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Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

Artificial islands tend to make good habitat for nesting birds and marine creatures. Unfortunately when this ugly duckling is removed there’s sure to be a second uproar.

this photo captures the irony
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The_observer said:

Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

diddly-squat said:

The_observer said:

Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

They had a go. They failed

diddly-squat said:

The_observer said:

Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

Government funding or subsidies perhaps

The_observer said:

diddly-squat said:

The_observer said:

Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

They had a go. They failed

they failed because it’s an unfair playing field.

Cymek said:

diddly-squat said:

The_observer said:

Taxpayers will likely end up footing the bill to remove the Oceanlinx wave energy generator that has sat idle off the coast of Port Kembla for six years.

The so-called Mark 1 generator was installed in 2006, but decommissioned in 2009.

Since then it has remained in the waters off the coal loader, gradually falling apart while the company representatives made regular promises to remove it.

In April this year Oceanlinx went into receivership.

The company owes secured creditors $7 million and investors a further $3 million.

Investment company KordaMentha have been appointed as receivers for the company.

The Port Kembla barge is not the only stranded Oceanlinx generator. A second has been stuck in the water off Carrickalinga Beach, South Australia, since March this year.

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

Government funding or subsidies perhaps

they got that!

History
1997 – Oceanlinx is founded by Dr. Tom Denniss (As Energetech Australia Pty limited)
1999 – Oceanlinx receives a A$750,000 Federal Government Grant to develop the Port Kembla project
2001 November – Energetech closes a round of venture capital funding with the Connecticut Clean Energy fund in the USA, enabling the establishment of a US subsidiary, Energetech America
2002 – Three European investment groups specializing in innovative energy technology invest US$3.75 million, and German based RWE Dynamics invests US$750,000
2003 March – The first full-scale Denniss-Auld turbine is successfully constructed and tested
2003 November – Energetech America receives grant funding of US$750,000 from two state renewable funds for the development and construction of a wave energy project in Rhode Island, USA
2004 May – Energetech is awarded a A$1.21 million research & development grant by the Australian Federal Government, facilitating its Wave Energy Optimisation program
2004 December – Tom Engelsman joins Energetech as Chief Executive Officer
2005 March – Energetech launches its Industry Advisory Service division
2005 April – The Centre for Energy and Greenhouse Technologies invests A$500,000
2005 October – Energetech’s patented Denniss-Auld Turbine generates power and, via the desalination plant, fresh water at the test location in Port Kembla
2006 December – Energetech completes a permanent installation of its Port Kembla Wave Energy Plant
2007 February – £6.0 million fundraising with institutional investors
2007 April – The company changes its name to Oceanlinx
2009 April – Ali Baghaei becomes CEO and MD of Oceanlinx
2010 March – MK 3 prototype launch at Port Kempla
2010 May – Abnormal weather and unforeseeable damaging waves meant the MK3 prototype broke free of its moorings at Port Kembla.
2013 October – Oceanlinx launched the world’s first 1MW wave energy converter unit ‘greenWAVE’
2014 March – During transport ‘greenWAVE’ structure becomes unstable and is towed to shallow water of coastal South Australia.

diddly-squat said:

The_observer said:

diddly-squat said:

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

They had a go. They failed

they failed because it’s an unfair playing field.

no, it broke it’s moorings, was poorly designed. They got money invested

The_observer said:

Cymek said:

diddly-squat said:

I agree, this seems outrageous – If only there was a way to help alternative energy sources compete on an equal basis

Government funding or subsidies perhaps

they got that!

