Ocean Wave Technology Street Address:- Suite 4 / 16 Phillimore Street, Fremantle WA 6160.

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1 Ocean Wave Technology Street Address:- Suite 4 / 16 Phillimore Street, Fremantle WA Postal Address:- PO Box 847, Fremantle WA Phone: Mobile: john.drake@oceanwavetech.com Skype:- oceanwavetech Web:- Ocean Wave Technology Innovation in Renewable Energy for the 21st Century An Outline of Ocean Wave Technology 16 th April 2012 Introduction:- Ocean Wave Technology is currently seeking funding to further the research and development of its WaveTech1-Wave Energy Harvester. The WaveTech1, is a unique invention to Ocean Wave Technology, and is the first in a series of three similar Wave Energy inventions that Ocean Wave Technology hope to further research and develop upon in order to bring them to the market. Ocean Wave Technology aims to seek funding to continue their work through a variety of means. It is envisaged that this shall include the establishment of the following partnerships with: a leading Australian University; a leading Australian Shipyard; a leading Offshore Wind installer; a leading maritime survey authority; the Australian Federal Government (through funding grants); the West Australian State Government (through funding grants), and through private investors. We aim to test and develop the design over a period of time, with a series of scaled models, and then onto a full size test model. The Wave Energy Design was submitted to the Patent Office on 26 th July It is entitled Device for harnessing Wave Energy and was filed in the name of John Lawrence Drake, under reference number P04320AU. Ocean Wave Technology was founded by its owner and Managing Director John Drake. Why Wave Energy:- The Surface of Planet Earth is covered by roughly two thirds in water. All of Australia s Capital Cities are located close to the coast, as are the great majority of the Worlds Capital Cities. Humans are by their very nature a coastal dwelling species. It makes sense therefore that given the vastness of our coastlines, and our proximity to them that humans should be utilising some of the tremendous energy that is available for use within our oceans for electrical generation. The idea of harvesting of Wave Energy and Tidal Energy is not a new concept. There are patents for Wave Energy Harvesting devices that date as far back as However, despite the enormous potential, a great many of the Wave Energy devices created over the

2 last century were never realised, and of those that did succeed none have so far been successfully harvested on a large scale. It is therefore still the largest untapped source of free natural energy that mankind has available to it. At Ocean Wave Technology, we see the enormous potential for Wave Energy generation on a worldwide scale, and with our unique WaveTech1 Wave Energy Harvesting device, along with the great marketing opportunity that the Offshore Wind Industry is already bringing; we believe we have the product to be able to break through with Wave Energy on a worldwide scale. Federal and State Government Funding for Renewable Energy in Australia:- Recently both the Australian Federal Government and the West Australian State Government have each committed to spending large amounts of money to encourage the development of Clean Renewable Energy Technologies within Australia. There are two programs offered by both Federal and State Governments that we shall be applying for significant funding grants from. These programs are the Clean Technology Innovation Program, and the Low Energy Emissions Development Fund. The Clean Technology Innovation Program:- The Clean Technology Innovation Program is one of several initiates to be undertaken by the Australian Federal Government with the aim of reducing Australia s Carbon Dioxide emissions; this initiative is part of a wider initiative called the Clean Energy Future program. The Clean Technology Innovation Program is an initiative that aims to build upon, and further establish Australia s reputation for Renewable and Clean Energy Technologies. The Clean Technology Innovation Program will open for applications in July 2012, and is a 5 year program that has set aside a total of $200 million Australian dollars for Research and Development, through to Commercialisation of Clean and Renewable Energy Technologies. Individual companies or researchers are able to apply for funds of between $50,000 and $5 million Australian Dollars. These funds will be payable by the government in a dollar for dollar type arrangement with contributions also being expected to be made up by grantees. Ocean Wave Technology aims to apply for and gain a funding grant through this program of up to the maximum allowable $5 million dollars, once this program opens for applications in July Further information about this program is available through this link:- Low Emissions Energy Development Fund:- The West Australian state government has committed to a range of initiatives to address climate change. The Low Emissions Energy Development (LEED) Fund is an initiative aimed at supporting the technological developments required to cut greenhouse gas emissions from the energy sector, and to contribute to the national target of 20 per cent renewable energy by The LEED fund provides funding from the state government to eligible entrants on a 1 dollar to every 3 dollars from private investment and other source basis. Page 2 of 7

