The company was founded in 1998 by Richard Yemm, Chris Retzler and David Pizer with the aim of commercialising the Pelamis Wave Energy Converter.
[2] In 20 the company installed and tested their first full-scale prototype at the European Marine Energy Centre in Orkney, Scotland, becoming the first commercial scale, offshore, wave power machine to successfully generate electricity into the national grid.
[4] Located off the northwest coast of Portugal near Póvoa de Varzim the project was funded by Portuguese utility Enersis, at the time were owned by Australian global investment company Babcock & Brown.
The farm first generated electricity in July 2008 but was taken offline in November 2008 at the same time as Babcock & Brown encountered financial difficulties.
[7] The company were involved with a joint project with Swedish utility Vattenfall to develop the Aegir wave farm off the coast of Shetland,[8] and three 50 MW sites in the Pentland Firth area, resulting from The Crown Estate seabed leasing round in March 2010.