate whether the renewable source will be allowed grid access through utilities.
Resolute Marine has been associated with CI Works (formerly Chestnut Innovation Center) for a number of years in developing their prototyping lab. RME is now positioning for a significant scale up and initiation of their Worldwide Optimization Center in Amesbury, MA. Unfortunately, the commute to the project site in Africa will represent significant challenges for the company. See the link below for more details.