Ocean Energy

What Ocean Energy does

OceanEnergy (legal entity: New Wave Technologies Limited) is an Irish wave energy technology developer founded in 2011 and headquartered in Cobh, County Cork. The company commercializes the OE Buoy platform — a family of floating Oscillating Water Column (OWC) wave energy converters that use a proprietary Wells Aerofoil Turbine to convert wave motion into electricity. The product line spans the compact OE12, the 35-meter OE35 (500kW rated capacity, claimed to be the world's largest floating wave energy device), and the in-development OE50 for next-generation commercial arrays. The architecture features an L-shaped configuration with a sealed buoyancy chamber, semi-submerged enclosure, and trapped-air volume above the waterline; critically, it has only one moving part (the air turbine runner above the waterline), with all electrical equipment housed in watertight buoyancy chambers, eliminating the need for divers during servicing. Steel construction using conventional shipbuilding methods is designed to enable mass production.

The company is pre-revenue and monetizes through project-based contracts and demonstration deployments rather than recurring sales. Cumulative disclosed non-dilutive funding exceeds $25 million, sourced from the US Department of Energy ($11.5M+ for the Hawaii deployment), the EU Horizon Europe Programme (€9.6M via CINEA for the WEDUSEA project), Innovate UK (€5.4M), the European Space Agency, and Marine Institute Ireland, with Enterprise Ireland as a portfolio supporter. Go-to-market is enterprise field sales plus strategic co-development partnerships, targeting utility and large power customers, offshore oil and gas operators, government/defense agencies (notably the US Navy at WETS Hawaii), and emerging blue-economy segments including offshore aquaculture (WEC4FISH), data centers, desalination, and wave-powered carbon capture (partnership with US Naval Research Laboratory and NREL).

The company operates a global partnership ecosystem anchored by the 14-partner WEDUSEA consortium (UK, Ireland, France, Germany, Spain), test facilities EMEC (Orkney) and the US Navy WETS site, and shipbuilder Vigor Industries for fabrication. Distribution is regional through direct enterprise sales in Europe (Ireland HQ) and via the wholly-owned US subsidiary Ocean Energy USA LLC. The OE35 is currently undergoing a two-year grid-connected sea trial at EMEC, Orkney (Summer 2024 deployment), representing the largest grid-connected WEC of its type worldwide and a critical step toward commercial-scale wave farms.

Name

Ocean Energy

Legal name

New Wave Technologies Limited

Website

https://oceanenergy.ie

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

OceanEnergy (New Wave Technologies Limited) is an Irish wave energy technology developer commercializing the OE Buoy Oscillating Water Column platform with proprietary Wells Aerofoil Turbine technology, serving utility, offshore oil & gas, defense, aquaculture, and blue-economy customers via government-funded demonstration projects in Europe and the US.

Ownership category

akta.pro rank

Product category

Wave Energy Converters

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Engines & Turbines (3510)

akta.pro primary industry

Wave Energy Converter (WEC) Power Generation (EUACAJAC)

akta.pro secondary industries

Marine & Hydrokinetic R&D (Tidal, Wave, River Current, OTEC) (EUAMAOAD), Marine Power Generation & Energy Storage (Generators, Batteries, UPS) (IMAJAJAB), Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets) (EUAEAGAO)

Keywords

• Wave energy converters
• Oscillating water column
• Marine renewable energy
• Offshore power generation
• Wave energy technology

Headquarters

HQ city

Cobh

HQ country

Ireland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Wave Energy Device Sales: Direct sale of OE Buoy wave energy conversion systems to utility companies, industrial operators, and government agencies. Revenue from device manufacturing, deployment, and commissioning services.
2. Utility-Scale Wave Farm Development: Development of multiple device wave energy farms (100MW capacity across 2 square kilometers) producing power for grid supply. Each 100MW farm can power 50,000 homes.
3. Offshore Asset Power Services: Providing reliable, low-carbon energy solutions for offshore oil and gas operations, data centers, desalination plants, aquaculture facilities, and naval applications.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Ocean Energy develops and commercializes floating wave energy converter devices (the OE Buoy family: OE12, OE35, and OE50) based on Oscillating Water Column (OWC) technology paired with a proprietary Wells Aerofoil Turbine. Each device generates grid-quality electricity from ocean waves, with the OE35 rated at 500kW and plans to scale to 1MW. The systems target utility-scale wave farms, offshore oil and gas power, aquaculture, data centers, and naval applications.

