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’.

This investment will provide Wavebob with sufficient capital to maintain its ambitious work programme and continue to meet the expectations of partners and shareholders during 2012.

Michael R. Jacobson, Co-founder and Director of GREinvest Management Ltd. noted that;, “despite the pressures of the continuing global financial crisis, Wavebob Ltd. has not only weathered the financial storm, but has also managed to plough ahead with the development of its unique wave energy converter. We at GREinvest are therefore very excited by this investment and we look forward to a mutually beneficial working relationship over the coming years.”

 
Wavebob Ltd.’s successful business strategy entails the development of relevant partnerships, investments and working agreements with multinationals in the energy and technology sectors. The strategy has enabled the company to withstand the global financial pressures facing most technology developers in this space. In recent years, Wavebob Ltd. has secured deals with international heavyweights such as Vattenfall, Chevron, Abengoa. Continued support from Government agencies in Europe and the US has also ensured that the company has progressed its technology in line with its objectives and ambitions.

This investment from GREinvest Management Ltd., will, according to Wavebob Ltd.’s CEO, Andrew Parish, further enhance the company’s network of industry investors who bring relevant experience to the Wavebob mix. “This welcome investment is a vote of confidence in our business strategy and technology development. We are grateful to GREinvest for their support and look forward to benefiting from the knowledge and energy that they will bring to our company.”

Commenting on the appointment, Chairman Goran Dandanell said; “as we drive forward on Wavebob’s technology roadmap we are strengthening the Board with working directors capable of taking Wavebob to commerciality”.

Padraig is currently a Director of Mespil Private Equity, where he is responsible for strategic thinking and planning.  He has been actively involved in entrepreneurship and business growth for the last 25 years, both in business for himself, supporting entrepreneurs as a strategic advisor and before that as Managing Director of EGB Management Ltd., the Irish investment company of Irish American Businessman and philanthropist Chuck Feeney.

Padraig holds a B.A from GMIT and an M.B.A. from Cornell/ESSEC (IMHI) Paris. He is currently President of the ESSEC Alumni Association in Ireland.

Representing Wavebob and the STANDPOINT consortium, Dr. Patrick Hartigan stated that “ demonstrating innovative wave energy technology at such an event ensures that wave energy research and development remains centre stage in European research policy. “

Wavebob and four of its partners – Vattenfall (Sw) , Hydac (De) , Germanischer Lloyd (De) and Grupo Generg (Pt) received a €5.1m grant from the EC Framework Programme 7. The consortium’s primary aim is to demonstrate that a point absorber wave-energy converter is the most suitable technology to be adopted as the internationally standardized method of harvesting energy from the ocean waves

Dr. Hartigan, had the privilege of welcoming Commissioner Geoghegan-Quinn to the Wavebob exhibition stand at the event.

Speaking previously, Commissioner Geoghegan-Quinn has stated that “investing in research and innovation carried out by SMEs means that we will have more growth, sustainability and competitiveness in Europe”.

The collaboration was announced during the official visit by President of Ireland Mary McAleese to Spain.

The collaboration is to take place over a period of at least six years to rapidly complete an R&D agenda to meet the growing commercial wave energy opportunities in Europe and the US.

Wavebob’s unique wave energy convertor, which harnesses the immense power of the ocean to produce clean, low cost electricity, is considered to be one of the world’s leading wave energy technologies.  At full scale, the device will have an installed capacity in excess of one megawatt of energy with a 100-unit wave farm providing power for more than 30,000 homes.

Abengoa is an international company that applies innovative technology solutions to sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste.

Speaking at the announcement of the partnership, Andrew Parish, CEO of Wavebob said:

“With Abengoa’s position as a leading energy technology developer, this collaboration provides immense expertise and global reach to Wavebob. Abengoa truly understands the challenges of developing advanced energy technology and converting that challenge to a financial opportunity. Together we share the ambition to lead the world in the commercial exploitation of the immense, and as yet untapped, ocean energy resource.”

Jose B. Terceiro of Abengoa added:

“Wave energy is very well aligned with Abengoa’s strategy of developing innovative technology solutions for sustainability and that is why we consider it worthwhile to conduct joint R&D efforts with the right partners and explore the potential within this new business field”.

CEO of Irish Development Agency, Enterprise Ireland Frank Ryan, added:

“Wavebob is an exciting young Irish company that is at the forefront of the emergent ocean energy sector.  International collaboration can be extremely effective in driving innovation forward – particularly in cutting edge areas such as marine renewable energy.  This collaboration is an important partnership that will further progress Wavebob’s innovative wave energy conversion technology.”