This paper presents the methods developed and key findings of the IWEC project performed by Ocean Harvesting Technologies AB (OHT). It aimed to reduce the levelized cost of energy (LCoE) of OHT’s wave energy converter InfinityWEC, by analysing how different key parameters impact cost and annual output using a model of a 100-MW array installation. Component-level cost functions were developed and mapped to key parameters and constraints of the system. A large number of system configurations were then evaluated with a numerically efficient 3 degree-of-freedom (DoF) nonlinear radiationdiffraction model in WEC-Sim along with OHT’s sea statetuned polynomial reactive control (PRC). The most promising configurations were identified and investigated in more detail. The configuration with the best LCoE were finally identified and analysed further, including estimation of the effect of changing the PRC to model predictive control, which resulted in 17-34% higher annual output and 12-23% lower LCoE. The final LCoE was found to be 93 – 162 EUR / MWh at 100 MW installed capacity. An important finding from the study is that using simplified metrics such as CAPEX/ton was found to be irrelevant. Numerical wave tank testing, high-fidelity computational fluid dynamics (CFD), were used to tune the viscous drag of the 3 DoF WEC-Sim model. Applying verification and validation (V&V) techniques the CFD simulations showed a relatively large numerical uncertainty, but the average power and the motion responses were found to be sufficiently accurate.