An estimated 0.1% of the energy in the world’s oceans could be capable of supplying the world’s energy needs five times over. Wave power is renewable, green, pollution-free, and environmentally invisible. However, despite several attractive features of the energy resource, there are significant challenges that have so far prevented wave power from becoming a mainstream energy source. The key challenge to unlock this opportunity is to develop a device that is not only durable and effective, but also cost efficient. So far wave energy converters have been too large and costly compared to their energy output, which has prevented commercial applications. It is for this reason, that Lainergy developed the new method of harnessing ocean wave power – NextWave.