Ecowave is (one of three Finnish) wave seed stage company owned by family Penttila. Compared to other modern wave power solutions Ecowave has chosen a different approach with a turbine technology using the circular motion of water occurring in a wave drives on any direction. The rotation speed based testing is the same class as in the big wind turbines with an easy anchored installation near or far seaside. The technology has a patent pending backed by an evidence at University of Technology Helsinki. Ecowave has now the first round ongoing for further R&D, next in summer 2009 on energy generation potential and cost protections.
Despite the capital intensity and very early stage nature of business, Wave power received a huge in 2008 according to Cleantech Group . The sector has been dominated more corporate’s while UK’s, Ireland’s and French Atlantic coastline boasts some of the most powerful wave streams globally. The big challenge is to make a device that will survive and produce power at reasonably cost. Carbon Trust estimates that wave energy costs 25 pence per kWh compared to wind 12 pence per kWh and coal/gas five pence per kWh. Technically, grid connection and energy transport are the first barriers to overcome as wave power plants are usually located a far from high population density.