Highlights
- The Normandy tidal stream farm project, FloWatt, developed by HydroQuest, the global leader in marine tidal turbines, and by the energy specialist Qair, has been selected among the 85 innovating projects supported by the European Commission within the framework of the Innovation Fund
- This selection recognizes the strategic role of the FloWatt project in European carbon neutrality objectives, its technological and financial maturity, and its strong replicability potential
FloWatt has been selected by the fund due to its technological maturity, the robustness of its business model and high replicability potential.
The successful development and installation of the 1 MW HydroQuest prototype, the precursor to the turbines deployed on FloWatt, proves the technical soundness of the project. In addition, cash flow projections over the project's lifetime, investment estimates and the potential revenue provided by a preferential feed-in tariff for the electricity generated confirm the project's economic viability.
Finally, the Fund favorably assesses the business development strategy of HydroQuest, whose technology is designed to be deployed in other facilities, notably at the Raz Blanchard in Normandy, in the Fromveur passage in Brittany and internationally, with an expected significant impact on the reduction of CO emissions.
A support for industry expansion
With this support, HydroQuest will be able to accelerate the industrial and commercial development of its first FloWatt tidal stream farm, located at Raz Blanchard near Cherbourg, in Normandy. This fully submerged, 17 MW tidal stream farm is scheduled to be commissioned in 2027 to provide renewable electricity for approximately 20,000 residents over 20 years with minimal social and environmental impact.
The technical and economic potential of tidal stream energy, in France alone, is estimated at over 5 GW, equivalent to the electricity needs of around 8 million French people. In the long term, it will create 6,000 jobs that cannot be relocated.
Tidal stream energy, a mature technology ready to scale up
Based exclusively on tidal currents known years in advance, tidal turbines offer decarbonized, fully predictable electrical energy, 365 days a year. This predictability facilitates grid management and represents a major asset for the decarbonization of the European energy mix. Tidal turbines also benefit from a robust technological base, using already mature components from the naval and wind power industries, and benefiting from several protype phases that have validated their performance.
Thanks to economies of scale, similar to the cost reduction trajectory of all other renewable energies, the cost of tidal power will reach 80 euros per MWh from the first gigawatt installed. This reduction will be supported by an increase in the size of tidal turbines and the deployment of large-scale tidal stream farms.
Guillaume Gréau, HydroQuest's Head of Business Development, stated: "Selecting FloWatt among the winners of the European Union Innovation Fund is a major acknowledgment of the technological and economic maturity of tidal stream energy. Tidal stream energy offers a renewable, predictable, and competitive source of electricity, with costs below 80 per MWh from the first gigawatt installed. On a national scale, it's time to initiate the commercial deployment of tidal stream energy in France, with a commitment from the government to set a concrete target of 1 GW of operational projects by 2035, followed by 5 GW by 2050".
About HydroQuest - https://www.hydroquest.fr/en/
Founded in 2010, HydroQuest designs tidal turbines that harness the potential of tidal stream energy to produce 100% predictable renewable electricity. Protected by 8 patents, HydroQuest's robust technology offers a solution with very low environmental impact and high societal acceptance, with its tidal turbines fully submerged and invisible from the coast.
Contacts
NewCap
Gaëlle Fromaigeat
06 58 16 33 76
gfromaigeat@newcap.fr
Nicolas Merigeau
01 44 71 94 98
nmerigeau@newcap.fr
