Location: Haugesund, Norway Growth Phase: Early
Funding Needs (NOK): MIN: 1 000 000 – MAX: 50 000 000
The Business Idea
Tidal Sails brings to market a ground breaking technology to extract kinetic energy from slow moving water, by combining the ancient principles of ocean sailing with state of the art alpine ropeway technology, to generate low cost electricity.
Tidal Sails resilient and extremely low weight technology platform is adaptable to most locations and is protected by a set of patents worldwide. The slow-moving sails, (6knots) 15 meter underneath the surface, are considered harmless to fish and sea mammals, and do not interfere with shipping lanes. The autonomous Self Adjustable & Variable Pitch Sail Control System assures optimal pitch according to current speed and direction. In strong currents with concurrent high sideways loads, excess power is effectively bled off in order not to compromise the structural integrity of the ropeway system – similar to easing out the main sail to prevent overpowering the sailboat in strong winds. Consequently, an efficient Peak Shaving is also achieved!
Is the Founder, Chairman & CEO of Tidal Sails AS is a former pilot turned entrepreneur and innovator. He served as a Wideroe Airline Commander, where he was employed for 23 years. His background encompasses the Royal Norwegian Army – Officer School, and North American Institute of Aviation, where he graduated as a commercial pilot. He has since taken classes in philosophy and psychology at the University of Tromsø, and University College of Haugesund, Norway. He holds several patents to his name and has spoken at numerous tidal conferences across the world for over a decade.
Is the CTO of Tidal Sails AS. He graduated in 2011 from Université Libre de Bruxelles in Belgium and holds a Master’s Degree in Aeronautics / Fluid Mechanics. Over the last couple of years, Ivan has mainly worked for the marine industry across Europe and has quickly acquired a multidisciplinary skillset including various technical fields of expertise (CFD, hydrodynamics, automation, concept design, 3D modelling, etc.), commercial awareness, product development and research and development. On the side, his multiple passions for boats, skiing and kiting give him additional knowledge when it comes to the technical development of Tidal Sails. Ivan has joined the team in April 2020.
Also with background from regatta sailing, graduated with Honours in 1987 BEng in Civil Engineering, Univ. of Strathclyde, Glasgow. In 1994, he received his Diploma from the Norwegian Business School (BI) From 1987-2003 a range of exams within higher mathematics, combustion, pollution and fire related topics as part of his PhD within Turbulent Gas Jet Fires. 1997-2004 he held the position of assistant professor in Fire Engineering at Stord/Haugesund University He was the first CTO of Tidal Sails in 2004, and he identified the exceptional energy extraction capacity of the technology. He since worked as CTO for Westcon, and then for Statoil. He is now back in Tidal Sails as an eager COO and project manager.
Holds a degree in mechanical engineering and an MSc in Industrial Economics and Technology Management from the Norwegian Institute of Technology (NTH). Bendik is also a graduate from one of the Royal Norwegian Army – Officer Schools, and has since held a number of financial controller positions.
Jan Petter Holm, Controller
Holds a MBA from Norwegian School of Economics and Administration, early investor in Tidal Sails AS, former CFO of Tidal Sails AS – now supporting the company with business strategy, SkatteFUNN R&D tax incentive scheme and shareholders register, working full time as Senior Economic Adviser in Norwegian Maritime Authority in Haugesund, Norway. Great passion for following world economic macro trends and investing in the technology, material sector and in the crypto space. Trading weekly including using options strategies on the NY Stock Exchange.
Holds a degree in Political Science from the University of Oslo and an MSc in Political Economy from the BI Norwegian Business School which, along with his background in public administration, has given him a firm understanding of political and bureaucratic processes. Erik joined Tidal Sails as CIO in 2012.
Holds a Bachelors-Degree from Kristiania University College in marketing and brand management. During her studies She has been involved in several projects involving green ways of living, thinking and eating. She has gained experience working as a marketing coordinator of events. Three years with JCP Nordic. Her role is coordinating marketing activities and working with sub- contractors in this important aspect of the project and educational outreach activities
Holds a Master-degree in Finance Law from Mykolas Romeris University, Vilnius, Lithuania. Ula started her career as a compliance auditor in the Lithuanian public sector, later on she worked for a few worldwide known financial institutions and banks. The last six years Ula worked in developing EU fisheries and maritime policy at the Directorate-General for Maritime Affairs and Fisheries at European Commission in Brussels, Belgium. One of her main responsibilities was preparation of EU legislation. Often, she had to present her draft legislation at the European Parliament. Consequently, she has an in-depth knowledge of EU institutional, legal and procedural frameworks.
