The South West of England Regional Development Agency (RDA) has just named three development partners for the first phase of the proposed GBP 15 million [USD $26 million] Wave Hub project, which will be the world's first wave energy farm.

"In the future we will all have significantly increased need for energy from renewable sources. Governments need to facilitate and support the development of technologies and systems for wave power extraction. Establishment of the Wave Hub in Cornwall is an important milestone supporting developers to make wave energy a commercially attractive source of renewable energy." -- Fred. Olsen, chairman and owner of Fred. Olsen Ltd.