Bord Gais buys stake in wave firm
Energy provider Bord Gais has acquired a 20% stake in Irish wave farm development business Tonn Energy, it has emerged.
John Mullins, Bord Gais chief executive, said some of the best wave resources in the world could be found off the west coast of Ireland after his firm beefed up its renewable energy portfolio.
He said: "The potential of the Irish wave energy resource is enormous and Irish utilities are determined to capitalise on that resource.
"In addition to fostering the development of wave energy technologies like the Wavebob, it is important that utilities such as Bord Gais play their part in the development of the first wave farms."
Established in 2008, Tonn Energy is a joint venture between Swedish power utility Vattenfall AB and Irish wave technology company Wavebob.
Harvey Appelbe, Tonn Energy's project director, welcomed Bord Gais' decision to engage in wave farm development and believes it is a key turning point for Irish wave energy development.
He added: "Ireland has a unique growth opportunity having immense clean and renewable wave energy.
"Care has been taken to put in place co-ordinated planning and procedures in Ireland but we must now start working together to build wave farm projects, before Ireland loses the opportunity to other countries."