Product overview

OceanEnergy is a wave energy technology company commercializing its Oscillating Water Column (OWC) wave energy conversion technology. The product portfolio centers on the OE Buoy platform family — the OE12, OE35, and OE50 Buoy models — representing increasing capacity scales from development prototype to commercial readiness. The systems use a patented air turbine technology (Wells Aerofoil Turbine) that requires only one moving part, enabling simple maintenance and robust operation. Each OE Buoy device produces enough electricity to power 1,000 homes, and the company plans to develop 100MW wave energy farms across multiple devices to power 50,000 homes. The OE35 Buoy is the flagship model currently deployed (500kW rated capacity), with the OE50 representing the next scale-up for commercial arrays.

Differentiator

Problem solved

Functional benefit

Brands

• OE Buoy: Wave energy converter product line using Oscillating Water Column (OWC) technology. Floating system with trapped air volume and single moving part (air turbine). Includes OE12, OE35, and OE50 models.
• OE12 Buoy
• OE35 Buoy
• OE50 Buoy
• Air Turbine Technology

Products and services

• OE Buoy Wave Energy Converter Platform Floating wave energy converter platform based on Oscillating Water Column (OWC) technology that harnesses wave motion to compress air through a turbine and generate electricity. Steel construction with a single moving part housed in watertight buoyancy chambers above the waterline, designed for utility companies, offshore operators, and government agencies.
• OE12 Buoy Compact floating wave energy converter in the OE Buoy product family, designed for smaller-scale deployments and earlier development stage testing. Built on the OWC platform with steel construction and a single moving part air turbine.
• OE35 Buoy 35-metre floating wave energy converter with 500kW rated capacity, the world's largest capacity floating wave energy device. Steel construction built at Vigor Industries shipyard, demonstrated at US Navy WETS site in Hawaii and subsequently deployed at the European Marine Energy Centre (EMEC) in Orkney, Scotland. Designed for utility-scale, offshore, and government demonstration projects.
• OE50 Buoy Larger capacity floating wave energy converter in development, representing the next scale-up from the OE35 for commercial wave energy array deployments. Built on the same OWC architecture with steel construction and the Wells Aerofoil Turbine.
• Wells Aerofoil Air Turbine Technology Proprietary self-rectifying Wells Aerofoil Turbine designed for high efficiency during reversing air flows in the OWC system. The turbine outlet diameter is significantly smaller than the enclosed water column surface, creating a gearbox effect that accelerates air flows to be compatible with electrical generator rotational speeds without requiring a mechanical gearbox.

