A leading Irish wave-energy development company, Wavebob Ltd has signed a research and development agreement with one of Europe's largest electricity providers, Vattenfall AB.

The two companies will collaborate on bringing the prototype Wavebob device to readiness for a full-scale commercial wave farm. Wavebob then intends the device to be used at a later stage in a commercial wave farm off the west coast of Ireland.

The Wavebob is the first Irish device and one of only a handful worldwide to have successfully harnessed the energy of the ocean waves. At full scale, each Wavebob will be capable of producing in excess of a megawatt; enough electricity for over 700 homes. Andrew Parish, CEO of Wavebob Ltd. intends that a full-scale Wavebob will be in operation by 2010 and that their first wave-farm will be up and running soon after.

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According to Parish, the Government's Ocean Energy Programme and their recent announcement of a guaranteed price for wave energy of €0.22cent per KW hour had a very positive influence on the Wavebob/Vattenfall deal.

"As energy companies around the world review their options, Ireland is becoming an increasingly interesting proposition. Today's announcement is significant for Wavebob and provides further recognition of Ireland being an international centre of excellence in the development of ocean energy technology," said Andrew Parish, Chief Executive Officer at Wavebob Ltd.

(VB/JM)