WAVE ENERGY AS

POWERING THE FUTURE –MARINE ENERGY OPPORTUNITIES

Lisbon November 5th, 2009

Monika Bakke, General Manager

- Technical sales engineer, Weatherford 2004-2006- Oil service technician, Aker Well Service/Bakke Oil Tools 1999-2004

John Peter Hernes, Board Member

- 12 yrs experience from investment management- Managing Director of Saakorn Vest Management - 10 years of executive search work and organizational management- MBA of Warwick, BSC, University of Stavanger

Leif Inge Slethei, Founder / Board Member

- 35 yrs experience from the oil &gas industry- Investor with several board positions- Founder Independent Oil Tools, Wepco, KL Oil Tools

Tor Norbye, Chairman

- 25 yrs experience executive positions /board work- Since 2000, partner of Interforum Partners AS- Core competence: Strategy, business development, international sales and marketing

Stig Bakke, Founder / Board Member

- 25 yrs 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

Organization

Kjartan Gilje, Product Developer

-15 yrs experience technical design and development

TechnologySSG Multi reservoir concept

• Overtopping principle – multiple reservoirs• High efficiency• System reliability

– Robust concrete structure– Few moving parts– Low maintanance requirements– Low operational failure risk

TechnologyMST – Multi stage turbine

• Patented turbine that enables utilization of multiple heights of water with only one turbine

• Reducing start/stop sequences

• Optimizing overall efficiency

• Cost reduction

Implementation in breakwater structures• Cost reduction – sharing facilities

• Existing infrastructure- Installation- Maintenance- Grid connection

• No additional visual impact on environment

Development & Testing• Model testing

– Defining structure geometry– Hydraulic optimization of design– Structure load testing– Verification from DNV

• Partners:– Universitet i Ålborg, Danmark– Delta Marine Consultants, Holland

Full-scale demonstration Svåheia Eigersund, Norway

Full-scale demonstration Svåheia Eigersund, Norway

Market

1

2

3

4

9

10

11

12

14

13

15

16 19

21 22

2326

27

28

29

30

31

5

67

8

1718 20

24

25

32● Good● Acceptable● Poor

SSG Breakwater designBiscaya Spania

SSG Breakwater designBiscaya Spania

Port of Hanstholm

Port of Hanstholm

Vision & Goals

Vision:• Provide renewable power to societies around the globe by delivering

cost effective large scale wave energy projects.

Goals:• Operational breakwater test facility in 2011• Project start in 2010 and 2011 for early commercial projects to be

developed• Decide on partners for international commercialization 2013

Thank you for your attention

For more information:www.waveenergy.no

monika.bakke@waveenergy.no