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1 © MERVENTO Valtakunnalliset teknologiayrittäjyyspäivät Vaasassa 2014 Patrik Holm CTO Mervento Oy 23.10.2014
2 © MERVENTO Mervento background and ownership A well balanced ownership structure Company Mervento Oty Milestones Founded in December 2008 Spin-off from engineering office Enmac which was established in 1983 Employs approximately 20 people Located in Vaasa, Western Finland 2011 net sales 5.2 M€ from pilote turbine 2012 net sales 1.5 M€ from pilote turbine 2012 Q1: Turbine sold in 2011 erected and operational Financing up to now: 39 M€ 2004-05 2006-07 2009-11 2012 Generator DD PM 3.5 MW - The Switch Nacelle lay-out - ScanWind Generator concepts - The Switch Nacelle factory - Hollming Works PMR 3150 D&E - The Switch Tower base - The Switch Generator 1.5 MW - The Switch 2008 Enmac Engineering Office Mervento Oy Development of 3.6 MW wind turbine Pilot turbine manufacturing, assembly and transport 2013 Q1:Erection of pilot turbine Q2: Commercial operation Ownership 6 MW pre-study - Enmac Testing of the pilote turbine Seeking growth financing Preparation for Baltic Sea offshore Partnership program initiatives 2014 23.10.2014
3 © MERVENTO OPPORTUNITIES IN WIND BUSINESS Finland has one of the best education systems in the world. Finland has one of the best education systems in the world. Large machines and small volumes, typical Finnish industry. Large machines and small volumes, typical Finnish industry. In this cold country energy business is well developed and close to our hearts. In this cold country energy business is well developed and close to our hearts. The way of working in Finland supports new developments and innovations. The way of working in Finland supports new developments and innovations. 23.10.2014 BE OPEN- MINDED TRIAL AND ERROR WORK HARDER AND SMARTER BE YOURSELF, BE HUMBLE SISU COMBINATION OF COURAGE AND PERSISTANCE
4 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 23.10.2014
5 © MERVENTO Climate Change 2013 IPCC Drivers of climate change Human influence on the climate system is clear. 23.10.2014 Source: Intergovernmental Panel on Climate Change
6 © MERVENTO Climate Change 2013 IPCC Future global and regional climate change Global surface temperature change for the end of the 21st century is likely to exceed 1.5°C relative to 1850−1900 for all scenarios except RCP2.6. 23.10.2014 Source: Intergovernmental Panel on Climate Change
7 © MERVENTO Wind power within European Union Installed power 2000 - 2013 23.10.2014 In 2011 the global investments in renewables was 257 billion USD. Corresponding investments in nuclear power in 2011 was 16 billion USD.
8 © MERVENTO Wind power within European Union Installed power 2000 - 2013 23.10.2014
9 © MERVENTO Wind power within European Union Wind power share of electricity end of 2013 23.10.2014
10 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 2.Ilmastonmuutoksen hidastuminen vaatii uusiutuvaa energiatuotantoa 23.10.2014
11 © MERVENTO EP CAPEX + OPEX Energy Production OPerational EXpenditures CAPital EXpenditures = LCoE Levelized Cost of Energy Investment cost Capital cost Power Curve Availability Efficiency Own use energy Predictive maintenance Accessibility Reliability Site conditions Wind speed Rotor blade icing Weibull distribution Hub height Maintenance costs Accessability Fixed operational costs Quality Reliability Fuel costs 23.10.2014
12 © MERVENTO Facts about wind power Estimated LCoE for new generation, 2019 23.10.2014
13 © MERVENTO Facts about wind power Enormous subsidies in energy production 23.10.2014 According to IEA (International Energy Agency) was the global subsidies in 2012 $544 billion to fossil fuels and $101 billion to renewables. According to IMF (International Monetary Fund) was the global subsidies to fossil energy production in 2012 $2000 billion when tax reliefs and the cost of carbon are included. Source: European Commision (subsidies in euros) and European Wind Energy Association (installed and cumulative capacity), the rest calculated Statistics for 2011RenewablesNuclearFossilTotal Subsidies [billion €]30 billion €35 billion €70 billion €135 billion € Subsidies [%]22 %26 %52 %100 % Installed capacity [MW]32 043 MW331 MW12 565 MW44 939 MW Installed capacity [%]71 %1 %28 %100 % Cumulative capacity [MW]357 993 MW122 328 MW419 933 MW900 254 MW Cumulative capacity [%]40 %13 %47 %100 % Assumed capacity factor45 %85 % 69% Subsidies [€/MWh]21 €/MWh38 €/MWh22 €/MWh25 €/MWh
14 © MERVENTO Facts about wind power Environmental impact Different kind of emissions causes socio-environmental costs to the society: 23.10.2014
15 © MERVENTO = TCoE Total Cost of Energy Investment cost Capital cost Power Curve Availability Efficiency Own use energy Predictive maintenance Accessibility Reliability Site conditions Wind speed Rotor blade icing Weibull distribution Hub height Maintenance costs Accessability Fixed operational costs Quality Reliability Fuel costs Emissions Pollutions Waste Accidents Ecosystem Climate change Human health Buildings Crops Mortality Morbidity Investment support Tax reductions Feed-in Tariff Direct support EP CAPEX + OPEX + DS + SEC - SEB Energy Production OPerational EXpenditures CAPital EXpenditures Direct Subcidies Socio-Environmental Costs Socio-Economic Benefit Corporate income tax Wage tax Avoided Unemployment compensation 23.10.2014
16 © MERVENTO Facts about wind power Total costs for generated electricity 23.10.2014 Source: Data collected from different sources by Patrik Holm, Mervento
17 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 2.Ilmastonmuutoksen hidastuminen vaatii uusiutuvaa energiatuotantoa 3.Tuulivoima on kustannustehokas tapa tuottaa sähköä 23.10.2014
18 © MERVENTO Wind power is a sustainable and renewable energy resource that reduces the usage of fossile fuels, that has an environmental and an economical impact through avoided socio-environmental damage. Wind power gives additional Energy, with smallest possible Environmental impact, with a superior total Economy and with increased Employment. 4E 23.10.2014
19 © MERVENTO Employment effect on TCoE The benefit for the society 23.10.2014 2 M€/MW 20 y * 2500 MWh/MW/y = 40 €/MWh 4 M€/MW 25 y * 4000 MWh/MW/y = 40 €/MWh In onshore the effect on employment is 20 my/MW Annual energy production is approximately 2500 MWh/MW The total investment cost is almost 2 M€/MW Economical life time is 20 years The Socio-Economic Benefit is: In offshore the effect on employment is 40 my/MW Annual energy production is approximately 4000 MWh/MW The total investment cost is almost 4 M€/MW Economical life time is 25 years The Socio-Economic Benefit is:
20 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 2.Ilmastonmuutoksen hidastuminen vaatii uusiutuvaa energiatuotantoa 3.Tuulivoima on kustannustehokas tapa tuottaa sähköä 4.Tuulivoima-ala luo uusia työpaikkoja 23.10.2014
21 © MERVENTO Status in Finland Economy is not recovering Finland is importing 20% of its electricity Finland is importing 70% of its energy Finlands import is larger than the export resulting in increased state debt Industrial work places in Finland is decreasing continuously, less tax payers Domestic services does not increase the GDP nor the export 23.10.2014
22 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 2.Ilmastonmuutoksen hidastuminen vaatii uusiutuvaa energiatuotantoa 3.Tuulivoima on kustannustehokas tapa tuottaa sähköä 4.Tuulivoima-ala luo uusia työpaikkoja 5.Suomen sähköntuontia tulisi vähentää 6.Suomen tulisi olla omavaraisempi energian tuotannossa 7.Suomen vientiä tulisi kasvattaa tuontia isommaksi 8.Sähkön kulutus kasvaa maailmanlaajuisesti 23.10.2014
