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Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies

Gordon Dalton, Tamás Bardócz, Mike Blanch, David Campbell, Kate Johnson, Gareth Lawrence, Theodore Lilas, Erik Friis-Madsen, Frank Neumann, Nikitakos Nikitas, Saul Torres Ortega, Dimitris Pletsas, Pedro Diaz Simal, Hans Christian Sørensen, Afroula Stefanakou, Ian Masters Orcid Logo

Renewable and Sustainable Energy Reviews, Volume: 107, Pages: 338 - 359

Swansea University Author: Ian Masters Orcid Logo

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DOI (Published version): 10.1016/j.rser.2019.01.060

Abstract

Highlights• A comprehensive history of multiple use of space blue growth.• New metrics for comparing salmon to megawatts are presented.• Method and criteria for ranking potential investments in blue growth business models.• Profitable case studies described involving electricity, water, mussels and...

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Published in: Renewable and Sustainable Energy Reviews
ISSN: 13640321
Published: 2019
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URI: https://cronfa.swan.ac.uk/Record/cronfa49196
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spelling 2019-03-28T16:13:44.1534051 v2 49196 2019-03-13 Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies 6fa19551092853928cde0e6d5fac48a1 0000-0001-7667-6670 Ian Masters Ian Masters true false 2019-03-13 ACEM Highlights• A comprehensive history of multiple use of space blue growth.• New metrics for comparing salmon to megawatts are presented.• Method and criteria for ranking potential investments in blue growth business models.• Profitable case studies described involving electricity, water, mussels and fish.Blue Growth is the creation of economic activity and jobs at sea, while multiple use of space makes efficient use of the available sea area by combining industries. Clearly there are many combinations and many value propositions. However, most technologies to date are considered blue sky concepts, with little robust techno-economic analysis demonstrating profitability.AbstractThe paper begins by providing a comprehensive review of Blue Growth and multi-use in Blue Growth; both in policy as well as the wide range of current technologies, including ocean energy, offshore wind energy, offshore aquaculture and desalination.The Maribe H2020 project provides the vehicle for the research element of the paper. The major contribution is a new methodology for selecting, filtering, developing and ranking business propositions for multiple-use of space (MUS) and multi-use platforms (MUP). Application of the method for the first time identified three case studies where Blue Growth combination projects can be economically viable, with attractive internal rate of return (IRRs). Results presented for the case studies report standard investment metrics and show the relative contribution of each product (energy, food, water) to the system profitability, as well as socio-economic impact. Existing companies were fully engaged in the process. Co-creation between sector experts and industry led to both improved business value propositions and robust assessment of investment readiness. In contrast to the presumption that large scale platforms are commercially attractive, the highest ranking case study companies required smaller capital expenditure (CAPEX) and operated in niche subsectors.In conclusion, the positive economic performance of the case studies should provide confidence for the EC as well as investors that MUS and MUP have viable economic futures leading towards commercialisation. The macro and micro assessment methods will be particularly useful in other Blue Economy contexts and in other multiple product contexts. Journal Article Renewable and Sustainable Energy Reviews 107 338 359 13640321 Blue Growth, Multiple-use of space, Multi-use platform, Techno-economics, Ocean energy, Aquaculture, Marine Energy 30 6 2019 2019-06-30 10.1016/j.rser.2019.01.060 COLLEGE NANME Aerospace, Civil, Electrical, and Mechanical Engineering COLLEGE CODE ACEM Swansea University UKRI, EP/P008682/1 2019-03-28T16:13:44.1534051 2019-03-13T15:44:58.2659232 Faculty of Science and Engineering School of Aerospace, Civil, Electrical, General and Mechanical Engineering - Mechanical Engineering Gordon Dalton 1 Tamás Bardócz 2 Mike Blanch 3 David Campbell 4 Kate Johnson 5 Gareth Lawrence 6 Theodore Lilas 7 Erik Friis-Madsen 8 Frank Neumann 9 Nikitakos Nikitas 10 Saul Torres Ortega 11 Dimitris Pletsas 12 Pedro Diaz Simal 13 Hans Christian Sørensen 14 Afroula Stefanakou 15 Ian Masters 0000-0001-7667-6670 16 0049196-18032019101825.pdf RSER2019_Dalton_Maribe.pdf 2019-03-18T10:18:25.8570000 Output 5388286 application/pdf Version of Record true 2019-03-18T00:00:00.0000000 Released under the terms of a Creative Commons Attribution License (CC-BY). true eng
title Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
spellingShingle Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
Ian Masters
title_short Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
title_full Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
title_fullStr Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
title_full_unstemmed Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
title_sort Feasibility of investment in Blue Growth multiple-use of space and multi-use platform projects; results of a novel assessment approach and case studies
author_id_str_mv 6fa19551092853928cde0e6d5fac48a1
author_id_fullname_str_mv 6fa19551092853928cde0e6d5fac48a1_***_Ian Masters
author Ian Masters
author2 Gordon Dalton
Tamás Bardócz
Mike Blanch
David Campbell
Kate Johnson
Gareth Lawrence
Theodore Lilas
Erik Friis-Madsen
Frank Neumann
Nikitakos Nikitas
Saul Torres Ortega
Dimitris Pletsas
Pedro Diaz Simal
Hans Christian Sørensen
Afroula Stefanakou
Ian Masters
format Journal article
container_title Renewable and Sustainable Energy Reviews
container_volume 107
container_start_page 338
publishDate 2019
institution Swansea University
issn 13640321
doi_str_mv 10.1016/j.rser.2019.01.060
college_str Faculty of Science and Engineering
hierarchytype
hierarchy_top_id facultyofscienceandengineering
hierarchy_top_title Faculty of Science and Engineering
hierarchy_parent_id facultyofscienceandengineering
hierarchy_parent_title Faculty of Science and Engineering
department_str School of Aerospace, Civil, Electrical, General and Mechanical Engineering - Mechanical Engineering{{{_:::_}}}Faculty of Science and Engineering{{{_:::_}}}School of Aerospace, Civil, Electrical, General and Mechanical Engineering - Mechanical Engineering
document_store_str 1
active_str 0
description Highlights• A comprehensive history of multiple use of space blue growth.• New metrics for comparing salmon to megawatts are presented.• Method and criteria for ranking potential investments in blue growth business models.• Profitable case studies described involving electricity, water, mussels and fish.Blue Growth is the creation of economic activity and jobs at sea, while multiple use of space makes efficient use of the available sea area by combining industries. Clearly there are many combinations and many value propositions. However, most technologies to date are considered blue sky concepts, with little robust techno-economic analysis demonstrating profitability.AbstractThe paper begins by providing a comprehensive review of Blue Growth and multi-use in Blue Growth; both in policy as well as the wide range of current technologies, including ocean energy, offshore wind energy, offshore aquaculture and desalination.The Maribe H2020 project provides the vehicle for the research element of the paper. The major contribution is a new methodology for selecting, filtering, developing and ranking business propositions for multiple-use of space (MUS) and multi-use platforms (MUP). Application of the method for the first time identified three case studies where Blue Growth combination projects can be economically viable, with attractive internal rate of return (IRRs). Results presented for the case studies report standard investment metrics and show the relative contribution of each product (energy, food, water) to the system profitability, as well as socio-economic impact. Existing companies were fully engaged in the process. Co-creation between sector experts and industry led to both improved business value propositions and robust assessment of investment readiness. In contrast to the presumption that large scale platforms are commercially attractive, the highest ranking case study companies required smaller capital expenditure (CAPEX) and operated in niche subsectors.In conclusion, the positive economic performance of the case studies should provide confidence for the EC as well as investors that MUS and MUP have viable economic futures leading towards commercialisation. The macro and micro assessment methods will be particularly useful in other Blue Economy contexts and in other multiple product contexts.
published_date 2019-06-30T07:41:49Z
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score 11.3254

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