History
1997 – Oceanlinx is founded by Dr. Tom Denniss (As Energetech Australia Pty limited)
1999 – Oceanlinx receives a A$750,000 Federal Government Grant to develop the Port Kembla project
2001 November – Energetech closes a round of venture capital funding with the Connecticut Clean Energy fund in the USA, enabling the establishment of a US subsidiary, Energetech America
2002 – Three European investment groups specializing in innovative energy technology invest US$3.75 million, and German based RWE Dynamics invests US$750,000
2003 March – The first full-scale Denniss-Auld turbine is successfully constructed and tested
2003 November – Energetech America receives grant funding of US$750,000 from two state renewable funds for the development and construction of a wave energy project in Rhode Island, USA
2004 May – Energetech is awarded a A$1.21 million research & development grant by the Australian Federal Government, facilitating its Wave Energy Optimisation program
2004 December – Tom Engelsman joins Energetech as Chief Executive Officer
2005 March – Energetech launches its Industry Advisory Service division
2005 April – The Centre for Energy and Greenhouse Technologies invests A$500,000
2005 October – Energetech’s patented Denniss-Auld Turbine generates power and, via the desalination plant, fresh water at the test location in Port Kembla
2006 December – Energetech completes a permanent installation of its Port Kembla Wave Energy Plant
2007 February – £6.0 million fundraising with institutional investors
2007 April – The company changes its name to Oceanlinx
2009 April – Ali Baghaei becomes CEO and MD of Oceanlinx
2010 March – MK 3 prototype launch at Port Kempla
2010 May – Abnormal weather and unforeseeable damaging waves meant the MK3 prototype broke free of its moorings at Port Kembla.
2013 October – Oceanlinx launched the world’s first 1MW wave energy converter unit ‘greenWAVE’
2014 March – During transport ‘greenWAVE’ structure becomes unstable and is towed to shallow water of coastal South Australia.

They do have to try to fail instead of say meh its too hard, I imagine a number of alternative energy sources will fail and the best survive

It’s a nice place for a swim. Not as nice as before though.
.

How much would it cost to remove that thing? I reckon if Mr Speedy and a couple of mates got to it with their angle grinders it would be gone in no time.

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here’s the other Oceanlinx generator stuck in the water off Carrickalinga Beach, South Australia, since March this year.

looks like an upgraded model
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The South Australian Department of Planning, Transport and Infrastructure has set up a “prohibition zone” around the generator with a maximum fine of $1250 for anyone entering it.

A spokesman for KordaMentha said Oceanlinx “has insufficient resources to move either unit”.

It seems the company went under after a towing accident with the unit rather than because the technology was unfeasible.

“As it was being towed to the site, its flotation bouys were damaged, it flipped over and had to be towed back towards shore.”

http://indaily.com.au/business/2014/04/01/oceanlinx-struggles-stay-afloat/

So which assets have the secured creditors secured their loans against, I wonder.

pommiejohn said:

It seems the company went under after a towing accident with the unit rather than because the technology was unfeasible.

“As it was being towed to the site, its flotation bouys were damaged, it flipped over and had to be towed back towards shore.”

http://indaily.com.au/business/2014/04/01/oceanlinx-struggles-stay-afloat/

the Port Kembla unit broke free of it’s moorings

http://www.illawarramercury.com.au/story/628552/5m-port-kembla-wave-generator-wrecked/

Seems there is only one secured creditor, Macquarie Bank.

The_observer said:

pommiejohn said:

It seems the company went under after a towing accident with the unit rather than because the technology was unfeasible.

“As it was being towed to the site, its flotation bouys were damaged, it flipped over and had to be towed back towards shore.”

http://indaily.com.au/business/2014/04/01/oceanlinx-struggles-stay-afloat/

the Port Kembla unit broke free of it’s moorings

http://www.illawarramercury.com.au/story/628552/5m-port-kembla-wave-generator-wrecked/

True. The article also says it had been feeding power to the grid for four years. No mention of the economics of it though. I’d be interested to see if it was likely to be economically feasible if the moorings were better engineered.

Speedy said:

Seems there is only one secured creditor, Macquarie Bank.

… and that Oceanlinx’s most valuable asset was its IP (Patent), which Macquarie has secured its loan against.

Speedy said:

Speedy said:

Seems there is only one secured creditor, Macquarie Bank.

… and that Oceanlinx’s most valuable asset was its IP (Patent), which Macquarie has secured its loan against.

Macquarie Wave Generation Ltd