SSAB, a Swedish steel company, and CorPower Ocean, a wave energy developer, are joining forces to create one of the world's first wave energy plants made with fossil-free steel. The collaboration aims to start incorporating fossil-free steel into CorPower Ocean's commercial products by 2026, significantly reducing the carbon footprint of their wave energy systems.
In a groundbreaking move, steel manufacturer SSAB and wave energy company CorPower Ocean have signed an agreement to explore the development of a highly innovative wave energy plant. This isn't just any ordinary venture; the plant will be constructed using fossil-free steel, making it a world-first.
CorPower Ocean's main business involves harnessing the energy of ocean waves to produce clean electricity. Presently, a quarter of the carbon emissions over the lifetime of these products come from the steel used in their construction. The new deal aims to significantly cut down on these emissions by using SSAB's fossil-free steel as a structural material.
This agreement doesn't only mark a leap in wave energy technology; it also underscores a broader commitment to sustainability. The focus here is not just on the energy generated but also on the full life cycle of the energy systems, from the materials used to build them to their eventual recycling.
Thomas Hörnfeldt, the Vice President of Sustainable Business at SSAB, expressed excitement for this new chapter in a long-term partnership with CorPower Ocean. The goal is to ensure that CorPower Ocean's commercial products have the smallest carbon footprint possible, in line with their mission to produce the most environmentally friendly electricity.
Notably, CorPower Ocean's technology, partly due to SSAB's high-strength steel, already produces more than five times the electricity per metric ton of equipment compared to previous state-of-the-art wave energy systems. The introduction of fossil-free steel will further amplify their commitment to eco-friendly electricity production.
Wave energy holds significant potential for clean, round-the-clock energy supply. It's one of the largest untapped sources of renewable energy, with an estimated potential of 500GW, surpassing the total global nuclear resource. This collaboration could be a game-changer in realizing that potential.
SSAB's own ambitions are equally noteworthy. The company plans to deliver fossil-free steel at a commercial scale by 2026 and aims to virtually eliminate CO₂ emissions from its operations by around 2030. This will be achieved in part through their HYBRIT initiative, which focuses on creating a value chain for fossil-free steel production.
In summary, the collaboration between SSAB and CorPower Ocean marks an important step forward in the renewable energy sector. By creating a wave energy plant with fossil-free steel, they set a new standard for sustainability and show how industry partnerships can make a substantial impact on reducing carbon emissions.