Ocean Wave Energy Company

What Ocean Wave Energy Company does

Ocean Wave Energy Company (OWECO) is a private, founder-led marine hydrokinetics company founded in 1978 in Portsmouth, Rhode Island. The company developed the OWEC Ocean Wave Energy Converter, a modular, self-stabilized wave energy system using counter-rotating electrical generators with variable ballast and neutral buoyancy suspension. Modules are designed to operate singly or in triad formations assembled into scalable arrays for offshore deployment in all sea states. OWECO holds four US patents (1980–2014) covering linear electrical generators, counter-rotary generators, and module configurations, and has developed the OWEB Google Earth mapping application integrating NOAA and Scripps wave data for site planning and power output estimation.

Target customers include US government agencies (US Coast Guard, Navy for marine Aids to Navigation), remote island and coastal communities, marine equipment operators (ROV/AUV charging, environmental monitoring, aquaculture), and potential utility-scale deployments for desalination, hydrogen production, and ocean dead zone remediation. The company is pre-revenue and has remained in R&D and prototype stage for its entire 49-year history, with no commercial products deployed. Business model signals indicate anticipated revenue from module sales, technology licensing, and government research contracts, supported by GTM activities including international conference presentations, direct government engagement, and industry publication placements.

The company is operated primarily by Founder Foerd, the original inventor, supported by engineering interns and a long-standing research relationship with the University of Rhode Island Ocean Engineering department. There is no evidence of institutional venture or growth equity backing, and the company has relied on founder resources and a single US Coast Guard SBIR grant (1989). Strategic positioning emphasizes "first mover" status in wave energy, multi-decade IP accumulation, and global conference engagement to attract government and industrial partners for eventual commercialization.

Name

Ocean Wave Energy Company

Legal name

Ocean Wave Energy Company

Website

https://owec.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

1–10 employees

Short description

Ocean Wave Energy Company (OWECO) is a pre-revenue, founder-led marine hydrokinetics company developing modular, self-stabilized wave energy converters using patented counter-rotating generator technology for offshore power, desalination, and hydrogen production applications targeting governments and remote island communities.

Ownership category

akta.pro rank

Product category

Wave Energy Conversion Systems

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)

Keywords

• Wave energy conversion
• Marine hydrokinetic power
• Ocean energy converters
• Offshore renewable energy
• Modular wave generators

Headquarters

HQ city

Portsmouth

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Pre-revenue / Development Stage: Company is in R&D and prototype development phase (founded 1978). No commercial products or revenue streams currently in place. Revenue anticipated from sale/deployment of OWEC modules, licensing of technology, and government research contracts.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

OWECO develops the OWEC® Ocean Wave Energy Converter, a modular, self-stabilized wave energy conversion system using wave-driven counter-rotating electrical generators with variable ballast and protected direct-drive components. The system converts ocean wave kinetic energy into electricity in deep water offshore environments, deployable singly or in triad formations connected into scalable arrays. Supporting offerings include the OWEB Ocean Wave Energy weB Map, a Google Earth-integrated global marine spatial planning and power output calculator for siting deployments.

Product overview

Ocean Wave Energy Company offers the OWEC® Ocean Wave Energy Converter system, a modular marine hydrokinetic energy platform. The core product consists of self-stabilized wave energy modules featuring proprietary counter-rotating electrical generators that convert wave kinetic energy to electricity. The product portfolio includes the OWEB Ocean Wave Energy weB Map application for global wave energy resource mapping on Google Earth Pro, integrated with a Power Output Calculator for site-specific generation estimates. The modular system operates singly or preferably in triad formations that connect into scalable arrays for utility-scale deployment. Original linear electrical generator (LEG) designs from 1978-1982 have evolved to more efficient counter-rotating generator technology covered by multiple patents (US Patents 4,232,230, 4,672,222, 7,352,073, 8,810,056). The technology enables direct wave-to-wire power conversion for offshore applications including Aids to Navigation, environmental monitoring, ROV/AUV charging, water desalination, and hydrogen production from seawater electrolysis.

