An Irish company that designs turbines capable of converting wave power into electricity, has signed a major US development deal.

Ocean Energy has agreed a deal with multi-billion dollar US multinational, Dresser-Rand.

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The Irish company's Chief Executive Officer, John McCarthy said the agreement would significantly develop wave energy in Ireland and should lead to the creation of thousands of jobs.

Mr McCarthy said Dresser-Rand would both develop and supply turbines.

Dresser Rand, which has a market capitalisation of $2.5bn, said capturing just 5% of the global wave power resource could satisfy a quarter of the world's current electricity

(NS/BMcC)