Joint Press Release: SyncWave Energy Inc. and Marinus Power LLC
SyncWave Systems Formed to Commercialize Renewable Energy from Ocean Waves
(November 9, 2007) SyncWave Energy Inc. of Pemberton, British Columbia, Canada and Marinus Power LLC of Houston, Texas, USA proudly announce that they have signed a Memorandum of Understanding to jointly form a new company named SyncWave Systems to commercialize SyncWave’s Power Resonator™ and SWELS™ wave energy conversion technologies.SyncWave Energy is a private company founded in 2004 to develop and commercialize ocean wave energy technologies. To date SyncWave Energy’s British Columbia based engineering team has developed a unique frequency‐based wave energy conversion technology that treats waves as a variable energy signal. This breakthrough patent pending technology promises significantly better efficiency than any other known wave energy capture devices under development or in current ocean trials. SyncWave technology is also expected to be much simpler to build, deploy and maintain.
Marinus Power LLC is a privately owned company focused on the development and financing of ocean renewable energy technologies and ocean power generation projects. Marinus Power is working with developers of tidal and wave energy extraction devices and is also evaluating alternative technologies and methods for developing economically viable and environmentally sound offshore wind energy projects. Marinus Power is based in Houston and has regional offices in Portland, Maine, West Palm Beach, Florida, and North Vancouver, British Columbia. The Marinus Power management team and advisory board includes professionals with extensive experience in energy, offshore capital projects, marine and subsea engineering, electrical machinery, power plant project finance, private equity, and venture capital.
SyncWave Energy Inc. will license its proprietary technologies to the new company and provide its scientific engineering expertise, ocean test permit, and customer and utility relationships. Marinus Power will bring ocean engineering, offshore construction, and project management expertise including the extensive resources and capabilities of its industrial partners. Both companies will work together to secure the additional funding required to engineer and build a first generation demonstration device that will be deployed and tested in the ocean off the west coast of Vancouver Island. The demonstration device is targeted for deployment in late 2009 or 2010. A commercial pilot project supplying power to a customer is planned to follow 1‐2 years thereafter.
Nigel Protter, President of SyncWave Energy will become President of SyncWave Systems. Financing and planning efforts to support the demonstration project are already underway with engineering activities to commence in early 2008.