Ocean Energy signs major deal with US multinational

5 Feb 2010

Ocean Energy, a specialised commercial company developing wave energy technology based in Cobh, Co Cork, has signed a major deal with Dresser-Rand, a global supplier of high-speed rotating equipment and service solutions. The agreement is expected to significantly develop wave energy in Ireland, and Ocean Energy CEO John McCarthy is confident the deal will lead to the creation of thousands of jobs here.

Established in 2000, Ocean Energy currently employs six people and in November began its first funding round, hoping to raise €20 million. It has already received €700,000 from Sustainable Energy Ireland. In August, the company successfully completed more than two and half years of testing on its OE Buoy technology off the Galway coast, and says it is now at the stage where it is the most commercially viable technology for harnessing the power of the oceans.

US multinational Dresser-Rand currently employs more than 6,000 staff worldwide and is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The company operates manufacturing facilities in the US, France, United Kingdom, Germany, Norway, India, and China, and maintains a network of 36 service and support centres covering more than 140 countries.

By Deirdre Nolan

Photo: Ocean Energy has signed a deal with Dresser-Rand, which is expected to significantly develop wave energy in Ireland