OceanEnergy, which is the trading name of New Wave Technologies Limited, is a specialised commercial company developing wave energy technology. The company is developing technology which has been extensively tested and is now at a stage where it is now one of the most commercially viable technologies for harnessing the power of the oceans. The device, through careful development, has the advantages of a robust and practical design, one moving part and proven survivability having withstood over 3 years of live sea trials in Atlantic waves. To date no other Wave Energy systems can claim success in these areas to a similar or greater extent.
OceanEnergy USA LLC is part of the watch OceanEnergy Group and is actively pursuing opportunities in the US market. Marine renewables represents a market space that is relatively small at present, but is expected to grow rapidly over the coming decade. The opportunity for marine energy is that it can meet a significant percentage of the global energy demand. In the United States, the technical potential of wave energy for example could meet roughly 15% of the electricity needs, which would represent a market of about $100bn/year in electricity sales alone. Globally, wave power could meet about 5%-10% of the electric energy needs.