Is wave power too green for investing?

An Ocean Power Technologies PowerBuoy

I read a number of stories today about a Navy contract that Ocean Power Technologies received for its PowerBuoy that caused me some pause. At one time it seemed that wave power had a bright future. Lately, however, it seems the only investor is the military, which really isn't interested in mass energy production.

A number of other wave power projects around the country and world have had their strings pulled over costs.

Obviously, it seems to early to call winners in wave power, but the real question is, will there ever be a winner?

PG&E surfing to clean electricity

A Finavera AuqaBuOY

Pacific Gas and Electric Company today announced that it has entered into a long-term, two megawatt (MW) commercial wave energy power purchasing agreement (PPA) with Finavera Renewables Inc. (‘Finavera Renewables’) (TSX-V:FVR). Located off the Northern California coast, the Humboldt County Offshore Wave Energy Power Plant will be developed by Finavera Renewables. The project is expected to begin delivering renewable, clean electricity in 2012.

“Harnessing the ocean’s energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction,” said Fong Wan, vice president of Energy Procurement, PG&E. “Wave energy, along with solar thermal energy and biogas generated from cow manure, are examples of the innovative and promising sources of non-polluting, renewable energy PG&E is pursuing as part of our commitment to combat climate change.”

Surf's Up: Ireland ready to harness wave power

Unlimited potential?

"A prototype wave energy converter has begun harnessing electricity from Atlantic waves off the west coast of Ireland, the Wavebob company said on Tuesday," states the AFP.

A" "Wavebob" floating buoy device that automatically adjusts to the size of the waves to maximise the amount of power it produces is undergoing trials off Spiddal, County Galway."

Wave power seems like a pretty cool idea, it would be even cooler if they could combine wave and wind power into one unit.