Abengoa and Wavebob Team Up on Development of Wave Energy Systems (Ireland)

Ocean wave power company Wavebob and the international company that applies innovative technology solutions to sustainable development in the energy and environment sectors, Abengoa, announced a planned collaboration which will see the two companies working together on the research, development and commercialization of wave energy systems.

Considered one of the world’s leading wave energy technologies, Wavebob Ltd.’s unique wave energy convertor harnesses the immense power of the ocean to produce clean, low cost electricity. At full scale, the device will be capable of producing in excess of one megawatt of energy with a 100-unit wave farm providing power for more than 30,000 homes.

Speaking at the announcement of the partnership, Andrew Parish, CEO of Wavebob stated “given Abengoa’s position as a leading energy technology developer, this collaboration provides immense expertise and global reach to Wavebob. Abengoa truly understand the challenges of developing advanced energy technology and converting that challenge to a financial opportunity. Together we share the ambition to lead the world in the commercial exploitation of the immense, and as yet untapped, ocean energy resource.”

“Wave energy is very well aligned with Abengoa’s strategy of developing innovative technology solutions for sustainability, and that’s why we consider it worthwhile to conduct joint R&D efforts with the right partners and explore the potential within this new business field”, said José Dominguez Abascal, Technical General Secretary of Abengoa.

Wavebob and Abengoa are planning to collaborate for a period of at least 6 six years, which would include jointly working to rapidly complete an R&D agenda to meet the growing commercial wave energy opportunities in Europe and the US. Both companies will collaborate on research, technological development and economic assessment of wave energy locations globally.

The announcement of the planned collaboration was made during the official visit by President of Ireland Mary McAleese to Spain.

[mappress]

Source: abengoa, March 23, 2011