SUBSEA engineering exerts have launched a tool for speeding up the development of novel technologies which could help support the transition to a low carbon energy system.
The methodology developed by NSRI (National Subsea Research Institute) has been designed to make it quicker and easier for developers and investors to identify technologies that have the greatest chance of commercial success.
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NSRI expects the tool will improve the success rate in the commercialisation of subsea technology, which is currently around one in ten.
The CHASMAI methodology has been endorsed by the University of Strathclyde. It has been working with NSRI for several years.
Professor Matthew Revie of Strathclyde Business School, said CHASMAI could be a valuable tool in helping users to assess factors such as the level of likely demand for technologies and where development efforts should be focused.
“The energy landscape is changing at an incredible rate, and the UK’s subsea industry is well-placed to capitalise on the many opportunities surrounding the blue economy, energy transition and digitalisation,” said Mr Revie.
He added: “Establishing robust commercial viability is often not considered by businesses early enough in the idea generation process.”
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Advances in technology could help cut the costs of developing and operating offshore renewable energy facilities.
Firms in the oil and gas supply chain are facing big challenges following the plunge in commodity prices triggered by the coronavirus crisis. This has prompted firms to slash investment in the North Sea.
CHASMAI assesses the viability of technical concepts through the analysis of a range of factors including market conditions and funding requirements.
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