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The Company develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves.
This is a pure spec play but my heart belives in it. they just launched a generator off Reedsport, OR. My other favorite, Finevera started in Oregon but was purchased by a Canadian firm and only sells on the Toronto Venture Exchange.
From the 10k: "Our product development and engineering efforts are focused on increasing the maximum rated output of our utility PowerBuoy system from the current 40kW to 150kW in 2007, then to 250kW in 2008 and ultimately to 500kW in 2010. Assuming we are able to reach manufacturing levels of at least 300 units of 500kW PowerBuoy systems per year, we believe, based upon our research and analysis, that the economies of scale we would have with our fabricators would allow us to offer a renewable electricity solution that competes on a non-subsidized basis with the price of wholesale electricity in key markets. We expect to complete development of our 500kW PowerBuoy system in 2010." The other problem, currently, is there testing has not lasted more than 12 months. So the reliability of the system in its current form is questionable. I would definately keep this stock on the radar, but it may be too early to invest now. Especially, since they have enough cash to sustain themselves till 2009. Since inception they've gone through about $50 mil. This technology will take off, no doubt, but I'd wait to see if this is the company that will be able to carry this technology forward.
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