REPSOL ENERGY VENTURES TOCARDO TIDAL TURBINES. The challenges of bridging the gap between technology and commercial development of new technologies

Transcription

1 REPSOL ENERGY VENTURES TOCARDO TIDAL TURBINES The challenges of bridging the gap between technology and commercial development of new technologies Bilbao Marine Energy Week April 2013

2 Repsol

3 REPSOL IN A SNAPSHOT Financial Highlights [FY 2012, M ] Shareholder s Structure Market Cap. 22,156 28,977 EBITDA Net Income 6,956 8,440 2,060 2,193 Foreign Institutional 42.0% Treasury Shares 5.0% Sacyr 10.0% Pemex 9.5% Caixabank 12.8% Investments 3,721 6,255 Local Institutional 9.9% Retail 10.8% Upstream Presence Refining Leaders in Spain. CORUÑA BILBAO Refineries Repsol Other refineries Oil pipeline Repsol Oil pipelines CLH PUERTOLLANO TARRAGONA CASTELLON OPERATOR NON OPERATOR Exploration HUELVA ALGECIRAS CARTAGENA Production Services contracts In operation of production (*) Additionally, leader Refiner in Peru [ La Pampilla ] 3

4 REPSOL NUEVAS ENERGÍAS The New Energy Business Unit reinforces Repsol commitment on the development of sustainable energy solutions. Created in April 2010 to search new energy solutions which are economically viable, efficient & sustainable. We identify, promote and develop business initiatives on Bioenergy, Renewable Energy, Sustainable Mobility, Energy Storage and Energy Efficiency. 4

5 Repsol Energy Ventures

6 REPSOL VENTURE PROGRAM WAS LAUNCHED IN SEPTEMBER 2010.Aiming to invest in early-stage, high potential, high risk, growth start-up companies in high technology industries: Bioenergy RREE Elect. Mobil. Energy Storage Development Capital Strategic investments in New Energy technologies to develop and/or add value to New Energy business lines. Closely linked to the Technology Roadmaps defined for Repsol New Energy approach. Controlling stakes to leader the development of the business plan of the investee companies. Venture Capital Investments in new businesses within the scope of New Energy. Minority stakes in CleanTech companies that offer a disruptive innovation, or complement NNEE businesses or contribute to a favorable niche market positioning within any New Energy sector. 6

7 Average volume per deal [Million Eur] WHERE ARE WE FOCUSED? Financing Sources depending on company s lifecycle Stock Exchanges Private equity Alternative Markets Venture capital Repsol Energy Ventures Positioning Family offices Business Angels Familiy, friends & fools Formal Investors Informal Investors Business Project Start up companies Growth and Consolidation Consolidated Companies Company s lifecycle 7

8 INVESTMENT TOOLS Repsol Nuevas Energías S.A. MICINN 100% REPSOL NEW ENERGY VENTURES S.A. Management Fee Government Risk Capital Investment Vehicle Repsol s owned investments in earlystage, high potential, high risk, growth start-up companies in high technology industries INNVIERTE REPSOL NUEVAS ENERGÍAS Co-Investment agreement with the Spanish Ministry of Economy and Innovation Investment Commitment: 21 M Repsol: 12 M / MICINN: 9 M INVESTMENT 1 INVESTMENT 2 INVESTMENT 3 INVESTMENT 4 INVESTMENT 5 INVESTMENT 6 INVESTMENT 7 8

9 PORTFOLIO Mar 2013 REPSOL S.A. 100% REPSOL Nuevas Energías S.A. 100% Repsol New Energy Ventures S.A. 20% 50% 50% 33,5% 18% ALGA ENERGY Microalgae IBIL E.V. Recharge Stations NEOL Advanced Biofuels PRINCIPLE POWER INC. Floating Wind Offshore TOCARDO Tidal Energy Inversión inicial: 3M Eur Participación: 20% Fecha: Agosto % 70,5% IBILEK e-carsharing WINDPLUS Inversión inicial: 6M Eur Participación: 31% Fecha: Junio 2012 SPV Demonstration tech WF 9

10 PORTFOLIO Mar 2013 Biotechnology Inversión inicial: 3M Eur Spanish technology-based company Participación: specialized in the field of 20% microalgae biotechnology. R&D programs. Own Fecha: patents of Agosto Photo Bioreactors Pilot plant in Barajas, Madrid. LIFE+ project for the installation of a demo plant in Arcos de la Frontera (Cádiz, Spain). Electric Mobility Leading Spanish company in the electric vehicles recharging services. Business model with recurrent revenues. More than 300 recharging points installed. World s top Control Center. E-carsharing subsidiary IBILEK. Advanced Biofuels Bioindustrial spin-off from Spanish biotech leader NEURON. Proprietary and patented developments to generate biofuels from different feedstock under unconventional fermentation processes with micro-organisms. 10

