Wave energy firm signs US deal

WAVE energy company Ocean Energy has signed a deal with US multinational Dresser-Rand which has boosted Ireland’s aspirations for autonomy in its future electricity generation.

This partnership could lead an Irish industry generating 600MW of electricity by 2020, or enough to supply the annual electricity needs of 450,000 households, and employing 6,500 people full-time.

Ocean Energy is now on course to have a range of full-scale devices in the water producing commercial electricity by 2014.

Ocean Energy chief executive John McCarthy said: “Dresser-Rand have agreed to develop and supply turbines for our devices. We are the only company in the world they have entered into a development and supply agreement, and we see this not only an endorsement of our technology but of the Irish Government’s development strategy for the industry.

“We have the people, the resources and the technology to deliver on the Government’s alternative energy strategy. If we don’t take the initiative now, somebody else will, which is what happened with wind energy.”

Turbine manufacturer Dresser-Rand was attracted by the Ocean Energy Buoy, which coped with a “one in 40 year” wave during recent sea trials. The OE Buoy is the result of seven years of research and development, unique in that it has only one single moving part, ensuring its survival over two years of rigorous testing in Atlantic waves.

The Irish company’s system captures energy offshore, near-shore and on-shore, converting wave energy to air and then into electricity.

Minister for Communications, Energy and Natural Resources Eamon Ryan welcomed yesterday’s partnership announcement.

He said the deal should help Ireland to meet not only its own future energy needs, but offers potential for the country to become an exporter of electricity and innovative new wave technologies.

In business since 1840, Turbine giant Dresser-Rand has a market capitalisation of $2.5 billion (€1.83bn), with 62,000 turbines operating in over 140 countries.

The company is a major player in the oil and gas market. It has 6,000 employees and service centres in 17 countries, resources which Ocean Energy can now also tap into.