Elemental Energy Technologies Ltd (EET) continues to disrupt the marine renewable energy market with the release of the MAKO-ERG, an adaption of its award-winning marine turbine for the constantly flowing outlet channels and tailraces at dams and power stations.
The constant flows of water at these sites are ideal for hydro turbines to operate, which results in very high margins for EET.Power stations and hydro dams are typically large sites, resulting in excellent opportunities to scale-up production and set-up EET up to tackle other markets.
“The MAKO is the only tidal energy system suitable for deployment in the channels and tailraces which flow constantly at power stations and dams all around the world.And the fact that flows are constant, means that we can manufacture and Install the MAKO-ERG at gross margins of up to 100% and still be cost-competitive with locally installed solar PV.”said Douglas Hunt, CEO of EET
“Already, we have solid interest from potential customers totalling over A$10 million, and this within just the first weeks of active promotion of this innovative and unique product” he said.
EET forecasts the market for the MAKO-ERG is over A$500 million and has the potential for rapid scale-up alongside the newly formed relationship with an affiliate of the Kirloskar Group to install MAKOs in agricultural canals in India plus existing opportunities at ports and bridges, demonstrated by EET’s newly opened site at the Sentosa Bridge in Singapore.The MAKO-ERG development is part of EET’s strategy to systematically access the vast market for clean, predictable, renewable energy, including ports and harbours, bridges, islands and communities around the world.
Opportunities still exist to participate in EET’s funding round, seeking to raise $2 million (plus oversubscriptions) based on a valuation of $9 million to fund ongoing business development.