Beneath the waves
- DEEP’s mission is to create a permanent human presence in the ocean, to spark innovation and increase awareness of the ocean’s significance.
- The company has developed an advanced manufacturing facility that will enable the construction of underwater habitats, with plans to have the first one ready for deployment by 2027.
- The blue economy remains an emerging and undefined sector, but DEEP is laying the groundwork to shape its future by developing platforms that enable intelligent and responsible use of ocean resources on a global scale.
After 15 years as a portfolio manager and a Chief Investment Officer, Sean Wolpert, President of DEEP, has turned his attention to the ocean. Much in the same way that the International Space Station put the focus again on permanent inhabitation of space, DEEP, which is funded by private wealth, wants to create a similar presence in the ocean. Here, he talks to CampdenFB about why this is important, what needs to be done in practical terms and how the blue economy is likely to evolve.
Why the ocean? What are you trying to achieve?
Sean Wolpert: After achieving entrepreneurial success, our founder found himself at a point where he wanted to channel his energy into something impactful – something that wouldn’t just create immediate results but would spark a lasting, generational wave of change.
One of the key areas he identified as a leverage point for driving meaningful change was the ocean which plays a crucial role in mitigating the effects of extreme weather, regulating the carbon cycle, and serving as a primary food source for 3 billion people worldwide. However, despite its importance, the ocean remains a massive blind spot for humanity. This realisation became the driving force behind his decision to build a company that could address this gap.
To illustrate the extent of this blind spot, I often share a personal experience. During STEM week at my kids’ school, I asked the students where they thought the oxygen they breathe comes from. Almost all of them confidently answered, “the rainforest”. While the rainforest is indeed vital, most people don’t realise that more than half of the oxygen we breathe actually comes from the ocean. This highlights a significant disconnect in our understanding of the ocean’s role in our ecosystem.
The rainforest, as an ecosystem, is well-studied because we have continuous access to it. However, when it comes to the ocean, the challenges are quite different. While it’s relatively easy to reach the ocean floor, maintaining a permanent presence there is extremely difficult. This stands in stark contrast to space exploration, where it’s harder to get there but easier to establish a continuous presence as we see with the International Space Station (ISS).
Just as the ISS helped to make space exciting again and paved the way for companies like SpaceX, our goal at DEEP is to create a similar permanent presence in the ocean. By doing so, we hope to catalyse a wave of innovation and awareness that will address the pressing challenges we face and transform how humanity interacts with the ocean.
You have said that you expect your research base to become active by 2027. What still needs to be done?
Sean Wolpert: We’re at the beginning stages of the manufacturing process. What makes DEEP unique is that it’s not just about creating a shiny object to place on the seabed; it’s about developing an integrated platform that provides scalable solutions for extreme environments. The ocean is one such environment, but the principles we’re working with also apply to other extreme environments like space. While the pressure challenges differ, many of the systems required to keep humans alive – such as environmental conditioning, air, and reclamation systems – are quite similar. This means that when we designed our platform, we had to consider not only the technology itself but also how we train people to operate this equipment productively and safely.
If we look at the world since 2020, we can see how the geopolitical environment and events like COVID-19 have put a strain on global supply chains, revealing vulnerabilities we couldn’t ignore. For us, this meant we had to take control of our product development and commercial activities to ensure consistency in our delivery process.
Our Chief Operations Officer suggested an innovative solution: wire arc additive manufacturing, or, in simpler terms, 3D printing with metal. This allows us to control our timelines for both product development and production capacity by integrating the process directly into our facility here in England. Not only does this approach benefit us, but it also aligns with broader emerging trends in manufacturing. For example, compared to traditional steel fabrication techniques, particularly in the marine industry, this method is much less wasteful. Instead of breaking materials down, we’re building them up. Additionally, energy consumption is markedly improved, with estimates suggesting a 35% to 50% reduction in carbon footprint. If renewable energy is used, this reduction could be even greater.
