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2011 – A busy year

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’.

Wavebob Secures New Investment

World-leading wave energy technology company Wavebob Ltd. has closed an investment round with GREinvest Management Ltd. the early stage, renewable energy project developer, with operations in the UK, Romania and Bulgaria.

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.”