NAVITAS Techno-financial Project software for renewable energy Michael O’Connor HMRC

Presentation Outline Navitas Commercialisation Project NAVITAS Software Product Functionality, Modules Flow charts Sample graphical results Current status & future plans

What is Navitas? Techno-financial evaluation tool Calculates Energy Output & Financial Returns What is the best device at your location What is the best location for your device Optimal MW size of your project What level of REFIT support is required How long will it take for the project to produce a return Originally developed in Excel as an in-house research tool.

NAVITAS – Academic papers 1. Dalton G J, Alcorn R, Lewis T, (2010) “Economic assessment of the Pelamis wave energy converter, in Ireland, Portugal and North America”. Renewable Energy: 35:2: p Dalton G J, O’Gallachoir B. (2010) “Building a wave energy policy focusing on innovation, manufacturing and deployment.” Renewable and sustainable energy reviews. 14:8: p O’Sullivan D, Dalton GJ, Lewis T. (2010) “Regulatory, technical and financial challenges in the grid connection of wave energy devices”. IET Renewable Power Generation. 4:6: Dalton GJ, Lewis T. (2011) “Metrics for measuring job creation by renewable energy technologies, using Ireland as a case study”. Renewable and Sustainable Energy Reviews: 15:4: Dalton GJ, Alcorn R, Lewis T. (2011) “A 10 year installation program for wave energy in Ireland, a sensitivity analysis on financial returns”. Renewable Energy;, 40:1: Dalton GJ. (2011) “Why wave energy”. OES IA Annual Report Implementing agreement on ocean energy systems. pg Deane JP, Dalton G J, O’Gallachoir B “Economics of 500MW of Wave Energy in the All Island System”. Energy Policy. In Press. 8. O’Connor M, Lewis T., Dalton GJ. “Weather windows for operation and maintenance”. Renewable Energy; in review. 9. O’Connor M, Lewis T., Dalton GJ. “Techno-economic performance of the Pelamis P1 and Wavestar at different ratings and various locations in Europe”, Renewable Energy; in review. 10. O’Connor M, Lewis T., Dalton GJ. "Operational expenditure costs for wave energy projects and impacts on financial returns". Renewable Energy. in review.

NAVITAS – sample users to date SectorCompanyProject EU FP7WaveplamCase study Industry Association MRIACase study UtilityBord GaisTidal feasibility Irish Government - SEAI MPTFeasibility Wave energy companies WaveStarCase study BensonFeasibility (SEAI) SeapowerFeasibility (SEAI) Ocean Energy BuoyJobs/MW

Commercialistion Project Enterprise Ireland funded €350,000 over two years Develop and Commercialisation existing HMRC in – house tool into a commercially available software product Transfer to more flexible, powerful and user friendly platform Stage 1: Jan 2012-March 2013 Stage2: April 2013-Dec 2013

Gordon Dalton PI & Manager Chris O’Donoghue Software Engineer Steve Prestwich Optimisation Specialist Steve Prestwich Optimisation Specialist Tony Dalton Commercial Advisor Tony Dalton Commercial Advisor Chris McCarthy Software Consultant Chris McCarthy Software Consultant Ray Alcorn Project Consultant & Industry Liaison Ray Alcorn Project Consultant & Industry Liaison Private Consultants HMRC UCC Slavomir Krupa Software Architect Slavomir Krupa Software Architect Computer Science Depart Michael O’Connor Technical Expert Navitas Team

Navitas experience 4 years in development 3 years in Excel 1 year in new platform software development 2 technical engineers 2 software engineers 5 postgraduate+4 undergrad thesis contributions 6 summer interns

NAVITAS – modeling options Offshore wind +wave Offshore wind + tide Wave +tide Wind+wave+tide Hybrid modelling Offshore wind Wave Tidal Hybrid device

NAVITAS – modular product Target marketFeatures NAVITAS Lite Trial use, pre project planningPre defined user inputs Selection of locations and devices NAVITAS enterprise Designers, developers, advisors, financiers o Pre project planning, o project implementation, o post project monitoring User inputs in all modules 8 extra available modules Optimisation

Energy Calc AEO CORE Limited in Lite Full in Enterprise Enterprise Only ResourceDevice Cash Flow Results OPEX Cable/Piping Device Cost Financial Inputs Moorings/ Foundations Weather Windows Install O&M Debt Equity Tax Sensitivity/ Risk Power Optimis- ation Project Planner NAVITAS Flow Chart

Device Details

Technical inputs - Devices Lite – 15 device types (permissions confirmed) Wave, wind, tide Power curves or matrices. Enterprise – User input option

Location Details

Technical inputs - Resource Lite – 15 locations around the world Wave, wind, tide Summary data or detailed hourly data Up to 15 years data Enterprise – User input option

Project Dashboard

Technical outputs – Financial results

Current Status Half way through two year commercialisation process Stage 1 complete: Navitas Lite Stage 2 underway to complete Enterprise Modules Trial of Lite will commence August 2013 Enterprise Trials end of year Commercial Release early 2014 Cost: dependent on ongoing marketing studies

Future Plans Post 2013 Navitas Bank Project finance raising stage Full financial inputs and outputs Profit loss, balance sheets Navitas Microgrid Onshore wind Integrate with HMRC Seagrid Cloud based?

Any Questions