Global ocean energy an untapped resource worth an estimated $1 trillion, experts claim

London-based Atlantis Resources Corporation recently unveiled its largest and most powerful tidal power turbine to date: the AK1000. At 22.5 meters (67.5 feet) high, 130 metric tons, and featuring a rotor diameter of 18 meters (54 feet), the turbine has the ability to generate a whopping 1 megawatt of energy at a water velocity of 2.65 meters per second (7.95 feet per second). Installation is slated for the end of this year at the European Marine Energy Center in Orkney, Scotland.

The introduction of the massive AK1000 is significant for a number of reasons. According to the analyst firm Frost & Sullivan, global wave energy resources have the potential to produce as much as 6,000 terrawatt hours of clean power per year. This is double the energy production of global nuclear power. In addition, the firm estimates the global ocean energy industry could be worth up to $1 trillion. Looking specifically at the development of the AK1000, nearly $8 million has been injected into Britain’s economy, creating renewable energy jobs across a host of sectors, including design, engineering, fabrication and project management.

The key to the viability of this energy sector is the ability of companies to develop devices and technologies that can withstand the harsh conditions at sea. Yet for those committed to braving the challenges, the future of the ocean energy industry appears bright. States Timothy Cornelius, chief executive of Atlantis Resources, “Today is not just about our technology, it is about the emergence of tidal power as a viable asset class that will require the development of local supply chains employing local people to deliver sustainable energy to the local grid.”