Ocean Energy, 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.
Ocean Energy USA LLC.
Ocean Energy USA LLC is part of the Ocean Energy 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.