World leaders in wave energy development, Wavebob Ltd., has won the Green Innovation Award at today’s Green Awards 2008, which were announced at a gala ceremony in the Burlington Hotel in Dublin .

The Green Innovation Award recognizes the work of a company that has made a significant contribution to the reduction of greenhouse gas emissions.

Wavebob Ltd. Was founded by physicist William Dick in 1999 and has invested over €4m in Research & Development of their prototype wave energy converter, the Wavebob.  Wavebob Ltd. became the first Irish company and one of only a handful worldwide to successfully generate electricity from ocean waves just over a year ago.  It is now recognized internationally as one of the world's leading wave energy companies. Headquartered in Maynooth, Co. Kildare, with offices in the UK and the US, Wavebob Ltd. are developing their technology through an Open Innovation model of external partners. Current research partners include Vattenfall AB, one of Europe’s largest power companies, Chevron Ltd., the US Navy and NUI Maynooth.

CEO of Wavebob Ltd., Andrew Parish said today that receiving the Green Innovation Award gives valuable recognition to the expertise and talents within Wavebob Ltd.

“This award is an important endorsement of the innovative nature of our world-leading technology. Harnessing the ‘blue power’ of the ocean waves is a very complex undertaking, but with a vast market opportunity and additional benefits for the health of the planet, Wavebob is determined to  reduce our over-reliance on fossil fuels and capitalize on this commercial potential.  It is very gratifying to be recognized for this work, and today’s award provides further recognition of our open innovation strategy as a key source of competitive advantage.  Our business model demonstrates that there is no reason why Irish companies cannot develop world leading technologies. State support is crucial to this goal however and it is vital that the Government places emphasis on the development of green technologies in Ireland and that they provide appropriate supports for the future.”
Andrew Parish, CEO, Wavebob Ltd.

Wavebob Ltd. is finalizing commercial agreements  to deploy  commercial devices by 2010 with initial plans to develop a wave farm off the coast of Co. Mayo already underway. Each Wavebob device will be capable of producing in excess of a megawatt; enough electricity for over 700 homes..