Differentiator

Problem solved

Functional benefit

Products and services

• OWEC® Ocean Wave Energy Converter Modular, self-stabilized wave energy conversion system that converts ocean wave kinetic energy directly to electricity. Features counter-rotating electrical generators, variable ballast, and direct-drive components in a tetrahedral modular design that operates singly or in triad formations connected to form arrays for utility-scale power generation. Designed for offshore and deep-water deployment in all sea states with minimal environmental impact.
• OWEB Ocean Wave Energy weB Map Global wave energy mapping application built on Google Earth Pro platform that locates growth stages of wave energy farms, displays HVDC electrical and gas grid connections, and integrates environmental factors including wave height data from NOAA/NCEP and Scripps sources. Includes wave energy conversion area overlays with marine spatial planning tools.
• OWEC Power Output Calculator Web-based calculator integrated with the OWEB map that estimates OWEC® module electrical generation output based on wave height, period, and module specifications for specific deployment sites.
• Counter-Rotating Electrical Generators Proprietary generator technology that converts linear reciprocating motion from wave-actuated buoys into continuous rotary motion for electricity generation. Replaces original linear electrical generator design with more efficient counter-rotating architecture. Covered by multiple US patents including 7,352,073 (2008) and 8,810,056 (2014).
• OWEC Marine Hydrokinetic Modules Self-stabilized floating and neutrally submerged modules deployable in all sea states of offshore and deeper interference waves. Modules are methodically fabricated, shipped, and quick-connected together in movable arrays for efficient electrical generation from water wave fields. Conformally scalable modules with protected direct-drive components housed in neutrally submerged buoyancy chambers.

Quantifiable outcome

• 1 square meter of coastal wave energy produces 30 kW, compared to 0.2 kW for solar and 2-3 kW for wind in same footprint
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• University of Rhode Island Ocean EngineeringcoreStrategic or Co-development PartnerOngoing collaboration with URI Graduate School of Oceanography and Ocean Engineering Department since 1978. Includes joint research, student intern programs, wave tank testing facilities, and collaborative projects on marine renewable energy.
• ChestertonminorOthersComponent donation received from Chesterton for OWEC engineering work.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ocean Power Technologies: US-listed wave energy company developing the PowerBuoy, a buoy-based wave energy converter for offshore power, monitoring, and subsea charging. Closest direct peer to OWECO in product category (modular wave energy converters targeting marine/off-grid use cases) and in target market (US defense and offshore applications).
• CorPower Ocean: Swedish developer of wave energy converters using a wave-driven point absorber with a pneumatic power-take-off system. Directly comparable to OWECO as a WEC technology developer pursuing utility-scale ocean energy deployment, with overlapping target geographies (Europe, US, island/coastal communities).
• Wave Swell Energy: Australian developer of a bi-directional oscillating water column wave energy device. Direct peer in the WEC category with similar focus on island and coastal applications.
• Carnegie Clean Energy: Australian developer of the CETO wave energy converter, a submerged buoy-based system. Direct peer as a WEC technology developer pursuing utility-scale ocean energy with similar desalination and island-grid applications.
• AW-Energy: Finnish developer of the WaveRoller, a seabed-mounted oscillating wave energy converter. Direct peer in WEC category, sharing the niche/utility wave energy conversion market and island/grid use cases OWECO targets.
• Eco Wave Power: Israel-based wave energy company with near-shore floaters mounted on structures. Closely comparable to OWECO in modular WEC approach and focus on island/coastal community applications and port infrastructure, including hydrogen and desalination use cases.
• Wello Oy: Finnish developer of the Penguin, a rotating mass wave energy converter. Direct peer in WEC technology and island/coastal utility-scale target markets.
• Bombora Wave Power: UK/Australian developer of the mWave, a flexible membrane wave energy converter. Comparable WEC technology developer targeting utility-scale ocean energy and grid-connected projects.

Emerging players

• Mocean Energy: Scottish developer of the Blue Star wave energy converter, an offshore floating WEC with a geared power take-off. Emerging peer in the same WEC category, with comparable offshore and subsea-charging use cases.
• CalWave Power Technologies: US-based developer of a submerged point-absorber WEC. Emerging peer in the WEC category with similar offshore power and desalination applications; comparable in geographic scope (US-based, DOE SBIR history).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/watch?v=ZXaCORiayEM
• LinkedInlinkedin.com/company/ocean-wave-energy-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 Wave Energy Company