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A renewable energy source that is derived from the natural flow of water, such as waves, tides, river currents, and ocean currents, marine energy is also referred to as marine and hydrokinetic energy or marine renewable energy.
The kinetic and potential energy associated with a moving ocean wave is transformed into usable mechanical or electrical energy by machines called wave energy converters (WECs).Ocean water currents generate a huge amount of kinetic energy, or energy in motion. It is possible to use some of this energy to create electricity that can be used to run businesses, residences, and transportation.
Wave energy converters (WECs) are mechanical or electrical devices that convert the kinetic and potential energy associated with a moving ocean wave. Ocean thermal energy converter (OTEC) power plants generate electricity by converting thermal differences between warm surface seawater and cold deep seawater. They are designed for large-scale deployment.
The Global Marine energy converter Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
CorPower Ocean to launch ‘next-generation’ wave energy converter.CorPower Ocean introduces its next-generation C4 wave energy converter, as well as its new ‘CorPack Concept,’ which will provide ‘the building blocks’ for future wave energy farms.The new full-scale CorPower C4 device will eventually be integrated into a four-system wave energy array, resulting in one of the world’s first grid-connected wave farms.
The HiWave-5 project is the result of three decades of wave hydrodynamics research and intense product development. It is the final step towards commercialization in a larger effort to make wave energy competitive with wind and solar.
CorPower Ocean says it is working on the Hi-Wave project with a wide range of international partners, including the Portuguese electricity company EDP. It aims to deliver WEC products that are certified and warrantied, propelling wave energy into the future green energy mix as a bankable technology.
