Irish wave energy company gets backing from ESB

DUBLIN Thu Oct 15, 2009 9:23pm IST

DUBLIN Oct 15 (Reuters) - Irish-owned company Wavebob received a boost on Thursday when the country's Electricity Supply Board (ESB) utility signed a deal to help develop its wave energy converter technology.

About 100 companies worldwide are vying for a share of a market that The World Energy Council estimates could potentially provide about 10 percent of world electricity consumption. [ID:nLS254204]

Wavebob says its design -- a buoy structure that absorbs energy -- is the first such Irish device and one of only a small number worldwide to harness ocean wave energy and produce electricity. Thursday's deal will see the international arm of Ireland's former monopoly electricity company provide engineering services for the design of Wavebob's first grid-connected device which is scheduled to be installed in Portugal in 2011.

"This agreement fits with ESB's strategic commitment to the development of a wave and tidal energy industry in Ireland that will support the economy through the development of new green jobs," Michael McNicholas, ESB International's executive director said in a statement.

Ireland's government, which includes junior coalition partners the Green Party, signed a revised programme for government last week which included a commitment to create 120,000 "green collar" jobs over the next few years.

(Reporting by Padraic Halpin; Editing by Keiron Henderson )

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage