June 4 (Bloomberg) -- Perpetuwave Power Pty Ltd., an Australian developer of ocean-energy machines, received a 63,000-pound ($105,000) grant to test its technology in Cornwall, southeast England.
Its U.K. unit won the grant from the European Regional Development Fund Convergence Programme that channels money to projects in the least-developed parts of the region. The money will be used to test a prototype of Perpetuwave’s system, while the company also plans to open an office in Cornwall, it said.
“The major outcome of the project is to position Perpetuwave to advance to a full-scale pilot power plant as the final step in the technology authentication phase,” Chief Executive Officer Glen Dullaway said.
There are no commercial-scale wave projects operating in the world as developers work to bring technologies to market. Perpetuwave says its systems are more efficient than other devices and already cost-competitive with wind and solar.
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