Right now, wave power is in the early experimental stages, but venture capitalists are lining up to be on the ground floor.
Orecon has lined up $24 million in funding from Advent Ventures, Venrock, Wellington Partners and Northzone Ventures to build a full scale prototype of its wave power machine and, if the results are positive, move toward commercial deployment.
The U.K.-based Orecon has devised a large-scale buoy for harvesting power from waves. In a nutshell, waves striking the device create pressure in a chamber, which is used to turn a turbine and create electricity. A single device … Read more