11 PORTFOLIO Mar 2013 Floating Wind Offshore US company owning world s first full scale prototype of submersible offshore wind power platform under Windfloat technology. Tidal Energy Dutch company developing turbines for tidal and stream electric generation, with own technology and several projects ongoing in rivers, dams and channels, with future approach on off-shore tidal. 11

12 Tocardo Tidal Turbines Bilbao

13 About Products Market Deployment Who we are Netherlands based tidal turbine manufacturer Fully commercial since 2011 Proven technology Worldwide network

14 About Products Market Deployment Our Learning Curve 2010 commercial T50-A Horizontal axis Ring generator... a Proven Product 1999 Venturi, floating

15 About Products Market Deployment... Large scale from 2015 on-wards Commercialization Since small sites Transition to First Sales Closing strategic Share holders Technology Development

16 About Products Market Deployment Sensible strategy Stepwise up scaling Current market for < 500 kw Commercialize smaller turbines Easier and cheaper to install Focus on kwh price Reliable technology Minimize maintenance Reduce project costs Partner with specialists Project development Financing Installation and foundation engineering

17 About Products Marrket Deployment

18 About Products Market Deployment Commercially Available T100 T200 Development T500 T1000 T100 T200 T500 T1000 Power 100 kw 200 kw 500 kw 1000 kw Blade diameter m m m Coming soon Cut-in speed 0.4 m/s 0.4 m/s 0.4 m/s Coming soon RPM Coming soon

19 About Products Market Deployment

20 About Products Market Deployment... Large scale from 2015 on-wards Step-in of Utility companies Since small sites... Mega-parks/ Off-shore local intiatives/remote industry Small plants- several MW River, Canal, Near shore CONCLUSION: Developing a Tidal Power Plant is a Complex Task Public Consultation and Consenting Configuration of the Tidal Power Plant Front-End Engineering & Design of all critically engineered components Operation & Maintenance De-comissioning

21 About Products Market Deployment Making Tidal Power Plants feasible Total Cost of Energy Generating electricity at lowest cost per kwh Proof your Technology before scale-up Resource: River, In/Near shore, off shore Product philosophy Scalable: turbines are identical for all markets Minimal maintenance

22 About Products Market Deployment Legal Solutions - PPA - Grants / Subsidies - FIT / COMFIT - Environmental - Etc Overall Project - Foundation solution - Grid connection - Monitoring systems - Etc. Finance Solutions - Financial Engineering - Project Equity - LCs for delivery - Etc. Tidal Power Plant standard specific Site Allocation - Site identification - Site acquisition - Public consultation - Consenting Local Contractors - Engineering - Construction companies - Cranes, Vessels etc. - Operation & Maintenance Local Stakeholders - Local Control / Guidelines - Stakeholders management - Local Equity

23 About Products Market Deployment To conclude 5 years in operation Small is beautiful Reliability is key Costs levels (TCE) counts Array solution : river / near shore Off shore along the same lines

24 Contact Tocardo International BV Head Offices Sluiskolkkade GP Den Oever The Netherlands Tel: UK Offices (Scotland) Forss Business Park KW14 7UK Thurso, Caithness United Kingdom Tel: Canada Offices (NS) Purdy s Warf Tower Upper Water Street Halifax, Nova Scotia, Canada

25 Market About Products Deployment Surveying & Assessment Manufacturing/Assembly Installation Maintenance

26 Support Structure Solutions

27 Support Structure Solutions

28 Support Structure Solutions

29 Pipeline: Rivers & Channels Nepal (Country wide) Canada (Cape Breton, Bay of Fundy) UK (North Ireland, Scotland) Near East (Several irrigation channels)

30 Pipeline: Tidal barrages & Inshore The Netherlands (Den Oever, Oosterschelde) Japan (4 Island-connecting bridge locations

31 Pipeline: Estuaries & Inlets The Netherlands (Texel) Scotland (West Coast, Dundee, Montrose) Canada (Fundy coast, Cape Breton, Vancouver Island)- Chile (Southern tidal channels)

32 Pipeline: Offshore Scotland (Pentland Firth) Canada (Cape Breton, Bay of Fundy) UK (Chanel Islands)