3 For example, our fellow West Australian Wave Energy innovators, Carnegie Wave, received a very generous grant of $12.5 million dollars through this fund, enabling them to establish the Perth Wave Energy Project. Further information about the LEED fund is available through this link:- John s professional background:- John Drake s professional background is in Naval Architecture, which he studied for the Advanced Diploma of Naval Architecture Technology, at the Sydney Institute of Technology. John s professional career in Naval Architecture began at Austal Ships in Henderson in Western Australia, where he worked for 7 ½ years upon a diverse variety of projects including the 127m LCS Trimaran for the US Navy, and the 69m Luxury Motor Yacht Aussie Rules for Golfer Greg Norman, along with a large and varied array of High Speed passenger and vehicle ferries. After leaving Austal, John briefly worked in Fremantle for MMD Naval Architects, where he worked upon a 3D drafting package for the AMC Floating Dock. John started work for Sydney based Naval Architects Incat Crowther in Some of John s personal highlights of his 4 years of employment with Incat Crowther include:- 9 months on site work with Royal Falcon Fleet in Muskö Sweden, where he was responsible for the preliminary 3D modelling for all the Mechanical Engineering components, the pipework, and the Heating Ventilation and Air Conditioning equipment (HVAC). Full 3D structural modelling in Ship Constructor design software of a 32m Passenger Ferry. Structural Design and 3D pipework for a 35m Steel Monohull Crewboat. Structural design of 27m catamaran Windfarm Service Craft. Preliminary sales and marketing design work for Incat Crowther USA, including the design of several monohull Aluminium Crew Boats of various sizes ranging from 21m to 175 feet. John left Sydney in July 2010, and moved back to his preferred home of Fremantle in Western Australia, however he remained under the employment of Incat Crowther, and has been responsible for running a small office for the Sydney based Design Company from Fremantle. As of the beginning of March 2012, John has left the employment of Incat Crowther in order to devote himself full time to running Ocean Wave Technology. Marine design and construction is John s professional background, but his true passion is in Renewable Energy. As John puts it When my eyes were opened up to the enormous possibilities that exist with Wave Energy, I discovered to my delight that my two fields of interest and passion, Renewable Energy, and Marine Design and Construction, can easily go hand in hand. John although not having a professional business background, has a strong head for what it takes to run a successful business. He is an inventor, and he is able to see opportunities long before others can. He is able to form partnerships through friendships with his colleagues and through contacts with his former employers at both Austal and Incat Crowther, along with Royal Falcon Fleet. Page 3 of 7

4 At 38 years of age, John has both life experience and a good level of maturity behind him. However, he is also still young, energetic and adventurous enough to easily handle the demands that running an international business shall present. John is not afraid to set himself a big challenge, and he is not afraid to step outside of his comfort zone in order to see it achieved. How our Wave Energy device works:- For reasons of maintaining the security of our intellectual property, we shall not reveal too much about the operational aspects of the design within this document. However, we can reveal here that the design involves a platform floating at water level. This platform is able to rotate 360 degrees around the base of an Offshore Wind Tower. The platform consists of 4 hulls, 2 outer hulls, and 2 inner hulls. In between these hulls there are a total of 12 vertical cylinders, these are suspended in between the hulls, with the water flowing between the hulls, and into each cylinder. These cylinders operate as a series of pumps, which when driven by the up and down motion of passing waves, work to suck in seawater. This sea water is then directed along a manifold pipe at pressure, and into a turbine, which then turns a generator to produce an electrical current. The Ocean Wave Technology WaveTech1Wave Energy Harvester is designed to be fitted as an add on feature for both new and existing Offshore Wind infrastructure. An offshore Wind farm currently operating in the UK. A 3D perspective view of the Ocean Wave Technology wave energy device floating around the base of an Offshore Wind Turbine. Page 4 of 7

