Company Performance Metrics
- Stefan Siegel: Co-Founder and CTO
Bill Hartman: President and CEO
The Atargis CycCloidal Wave Energy Converter (CycWEC) is the first, and only, sustainable electricity generator that will produce cost-effective, utility-scale, electricity from ocean waves. Always on. No batteries. No backup.
At a technology performance level of 6.8, the 2.5 MW Atargis Cycloidal Wave Energy Converter (CycWEC) will capture 95%
of the avaiable energy from each wave, then directly and efficiently convert that captured energy into electricity with technology well proven in today's wind turbine generators. The 2.5 MW CycWEC Levelized Cost of Energy is $0.13 per kWh.
Building on many of the principles and technologies of the wind turbine industry, like the wind turbine industry from the 1980's through 2000, the CycWEC will see a 2 to 3 times further reduction in LCOE when deployed in volume.
The CycWEC utilizes a patented wave terminator generator design combined with the proprietary real-time control and optimization of underwater hydrofoils to archive this high wave-to-wire energy conversion. It is the only ocean wave energy converter that cost effectively scales in size and power output.
Leveraging $3.5 million in non-dilutive US Department of Energy funding with an on-going seed-stage round, Atargis is on-track for 1/15 scale testing in 2021 and 1/4 ocean-testing in 2023/early 2024, and full scale ocean trials 2025.