This smarter approach to manufacturing also opens up new possibilities for innovation. For instance, the ability to manipulate robots to create novel geometries means we can design habitats with better strength-to-weight ratios, using less material while increasing the overall strength of the structure. This paves the way for new engineering advancements that wouldn’t have been possible with older technologies.
To bring this all together, we’ve established a wholly-owned subsidiary, DEEP Manufacturing, which allows us to retain more value by not having to pay third-party margins. This also improves our profit margins while enabling us to innovate. The technology we’ve developed has caught the attention of various industries, including marine, aerospace, and automotive sectors, leading to inquiries about how we can apply our methods to their needs.
Our manufacturing facility and process has been independently verified by one of the world’s leading classification societies and we have started manufacturing the Sentinel System ahead of schedule.
Where is the first one going to be built?
Sean Wolpert: The first habitat we will build will be constructed here in England, on our campus. As to where it will be deployed, we are currently in advanced commercial discussions with several nations, focusing on regions in the Far East, North America, and the Middle East. These areas are key to our deployment strategy due to their unique applicability and strategic importance.
What makes this project particularly exciting is the innovative technology we’re using. The robots we employ stand at an impressive 3.5 metres tall. Our key innovation lies in coordinating six of these robots to work together, which allows us to build these large habitats. To give you a sense of scale, each habitat is 6.1 metres in diameter – about a third of the size of a Boeing 777. This means the structures we’re creating will be some of the largest additively manufactured products on the planet.
Another unique aspect of our process is the software we’ve developed to control these robots. These robots are not only efficient but also versatile. For instance, if one of our key commercial partners wants to build habitats in a specific location, we can simply place the robots in a shipping container and transport them to the desired site. This approach significantly reduces the carbon footprint of the entire production cycle. Instead of manufacturing the habitats in England and then shipping them thousands of miles, we can construct them on-site, using local feedstock and resources.
This benefits various stakeholders. On one hand, there’s the financial aspect, on the other hand, there’s the natural capital and the environmental impact. To be clear, while environmental considerations were not the primary driving force behind our innovation, they are a highly positive consequence of it. What we’re seeing here is a true manifestation of how capitalism and environmentalism can work together.
Our goal is to establish a platform that normalises intelligent ocean use in people’s minds. This, in turn, will attract innovators, capital, and opportunities that can bring expansive benefits to society, humanity, and the planet as a whole.
When are we going to be able to speak about a proper ocean economy or can we already?
Sean Wolpert: At this stage, it’s difficult to say exactly what the blue economy is or what it will become. There’s a bit of an identity crisis around the concept – it’s not fully defined yet. We have examples of localised activities, like fish farming, aquaculture, and optimising fuel efficiency over shipping lanes, but these are all discrete, disconnected efforts. While these endeavours are valuable, they represent only a small fraction of the ocean’s potential. The global ocean economy remains an enigma, even for those of us deeply involved in it. What we’re doing at DEEP is laying the groundwork for what this economy could eventually become.
We’re in the early stages of creating a platform that will allow innovators to access the ocean on a global scale and to do so intelligently. I use the word “intelligently” deliberately – because while responsible use is essential, it’s often a given in discussions like these.
Our goal is to establish a platform that normalises intelligent ocean use in people’s minds. This, in turn, will attract innovators, capital, and opportunities that can bring expansive benefits to society, humanity, and the planet as a whole.
In ten years, we’ll have a much clearer understanding of what the blue economy is, though it will continue to evolve over time. We’re just at the beginning of this journey, and the next five to ten years will be crucial in defining this emerging economic sector.
There seems to be growing societal awareness of the sea. Is the investment there yet?
Sean Wolpert: When it comes to investing in the blue economy, we often see opportunities that are isolated and small-scale, such as blue bonds. While these bonds represent steps towards environmental sustainability, they’re typically supported by smaller nations and often lack the scale needed to make a significant impact. In the trading world, conversations about these bonds can start in trading rooms but rarely lead to broader adoption.