5 A 3D view approaching the Wave Energy Platform from the Starboard Side. These views show the Mark 1 version of our Wave Energy Harvester, and were among those used in our application document for a provisional patent. Ocean Wave Technology has already made substantial modification work to this design; these modifications will then be incorporated into Mark 2 version, upon which our general Patent application shall be based. A front on view of the Ocean Wave Technology WaveTech1 Wave Energy Harvester. This view shows the Wave Cylinders that work together to pump water and then turns a turbine to produce electricity. The cylinders are driven by the up and down motion of passing waves. Page 5 of 7

6 The main advantages of the OWT WaveTech1 design over other Wave Energy designs:- We realise that Ocean Wave Technology is not the only company looking to develop a Wave Energy harvesting systems at present. For example in Australia alone there is also; Carnegie Wave, Oceanlinx and AquaGen, along with a small handful of others, that all have a variety of differing Wave Energy harvesting designs, all of which are at various stages of being engineered and tested. However, we believe that our particular design has the following advantages over any of our competitors. These advantages should give Ocean Wave Technology the marketing edge over many of its competitors, and this edge will lead to actual sales for our units, beyond the R&D period:- - The ability to be coupled directly with an Offshore Wind tower, this should give us a considerable competitive advantage over any other Wave Energy device that is currently in the market, or being researched and developed. The reason for this is that by aiming our product directly to the Offshore Wind industry we have an industry that is: already in existence; an industry that is already experiencing enormous worldwide growth; and already actively seeking out a device that will enable them to combine their energy output with either Wave or Tidal power. - Compared to other Wave Energy devices our device is quite small and compact. Unlike others, rather than being spread out over a large area of the sea floor, our unit is compacted down into a platform style design. - The area of sea floor that we intend to use for our Wave Energy devices will be the same area of sea floor that the Offshore Wind industry will also be using. Therefore, this gives us the substantial competitive advantage over other potential Wave Energy designs in that installers do not then need to pay an additional amount of money for the leasing of an additional area of Sea Floor in order to couple their technology with ours. - We are using water rather than air to turn the turbine blades of our Wave Energy design, and as the density of Water is nearly 1000 times greater than that of air, we expect our power output to significantly higher than any air powered Wave Energy design. We are seeking to have a target energy output from our Wave Energy Harvesters of 2.5Mw. - As wave conditions can be highly variable, our Wave Energy design features several independent shut down features. These shut down features enable our individual cylinders to be shut down one at a time. The purpose of this feature is that this allows us to be able to control the amount of energy on the input side of the turbine, and thus it is easier to then regulate the energy that we are experiencing upon the output side. Thereby producing a more steady and reliable electrical energy supply to the consumer. - We have designed our Wave Energy Harvesters to remain operational in all but the most extreme sea conditions. With our unique variable individual shut down mechanisms, and tall 9.5 meter cylinder design, we are able to continue to operate in swells that others are not. - Although we have designed our Wave Energy Harvesters to be able to remain operational all the way up to a massive 9.5 meter swell conditions, our wave data shows that swells can occasionally reach much greater heights. On these rare occasions (which our wave data shows amount to less than ½ day per year), our system is able to be completely shut down for safety. This involves the activation of a series of storm shutters that are designed to Page 6 of 7

7 protect both the platform, and the individual cylinders. - The Ocean Wave Technology WaveTech1 Wave Energy Harvester has a unique rotating platform design. This enables the platform to rotate by a full 360 degrees. The benefit of this is that the platform is then capable of always facing directly into the oncoming swell, thereby maximising the efficiency of the design. - The Ocean Wave Technology WaveTech1 Wave Energy Harvester also has a unique tidal adjustment mechanism that allows the device to slowly adjust its vertical position up and down over the course of the day to compensate for tidal changes. However, this mechanism also acts to hold the platform in a steady vertical position against the more frequent up and down changes that occur with waves passing by. Closing Summary:- Ocean Wave Technology has a fantastic design and concept, as well as the strategy in place to be able to bring its WaveTech1 Wave Energy Harvesters to a large and expanding worldwide market. Ocean Wave Technology will shortly be incorporating as an Australian public company, to become Ocean Wave Technology Limited. We will then be listing an investment opportunity into our company upon the Australian Small Scale Offerings Board. Kind Regards, John Drake. Managing Director. Ocean Wave Technology Innovation in Renewable Energy for the 21 st Century. Page 7 of 7