Independent Report Validates AR3000 Cost of Energy Reduction!

October 4, 2024

A significant milestone has been reached in the tidal energy sector with the completion of a report, commissioned by the European Investment Bank (EIB), which validates the Levelised Cost of Energy (LCoE) reduction forecasts based on our AR3000 tidal energy system.

This independent report studies the 12MW tidal pilot project “NH1” currently being developed by Normandie Hydroliennes using Proteus’ innovative tidal technology, and the further LCoE reductions achievable by the next phase NH2 (~200MW). It concludes that “the LCoE reductions predicted by Normandy Hydroliennes (NH) are reasonable and, in some cases, conservative”. NH expects that an LCoE of ~150/MWh (€2020) will be achieved at the first 200MW array, aligned to the targets set by the “2030 Ocean Energy Vision” report, published in 2020.

This expectation, including allowance for inflation, has now been verified by the EIB commissioned report, which goes on to state that “the technological and scale changes present a promising outlook for the tidal energy industry, with significant cost reductions and improved efficiency. We congratulate NH on this incredible achievement!
This verification supports our modeling forecasts that the path to achieving below Europe’s SET target of €100/MWh once at 1GW of deployment is real for tidal projects that use our AR3000 systems.

As our CEO, Drew Blaxland, stated, “We’re delighted to see that Proteus’ technical innovations have been recognized as critical to reducing LCoE, and to have the forecasts verified independently. It provides a strong foundation for NH’s development plans in France and should strengthen investor confidence in tidal energy achieving large-scale arrays globally.”