23 © MERVENTO Mervento turbine – Direct Reliability Value analysis HIGH PERFORMANCE ALL INCLUDED Best power curve in its class Elevated hub height High availability Future proof grid compliance Minimized own energy consumption Designed for Cold Climate CMS / CBM / SCADA / Remote monitoring Service winches (3 pcs), Service lift Comprehensive operation and service training Easy maintenance State-of-the-art service contracts Equipped for Cold Climate LOW O&M COST Direct Drive Medium Voltage Permanent Magnet generator Reliable and maintenance friendly Turbine Station concept Designed and built for cold climate operation Hydraulic actuators (Pitch, Yaw, Brake) Preventive Condition Monitoring System Manufactured for Cold Climate SUBSTANTIAL REVENUE LOW TOTAL COST OF OWNERSHIP HIGH VALUE ADDED STRONG RETURN ON INVESTMENT 14.10.2014
24 © MERVENTO Miksi tuulivoimateknologiayrittäjyyttä: 1.Suomen koulutusjärjestelmä ja teollisuus soveluvat siihen 2.Ilmastonmuutoksen hidastuminen vaatii uusiutuvaa energiatuotantoa 3.Tuulivoima on kustannustehokas tapa tuottaa sähköä 4.Tuulivoima-ala luo uusia työpaikkoja 5.Suomen sähköntuontia tulisi vähentää 6.Suomen tulisi olla omavaraisempi energian tuotannossa 7.Suomen vientiä tulisi kasvattaa tuontia isommaksi 8.Sähkön kulutus kasvaa maailmanlaajuisesti 9.Merventon turbiinilla saa parhaan tuoton sijoitetulle pääomalle 23.10.2014
25 © MERVENTO Status in Finland Finnish politics High part of renewables through pulp and paper industry Own fuel resources that are not utilized; wind, solar, geothermal, biomass, biogas etc Forecasted continuous growth in electricity consumption Only developed country in the world that is investing in nuclear power on the same time that many countries have decided to not invest in nuclear power anymore Technologies are developed from strong home markets 23.10.2014
26 © MERVENTO Why to be a wind power entreprenour? 23.10.2014 OppurtunitiesChallenges Sustainable energy production methodFinland invest in nuclear power Reduced amount of CO2 in energy productionNuclear has the second highest CO2 emission when considering the construction time and materials No waste from energy productíonNeed to store the waste for 100 000 years, no proven solution available yet No water consumptionHuge water consumption for cooling 65% of the produced energy The Total Cost of Energy is lowest on marketWind power subsidies through Feed-in-Tariff, other energy production subsidies not presented Domestic industry creates local work placesImported wind turbines gives 10 – 20% of the work places in Finland. Local content of nuclear power is less. Strong home market enables future exportIncentives for wind power started 20 years in the rest of the developed world and elevated FIT forces to import the technology. Constructing nuclear power in Finland does not result in any export. Less independence on imported electricity, short construction time Constructing nuclear power plants that will produce energy after 10 – 15 years Less independence on energy from abroad by using domestic fuel Importing nuclear fuel, oil and gas from Russia An industrial investment of 100 million euro results in thousands of work places and thousands of millions of GDP Difficult to find 100 million euro for an industrial investment in Finland but many are ready to invest 7000 – 9000 million euro in electricity production capacity by nuclear power without knowing when the production starts and to which cost.
27 © MERVENTO The energy consumption continues to increase The days of cheap and abundantly energy are over We now live in an era of change in energy production towards sustainable energy production methods 23.10.2014
28 © MERVENTO The energy production will be increasingly with more renewables The energy production will not increase in developed countries despite the higher living standard due to better energy efficiency The energy production will be more distributed, even the consumers produces their own electricity The electricity will be more important in the energy field including the traffic The energy production, distribution and consumption will be more smart 23.10.2014
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