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Creation of Investor Confidence: The Top-Level Drivers for Reaching Maturity in Marine Energy

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Original languageEnglish
Pages (from-to)120-129
JournalRenewable Energy
Early online date5 Dec 2015
Publication statusPublished - Apr 2016


Electricity generation by tidal current and wave power arrays represents a radical innovation and is confronted by significant technological and financial challenges. Currently, the marine energy sector finds itself in a decisive transition phase having developed fullscale technology demonstrators but still lacking proof of the concept in a commercial project environment. In order to de-risk the technology and to accelerate the commercialisation process, we identified stakeholderwide balanced and realisable strategic targets. The objective is to name the top-level drivers for facilitating technology maturation and thus achieving market acceptance. Our analysis revealed that the two major
risks for multi-megawatt projects (funding and device performance) are directly interlinked and that co-ordinated action is required to overcome this circular relationship. As funding is required for improving device performance (and vice-versa), showcasing an "array-scale success" was identified as the interim milestone on the way towards commercial generation. We observed that system dynamics modelling is appropriate for an unbiased analysis of complex multi-level expert interview data. The applied research model was found to be efficient and allows a regular reassessment of the strategic alignment thus supporting the adaptation to a complex and continuously changing socio-technical environment.

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