Holds a Bachelor- degree in Computer Engineering from Florida State University. After finishing her studies as Best in Class, she has worked as an Embedded Software Engineer programming satellites for NASA via Harris.
Is the founder and general manager of contaxx Ltd in Switzerland with offices in Austria and Oman. Decades of experience in the ropeway industry as a senior engineer and head of development at Doppelmayr / Garaventa. Inventor of over 30 patents. Establishing his own company with a focus on development and new technologies. Especially new applications of composite solutions in different areas. Cooperation with manufacturers of high-end 3D printers and ballistic armored plates for people and vehicles.
Helge is trained technician in IT and telecommunications and involved in digitizing the Norwegian telecommunications network. 15 years of sales management. He has been the CEO and board member in several industries over the past 27 years. His administrative expertise includes streamlining of projects, concepts, consulting, business establishment, capital expansion, and the financial facilitation of companies through firm auditing.
The Market Potential
*beginning non-commercial revenue from the FTI demo plant installed in middle of this year.
The above numbers are example output from a sophisticated spreadsheet model developed by Tidal Sails to plan its business development, for a balanced scenario of Business models 1 and 2.
Potential end customers are those who desire a reduction in their energy costs and have access to reliable, affordable renewable energy sources with low environmental impacts. Power utilities and local authorities can benefit from a reliable and affordable energy source to improve grid reliability, and also to offer an off- grid supply. This is important not only for utilities, but also rural, island communities in maritime regions and businesses like fish farms, resorts, ferry charging stations, lighthouses.
All potential customers seek:
- Reliable and sustainable energy supplies
- Competitive cost of electricity without the need for public subsidy
- Reduced environmental impacts
With our innovative solution we will be able to offer this at lowest price in the market, without subsidies.
Over the past decade, Tidal Sails and its trusted partners have concluded an extensive portfolio of research, with close to €20m invested, 5 patent families and is now into the 4th generation prototypes. It is the time to take the next steps to bring this promising technology to market. Tidal energy has the potential to play a significant role in the future energy system, whilst contributing to the reduction of carbon emissions and stimulating economic growth in coastal and remote areas.
Market analysis and networking already identifies potential specific locations for uptake across Europe and beyond, and discussions already initiated with end users. While Norway has a limited potential for tidal stream power, and abundant hydro and wind resources, with low-cost sails there could be 5 TWh per year of commercial potential.
Check out the funding assessment of Tidal Sails conducted by a panel of experts from the EU and the USA in connection with €2.5m EU grant and €15m EU investment potential.
The probability of financing within 6-9 months. is estimated at 91%.
The company collaborates with eager technological and industrial partners to ensure qualified modeling, optimal solutions and right material before deploying costly full- scale installations. Tidal Sails has carried out a range of theoretical and numerical studies over the years. These have been validated via several prototypes and test rigs, which has resulted in four major technology generation leaps since the drag based “Classic” was patented in 2003. (Read more about Our History).
Tidal Sails 4th generation, “BeamReach” (norsk seilbegrep: bidevind) installation will be installed perpendicular to the current, well beneath shipping lanes. The sails pull the ropes as they “reach” (sailing term) across the current, “jibe” about the first station, then “reach” back, before “beating” about the opposite station, effectively generating electricity via large direct drive generators in the two stations.
The “BeamReach” yields about the same efficiency per swept area as competitors, but can sweep a much larger area, while generating exceptional low-cost electricity. Advanced modeling by Global Maritime indicates 40 times better “cost to capacity” ratio than competitors in 3knots currents.
As the exploitable tidal resource increase by a low estimate of at least 7 times for each knot less required to reach rated power, this is Tidal Sails single most competitive advantage. Competing technologies typically require 5-7knots before reaching their rated power.
Norwegian Coastal Administration-Exclusive Sponsorship Agreement: The Norwegian Coastal Administration is an agency of the Ministry of Transport and Communication responsible for services related to maritime safety, maritime infrastructure, transport planning and efficiency, and emergency response to acute pollution. In this project the main interest is on development of renewable energies in support of maritime infrastructure and maritime monitoring. (Contributing 3man months into the Tidal Sails full scale demonstration project.)