Commercial in Confidence PWP – Business Model Component Suppliers, Sub- contractors and Fabricators Pelamis Wave Power Technology provider. Pelamis design, procurement, Patented concept. assembly, installation, operation 45 staff covering all elements. & maintenance Incorporated 1998 Project ~£45m invested Development ~£19m sales ~£10m grants Power Generation Projects Only company in sector to have secured Electricity Markets supply contracts. 6 full-scale machines built & grid connected. Proven, scaleable & familiar business model 2 Commercial in Confidence
Commercial in Confidence PELAMIS – Fundamental Principles Survivability principles Absorption principles Engineering embodiment Construction and O&M strategyPELAMIS IS A UNIQUE COMBINATION OF THESE ESSENTIAL PRINCIPLES Commercial in Confidence
Cost of Energy forecast to match Offshore Wind Levelised cost of energy 2 MW 1,400 1,200 1,000 2 MW 800 Profitable at 5 ROC’s 600 Offshore wind R3 2009-17 400 10 MW (approx.) Source: Mott MacDonald, 2010 50 MW 100 MW 200 0 2008 2011 2014 2017 2020 Historic LCoE Forecast LCoE Each of the customers completed LCoE DD prior to proceeding. All analysis based on validated cost & yield inputs from real “ B&V’s recent appraisal of Pelamis’ LCoE machines – unique in sector. trajectory agrees with PWP’s estimates to within c.10% , this is clear indication Detailed LCoE validation study completed by Black & Veatch. of the high level of confidence in PWP With the right partner we believe we can further accelerate this plan. LCoE modelling ” – B&V December 2011 8 Commercial in Confidence
CF16539GG 1 Scottish Context - Projects in DevelopmentClient Pelamis Projects: Orkney North [50MW], Orkney. E.ON Marwick [49.5MW], Orkney. ScottishPower RenewablesJoint Ventures: Aegir [10MW], Shetland. Vattenfall.Pelamis Wave Power Projects: Farr Point [50MW], Sutherland. Bernera [10MW], Western Isles.Project Pipeline – 200MW with Agreement for Lease from The Crown Estate. Context to de-risk & commercialise Pelamis product for global market. Commercial in Confidence 9
Current Strategic Investment Process Customer demand has prompted the search for an industrial partner. Three of the world’s largest renewables generators are working with us and have been for several years. Pelamis has generated £19m revenues to date. The key requirement for a mass roll out is a strategic partner with complementary skills, capabilities and long term vision. Customers now driving the need for a solid supplier to deliver product. 3+ years to get product rolling – timing is right now . Commercial in Confidence 10
CF16539GG 1www.pelamiswave.comFacebook Commercial in Confidence 11
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