The real challenge lies in incentivising investors to buy these blue bonds. The key to making blue bonds attractive to large investors, like PIMCO, lies in improving the yield to maturity. However, there’s a tension here – the more money needed to make the bonds competitive, the less available for the actual project. Blue bonds shouldn’t be priced like traditional government bonds, but we must find a way to enhance their appeal in asset allocation models.
Another critical issue with blue bonds is post-investment reporting. How can investors be sure that the projects they fund are achieving their goals? Currently, there’s a significant lack of transparency and data, which is a major obstacle. If an investment doesn’t perform as expected, it becomes difficult to justify it to end investors. This issue isn’t unique to blue bonds – ESG (Environmental, Social, and Governance) investing has faced similar challenges due to inadequate data and vague reporting standards.
To address this, we need standardised and centralised data collection within the ocean economy. Major players like BlackRock, PIMCO, and Vanguard should collaborate with data collectors and aggregators to establish clear benchmarks and standards. This would not only improve transparency but also build investor confidence in the impact of their investments.
What conversations have you had with governments about regulations? Do you get a sense that things are heading in the right direction?
Sean Wolpert: There’s no uniform perspective or view on how we should be using ocean resources. For instance, the International Seabed Authority and the ongoing debates about deep-sea mining illustrate the complexities and tensions among countries with different interests and incentives.
One of the major hurdles is the lack of standardisation. Take commercial diving, for example. If you’re working underwater in the oil and gas industry, the standards you have to meet differ depending on where you are. This lack of consistency creates gaps and barriers, making it difficult to develop a centralised skill set that can be applied globally.
Progress is never as fast as we want it to be, but it’s also not as slow as we fear. After getting approval from DNV, a world-class society for design and engineering, we started presenting our work to the world. Initially, when I met with a major government in North America, their senior policymakers weren’t particularly interested in our habitat technology. They were more focused on maintaining relationships with organisations that have habitats. However, I kept the dialogue open, and over time, the concept of habitats has become more common in their discussions.
Now, we’re seeing visions that include habitats in every marine sanctuary. The idea is gradually being normalised. I believe we’ll see a significant acceleration in adoption once we announce our first deployment.
You have said that you want to make “leaps not marginal improvements in existing technology”. What are your hopes for 2030?
Sean Wolpert: I think it’s important to take a step back and consider the history of underwater habitats. The idea of placing people in habitats on the seabed isn’t new; it dates back to Jacques Cousteau with his Conshelf I, II, and III projects. Then there were initiatives like SeaLab in the US and the Aquarius Reef Base, which was the last underwater habitat off the coast of Key West but has now been decommissioned. With its removal, humanity currently has no habitat in the ocean.
Historically, these habitats were quite basic and not truly habitable in the sense of offering a comfortable or productive living environment. They were more like temporary shelters where people could sleep and do some work.
We wanted to rethink this approach. We asked ourselves, what can we do to create a real step change in the effectiveness, productivity, and overall experience of living and working underwater?
The key concept that runs through all our thinking is optionality – the ability to use assets for multiple purposes. One of the critical advancements we’ve made is to design habitats that can operate at depths of up to 200 metres. This depth is significant because it covers much of the continental shelf around the planet, an area roughly equivalent in size to the surface of the moon.
This depth range, from 20 to 200 metres, is what we call the “Goldilocks zone”. It’s not too deep, where it becomes dark and difficult for humans to work, nor is it too shallow, where recreational diving and coral research are already well-established. This zone is where most of the planet’s oxygen generation occurs and where we find interesting, yet largely undiscovered, biodiversity. It’s also where key opportunities for coral restoration and remediation exist.
We’ve designed our habitats to be redeployable, which means they’re not fixed in one location. While they’re not self-propelled, they are economically designed to be moved after their mission in a particular spot is complete. After fulfilling their objective over two to three years, they can be relocated to a new area. This multi-use, flexible approach over the lifespan of the habitat is what sets our technology apart.
