16/01/2008

Government Makes Waves In Renewable Energy Sector

Andrew Parish, CEO of Wavebob Ltd, Ireland’s leading wave-energy development company, has hailed the Ocean Energy Initiative launched by Irish Energy Minister Eamon Ryan as the Government's most progressive step to date in wave energy development in Ireland.

"As a wave energy world-leader, we believe that today’s announcement gives Irish wave technology companies a significant advantage in a rapidly developing and competitive global sector," Mr Parish said. "For many years, we at Wavebob Ltd have been calling on Government to develop Ireland as an international centre of wave energy excellence and I am delighted to see that each element of the initiative announced today is in line with our recommendations."

"The new guaranteed price for wave energy of 0.22 cent per KW hour is a particularly encouraging incentive for wave energy companies who are spending millions of Euro on the research and development of innovative wave technology."

Mr Parish has revealed that this price, combined with the other measures announced, succeeds in accelerating the development of commercial wave energy farms and will make wave energy facility investments a "much more attractive" proposition for major electrical utilities.

"'Blue' power produced from the waves, will, in the long-term, be much cheaper for the consumer, safer for the environment and will have the added bonus of creating thousands of jobs here in Ireland," he concluded.

Wavebob Ltd recently claimed they are the first Irish company and one of only a handful worldwide to have successfully harnessed wave power.

Recent trials in Galway bay of their prototype ocean wave energy converter were successful in producing electricity, putting the company firmly amongst the frontrunners of a small number of international companies vying to be the first to provide commercial-scale wave-power.

(JM)

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