Jacobs to Advance Development of New Water Tidal Turbine Technology

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Jacobs (NYSE: J) Awarded U.K. Government Grant for Tidal Power R&D Project

Positive

• The $1 million U.K. Research and Innovation fund (UKRI) SMART grant will support Jacobs' industrial research
• The grant will help progress optimization and testing of the Very Low Head turbine (VLHT)
• Jacobs is ranked No. 1 in the Top 50 Program Management Firms and No. 2 in Power by Engineering News-Record's 2023 ranking

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• None.

Tidal power R&D project with the potential to transform energy transition and climate response

UK government research and innovation grant assists technology development

DALLAS, Nov. 15, 2023 /PRNewswire/ -- A Jacobs (NYSE: J)-led consortium of industry and academic organizations has been awarded funding from the U.K. government to help develop a new type of water turbine designed to improve the viability and potential of U.K. tidal range power projects.

The $1 million U.K. Research and Innovation fund (UKRI) SMART grant will support Jacobs' industrial research with Severn Estuary Tidal Bar Limited, in collaboration with Cardiff University, Liverpool John Moores University and the Tidal Range Alliance (part of the British Hydro Association BHA).

"Our industrial research will now seek to optimize an economic and environmentally sensitive turbine that enables prospective developers of tidal range power projects to harness the predictable, renewable power of daily tides," said Jacobs Senior Vice President Karen Wiemelt. "Through our research, scientific, engineering and program management capabilities, Jacobs is ideally placed to advance this technology to continue supporting renewable energy resource development and climate response efforts."

Combined with further investment from the consortium, the grant will help progress optimization and testing of the Very Low Head turbine (VLHT). It will fund a program of computational fluid dynamics modeling, a large-scale test rig and the manufacture of a fully functioning prototype turbine at Jacobs' Technology & Innovation Center in Warrington, U.K.

The VLHT is being developed to address challenges faced by several U.K. tidal range schemes, including the need to reduce relatively high costs, improve turbine performance for bi-directional generation and reduce environmental impacts. The technology will also support opportunities to capture additional benefits such as short duration energy storage and protection from rising sea levels for coastal communities and inter-tidal habitats.

Committed to the advancement of new energy technology research and sustainability, Jacobs recently completed the underground infrastructure engineering for The HDD Company for Oregon State University's PacWave South commercial-scale, ocean wave energy testing facility in Oregon. The award-winning facility will be the first pre-permitted, full-scale test facility for wave energy devices in the U.S. Jacobs is ranked No. 1 in the Top 50 Program Management Firms and No. 2 in Power by Engineering News-Record's 2023 ranking.

At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $15 billion in annual revenue and a talent force of more than 60,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and X.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, geopolitical events and conflicts, and the impact of the COVID-19 pandemic, including the related reaction of governments on global and regional market conditions, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, and  Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations; Item 1 - Legal Proceedings; and Item 1A - Risk Factors in our most recently filed Quarterly Report on Form 10-Q, as well as the company's other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

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FAQ

What is the purpose of the U.K. government grant awarded to Jacobs?

The grant aims to develop a new type of water turbine designed to improve the viability and potential of U.K. tidal range power projects.

What are the key partners in the consortium for the tidal power R&D project?

The consortium includes Severn Estuary Tidal Bar Limited, Cardiff University, Liverpool John Moores University, and the Tidal Range Alliance.

What will the grant fund?

The grant will fund a program of computational fluid dynamics modeling, a large-scale test rig, and the manufacture of a fully functioning prototype turbine at Jacobs' Technology & Innovation Center in Warrington, U.K.

What is the purpose of developing the Very Low Head turbine (VLHT)?

The VLHT is being developed to address challenges faced by several U.K. tidal range schemes, including the need to reduce costs, improve turbine performance, and reduce environmental impacts.

What are Jacobs' recent achievements in renewable energy technology research?

Jacobs recently completed the underground infrastructure engineering for Oregon State University's PacWave South commercial-scale, ocean wave energy testing facility in Oregon.