History

Wave Energy was founded in 2004 by Stig Bakke and Leif Inge Slethei. They are both experienced entrepreneurs from the oil industry, and have through the years established several new and successful businesses. Since the beginning, Wave Energy has gone through several development stages where the technology has been tested, optimized and qualified for full-scale sea trials

Wave Energy started the design process by carrying out initial investigations on the SSG^TMdesign in our in-house wave tank. More detailed scale model testing to optimize geometry and to investigate performance was later carried out in cooperation with the University of Aalborg at their water laboratory in Denmark.

EC PROJECT FUNDING. In November 2005, Wave Energy was granted a 1 mill euro funding from The European Commissions FP-6-2004-Energy-3, for development and design of a full-scale SSG^TMwave energy converter. Eight European partners were included in the project: The University of Aalborg, IKM, Ganz Transelektro, The Technical University of Munich, The Norwegian University of Science and Technology (NTNU), The Municipality of Kvitsøy and Wave Energy as project coordinator. A complete detailed design of the mechanical and electrical system was carried out and the component´s functionality was tested and proved.

MST^TM TURBINE DEVELOPMENT. To further increase the efficiency of the SSG^TMtechnology, Wave Energy designed and patented a new turbine concept called the MST ^TM (Multi Stage Turbine). A two-year timeframe development project was initiated in 2005 to test the design. The project was carried out in cooperation with The Norwegian University of Science and Technology (NTNU), Sintef and Mechanica as. The Norwegian Research Council co-funded the project. A 1:4 scale prototype of the MST>^TM turbine was successfully tested at the NTNU´s water laboratory in December 2006. The test results confirmed the turbines functionality and showed very promising performance curves.

SEA TRIAL TESTING. To secure funding for further development and sea trial testing 22,5 mill NOK was raised through a private placement in November 2006.

Management and board of directors

The founders of Wave Energy, Stig Bakke and Leif Inge Slethei, both have their seats in Wave Energy´s board of directors. General Manager is Monika Bakke. She joined the company in July 2006. Her professional background is from the oil service industry. The office is located in Tananger, at the west coast of Norway, outside the city of Stavanger.

	MANAGEMENT
	Monika Bakke, General Manager monika.bakke@waveenergy.no - Technical sales engineer, Weatherford 2004-2006 - Oil service technician, Aker Well Service/Bakke Oil Tools 1999-2004
	BOARD OF DIRECTORS
	Tor Norbye, Chairman - 25 years experience from executive positions and board work - Since 2000, partner of Interforum Partners AS, Norway - Core competence: Strategy, business development, international sales and marketing
	Stig Bakke - 25 years experience from the oil service industry and from technology development work - Managing Director of Motorteknikk AS, Norway - Founder and Managing Director of Bakke Oil Tools, 1994-2002
	Leif Inge Slethei - 35 years experience from the oil and gas industry - Investor with several board positions in various companies - Founder of Independent Oil Tools, Wepco and KL Oil Tools, Norway
	John Peter Hernes - 12 years experience from investment management - Managing Director of Saakorn Vest Management AS, Norway - 10 years of executive search work and organizational management - MBA of Warwick, BSC, University of Stavanger