By Annicka Wann, Senior Project Engineer, Exceedence Ltd
WEDUSEA partner Exceedence Ltd. is an established Irish software and services company.
At Exceedence, we develop and sell licenses to a cloud-based software platform to assimilate technical and cost information into financial digital twins of renewable energy projects and technologies, including wave energy, fixed and floating offshore wind, tidal.
Our software plays a crucial role in expediting the implementation of green energy initiatives, making significant contributions towards achieving a carbon-neutral future.
One of the challenges hindering the timely construction of renewable technologies and projects is the slow and outdated technical and financial development process, reliant on spreadsheets and specialized expertise. Addressing this issue head-on, we have developed Exfin, a cutting-edge software solution that accelerates the progress of renewable energy projects.
Exfin is a comprehensive financial platform tailored for project teams, revolutionizing the way projects are planned and optimized from a financial standpoint. With a strong emphasis on detailed technical and financial models, Exfin serves as the ultimate tool for selecting and developing the most promising projects, be it wind, wave, tidal, or floating solar energy.
By providing reliable and auditable results, Exfin offers actionable insights based on crucial financial key performance indicators (KPIs), enabling users to optimize their projects based on factors such as Levelised Cost of Energy (LCOE), bid prices, and margins. Its intuitive interface allows for the analysis of unlimited project versions on a “what if” basis, with all scenarios conveniently displayed on a single screen. Acting as a singular source of digital truth, Exfin software aids in exploring uncertainties, mitigating risks, and ultimately facilitating the accurate quantification and construction of renewable energy projects right from the initial stages.
Our role in WEDUSEA
The WEDUSEA project has a primary objective of demonstrating that the OE Buoy, a wave energy converter developed by Ocean Energy, is on track to achieve cost reductions in alignment with the EU SET Plan targets. This project serves as a crucial milestone towards expanding to larger commercial arrays and advancing industrialization. Through the coordinated efforts of the work program, we anticipate a substantial decrease in the Levelised Cost of Energy (LCOE) for this technology, reducing it from €361/MWh to €245/MWh, representing a significant 32% reduction. In the case of a 20MW array, the LCOE is projected to decrease from €185/MWh to €127/MWh.
Exceedence is proud to bring our business intelligence and cloud-based software platform, Exfin, to the WEDUSEA project. Our aim is to present an independent, robust, and credible pathway for reducing costs specifically tailored to the OE buoy. We will quantify the impact of each innovation in the project through the reduction in LCOE. Throughout the project, we will diligently validate, verify, and support optioneering solutions, effectively translating the ambitious targets mentioned above into actionable insights based on financial key performance indicators (KPIs). Additionally, our software’s capability to analyse multiple scenarios empowers us to generate financial plans that help quantify, compare, and differentiate both technical and financial risks.
It is important to note that Exceedence’s methodology and Exfin are already widely accepted as the standard approach across various projects, including WEDUSEA and EU-SCORES.
Exfin has been built in accordance with IEC standards, leveraging the Microsoft Azure stack. The software has undergone rigorous calibration against multiple financial models and is readily available in the market. Furthermore, it has successfully been utilized to create models for investment and finance, instilling confidence in funders, investors, and assessors regarding the validity and independence of our approach.
We are looking forward to helping WEDUSEA achieve its project objectives, creating a stepping stone towards the commercialisation of wave energy.