A significant initiative to provide financial and technical support for the development of a proprietary wave energy turbine currently in the final design stages in Israel has been launched today (31st March) by  Seakinetics Corp and its joint venture partner, RE-Tech Project Finance. While no details of the project were released Jack Dhaliwal, the Chief Technology Officer of Seakinetic said; "The Israeli invention is unique in the industry. If successful, I firmly believe that by reducing the conventional costs of generating power through marine energy, it will allow wave energy farms to rival wind or solar.

"Ocean energy power is where wind power was a half a century ago", continued Dhaliwal. "With tens of thousands of kilometers of potential wave power now available from the world's ocean surfaces, I am confident that by deploying leading edge technologies on wave farms around the world, the benefits to both the investor and consumer will be very gratifying".

He concluded; "Wave energy will be big business over the short to medium term. Our research is telling us that ocean energy can supply at least 10% of the world's electricity needs. And for Seakinetics, that truly represents an opportunity of unusual scope and dimension."