Introduction
The ocean can be viewed as a renewable energy source used for various purposes. For this reason, much attention is devoted to investigating how to work with wave energy and ensure it is used for specific purposes. Advances in the given sphere will help to address nagging issues. More importantly, such projects can resolve the problem of drinking water peculiar to numerous regions. For this reason, it is vital to focus on them and acquire an enhanced vision.
Purposes of Water Energy Usage
The first main idea of the article is created around using water energy for different purposes. RME founder and CEO Bill Staby and COO Oliver Ceberio believe that RME’s water-driven desalination system, Wave2O, will help to improve the drinking water supply for such communities as Ugu, where 700,000 people have reduced access to this source (Reavis & Zuckerman, 2014). Such an ecological approach increased the attraction of the sponsors. Particularly, the Development Bank of South Africa demonstrated its interest in funding a pilot test of the project (Reavis & Zuckerman, 2014).
Moreover, the project as well focuses on producing electricity to power a specially designed desalination plant. It will help to resolve several issues simultaneously (Reavis & Zuckerman, 2014). The second approach implies private investor funding to use hydraulic power to operate this plant (Reavis & Zuckerman, 2014). Still, the choice of the approach to using wave energy depends on the expertise and opportunities associated with employing one of the chosen methods.
In such a way, the RME project will help to address several critical issues and improve the quality of people’s lives. Thus, a better understanding of wave energy is required.
Risk and Opportunities of the Wave Energy Industry
The wave energy industry is a promising area because of a growing need for energy and drinking water; however, it is also associated with a high risk of failure. While the concept of using water seems simple, there were numerous commercial failures because of environmental factors (Reavis & Zuckerman, 2014). However, the sphere remains attractive for investors and corporations focusing on finding new ways to resolve energy and water supply. As a result, RME selects another direction for the development, focusing on the market with reduced competition.
Therefore, RME’s approach to using ocean energy is unique and differs from the previous ones, making it attractive to investors.
Wave2O as a Potentially Powerful Project
Wave energy would not be cost-competitive compared to traditional ones, meaning that Wave2O becomes a potentially powerful project. The wave-energy-generated water market is becoming more important today because of the limited fresh water supply. Therefore, the best choice of the area to implement the innovation should include the population with a high demand for the resource. RME selected South Africa for launch because 21 million people live in water-stressed regions (Reavis & Zuckerman, 2014). Thus, the project would help resolve traditional issues with the drinking water supply. In addition, Wave2O consists of three components: the offshore oscillating WEC, the flow smoother/pressure intensifier, the desalination plant, and solid financial support. The investments from private investors, Mass Challenge Business plan competition, and the public sector make around $450,000 (Reavis & Zuckerman, 2014).
It concludes that RME can be a project helping to resolve a problem with energy and drinking water supply.
Conclusion
In conclusion, RME’s desalination and energy generation project is an essential step toward improving the quality of people’s lives globally. It resolves crucial social issues and contributes to providing people with essential resources. Its founders selected a unique segment focusing on producing energy to power the water desalination plant located in South Africa. It will help provide millions of people with constant access to fresh water and make projects such as RME more attractive to investors.
References
Reavis, C., & Zuckerman, E. (2014). Resolute marine energy: power in waves. Management Sloan School, pp. 12 -137.