I dont think that anyone could deny that 2011 was a tough year to be in business. Even more so for a pre-revenue company such as Wavebob. The global economic challenges have ensured that our ability to secure funding and to grow our business have been somewhat curtailed, but, nonetheless we have managed to complete an ambitious programme of work, hold on to our team and secure vital new funding.

There is a saying that “sometimes you have to show something, sometimes you have to know something”. The past year has been a period of knowing for Wavebob. We have completed a huge amount of modelling, simulation and scaled model testing – all of which has significantly increased our knowledge and has resulted in some considerable design improvements to our wave energy converter. Some of these projects are described in brief in this newsletter.

We have made some key decisions in the design and operation of our device, which is resulting in significant improvements in power, stability, efficiency and operations & maintenance characteristics.

We also secured the support of Abengoa – a Spanish multinational energy and sustainable technology company. This R&D agreement is providing Wavebob with welcome funding, technical support and personnel. This model of partnership echoes the relationship we enjoy with ESBI who have also provided us with valuable in-kind support.

Under the chairmanship of Göran Dandanell, our board has also changed. We are very grateful for the commitment and contribution of our previous directors, Christopher Bielenberg, Jeremy Dowler, David Surplus and William Dick and have recently welcomed Padraig Berry to the board in the role of Vice-Chairman.

Despite all the global uncertainty, we are very excited about the year ahead. If 2011 was about weathering the storm, 2012 promises full sails and a navigable path to our commercial goals. We are standing by – all hands on deck, ready to drive the company onwards with continued energy, commitment and focus. We look forward to continuing to report progress to you our supporters and friends, without whom we could not deliver a future of wave powered, ‘blue energy’.