Quantifiable outcome

• Each device powers 1,000 homes; 100MW wave farm powers 50,000 homes
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• WEDUSEA Consortium PartnerscoreStrategic or Co-development Partner · 17 October 202214-partner international consortium spanning industry and academia from UK, Ireland, France, Germany, and Spain. Partners include: INNOSEA (France), Advanced Simulation Technologies (Spain), Fraunhofer Gesellschaft (Germany), University College Cork (Ireland), Gavin and Doherty Geosolutions (Ireland), Exceedence (Ireland), Wood (Ireland), Hydro Group PLC (UK), European Marine Energy Centre (UK), Longitude Consulting Engineers (UK), University of Exeter (UK), InnosEA Ltd (UK), Green Marine UK. Total project value €19,564,753 with EU Horizon Europe funding of €9,636,874 and Innovate UK funding of €5,356,026.
• MindseedminorStrategic or Co-development Partner · 21 July 2021Dublin-based ICT consultancy specializing in space-related technologies. Partnership awarded €100,000+ ESA contract to assess satellite-based services (SatEO, SatCom, SatNav) for marine energy sector. Addresses operational challenges across planning, logistics, efficiency, and safety of operations.
• Vigor (Oregon-based shipbuilder)coreImplementation/ SI/ Consulting Partner · 1 October 2018Oregon-based shipbuilder contracted to construct the OE Buoy wave energy device. Contract value $6.5M out of $12M total project value for Hawaii deployment at US Navy WETS site.
• US Naval Research LaboratorycoreStrategic or Co-development PartnerCollaboration on wave-powered carbon removal project. Partnership assesses how OE Buoy platform could integrate with electrochemical carbon capture technology in offshore environment for dual-purpose clean energy and carbon removal.
• National Renewable Energy Laboratory (NREL)coreStrategic or Co-development PartnerPartnership on wave-powered carbon removal initiative. Collaboration assesses integration of OE Buoy with carbon capture technology for offshore applications.
• University College Cork (UCC)minorStrategic or Co-development PartnerWEC4FISH project partnership with UCC researchers from School of Engineering and Lir National Ocean Test Facility. Focuses on integrating wave energy with aquaculture systems for sustainable offshore fish farming.
• US NavycoreImplementation/ SI/ Consulting PartnerWave Energy Test Site (WETS) host on Oahu, Hawaii. First-of-a-kind grid-scale project deployment location. Partnership with US government to optimize wave energy technology.
• European Marine Energy Centre (EMEC)coreStrategic or Co-development PartnerWorld's leading accredited test laboratory for wave and tidal energy in Orkney, Scotland. WEDUSEA project deployment location. EMEC provides metocean, bathymetry, geophysical data and facilitates planning of offshore operations.

Scale indicators8 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• CorPower Ocean: Sweden/Portugal-based wave energy converter developer pursuing grid-scale utility projects with a similar hardware-plus-grant commercialization pathway, making it the closest direct competitor for utility-scale OWC and point-absorber WEC deployments.
• AW-Energy: Finnish company commercializing the WaveRoller oscillating water column WEC. Competes head-to-head with OceanEnergy in the OWC sub-segment of wave energy and shares the same utility-scale commercialization thesis.
• Mocean Energy: Scotland-based wave energy developer (Blue X wave energy converter) operating out of the same EMEC ecosystem as OceanEnergy's WEDUSEA project, making it a direct peer targeting the same North Sea and UK utility markets.
• Eco Wave Power: Israel/Sweden-listed wave energy company developing floating and onshore wave energy converters, targeting utility-scale deployments and competing for the same global marine-renewable customer base.
• SeaBased: Swedish wave energy developer with linear-generator WEC technology tested at EMEC. Targets similar utility and island-grid customers and is a peer for marine-energy technology benchmarking and project pipeline.
• CalWave Power Technologies: US-based wave energy developer (California, with NREL/DOE ties) building offshore WEC systems for grid and aquaculture applications, pursuing a closely aligned commercialization pathway to OceanEnergy's OE Buoy.

Emerging players

• Wave Swell Energy: Australian developer of an oscillating water column WEC for coastal and island microgrids. Directly comparable OWC technology targeting similar utility and island-power use cases, though at a smaller scale and earlier stage.
• Minesto: Swedish tidal/kite developer building utility-scale marine energy arrays (e.g., Holyhead Deep). Comparable commercial model pursuing baseload marine renewables for grid-scale customers.

Broad incumbents

• Simec Atlantis Energy: AIM-listed marine renewable energy developer with tidal-stream projects (MeyGen) and broader ambitions across marine energy. Provides a public-market reference for the marine energy commercial trajectory OceanEnergy is aiming for.

Others

• Vigor Industries: Oregon shipbuilder contracted by OceanEnergy to fabricate the OE35. Adjacent supplier/partner rather than a direct competitor, but illustrative of the marine-construction supply chain on which OceanEnergy's hardware deployment depends.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ocean_usa
• LinkedInlinkedin.com/company/oceanic-energy-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ocean Energy