Company Profile, history of the project
Michele Grassi, born in 1970, has a degree in Mathematics from Scuola Normale Superiore di Pisa and a PhD in Mathematics from the University of California Los Angeles. He also studied for some time in Oxford, UK. In 2005 he had an idea for an innovative method for extracting energy from waves.
After the initial preliminary studies, in 2008 he created 40South Energy Ltd in London to complete development of the Intellectual Property, to fabricate and to commercialise the machines globally. The Italian subsidiary 40South Energy Srl carries out some development and construction, mainly related to the mechanical components. The UK company has recently expanded its presence, opening an office in Plymouth. 40South Energy has a special relationship with Plymouth University and collaborators from Exeter University. From the Plymouth office it will be easier to coordinate the various projects planned for the South West of the UK, among which the Scilly Airport WEP.
The machines that we build constitute a generation jump with respect to the previous ones, in terms of survivability, reliability, load factor and cost.
In 2010 the Italian bank Monte dei Paschi di Siena provided a loan to finance the construction of the first full scale pre-commercial prototype of a 150kW machine. In the summer of 2010 Zurich agreed to insure our machines (for damages against third parties), due to the intrinsic multi-layered security measures (both active and passive) incorporated already in the D100t prototype deployed and tested offshore during that summer.
During 2011 we tested offshore the second generation of full scale machine, the 150kW unit called Y25t. Its operation allowed us to validate completely the computerised “wave to wire” model that we use to forecast the behaviour of machines at sea.
During 2012 we sold the first R115/150kW machine to Enel Green Power, one of the major renewables players in the world.
During 2013 we are delivering the first R115 machine (sold to Enel Green Power) and we are also receiving orders for R115 machines from other clients. We are also expanding the projects from the current ones in the UK and in Italy to several other locations around the world, where we have customers interested in developing Wave Energy Parks based on our R115 machines.
From a technological point of view we are developing an intermediate prototype, called R380/500kW, useful towards the design of the next generation machine, also using to finance part of this project a grant to 40South Energy Srl from Regione Toscana. The R380/500kW will serve as the basis platform for the R1300/2MW machine, our second commercial offering which we expect to launch commercially during 2014.
We are building our network of partners mainly around Europe and India, to set up assembly, distribution and O&M in the various markets (segmented by geography and by power rating of the machines)