Financing Renewable Energy Innovations in Europe: Investment Criteria of Early Stage Investors and Guidelines for the Business Plan Development in the Context of Wave Energy Conversion
Current position at German universal Bank: Group leader Commodities Trading – extensive experience related to capital markets in previous positions
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Abstract of the thesis:
|This paper questions the ability of current public and private early-stage funding of new RE technology in Europe to promote innovation to an extend in accordance with the ambitious COP21 targets. The necessary analysis of the specific environment of wholesale power markets in Europe reveals a need for a change of paradigm in its organisation alongside with the necessity to elaborate a “post-subsidy era” methodology to evaluate RE power plants from fluctuating renewable energy. The study focuses on Ocean Energy, expected to count for 10% of total European power production by 2050. The PEST analysis, combined to a bottom-up approach performed using a promising example of a technology innovation in the Wave Energy Conversion area, reveals a number of potential improvements. While public support is mainly indirect, because driven towards project finance, innovators are suffering from increased uncertainty, and so likelihood of total loss, due to their dependence on future support policies. Compared to any other venture-capital proposal new RE technology is suffering from the pure price (LCOE) value proposition. In the case of Wave Energy Conversion alternative business models in combination with other areas of the blue economy, such as aquaculture, marina infrastructure and erosion management are conceivable.|