Few, if any, other wave power company has accomplished what Waves4Power has done with the WaveEL-system; to go from an idea to a full scale ocean tested prototype in less than two years without an external large investor.
Even though the company started in August of 2008 the experience among the founders of the company is some of the longest within the wave power industry. Waves4Power is built on a foundation laid by its sister company InterProject Service AB (IPS) and the same group of experts that now have formed Waves4Power. It all started at the time of the first oil crisis in the mid-1970s.
The full scale IPS-Buoy - Elskling - was tested off the Swedish west coast in 1980 and 1981. The test results were very good but the interest in alternative energy dropped due to lower oil prices, and the development of the IPS-Buoy stopped. However the IPS-principal continued to be one of the most studied and tested by individuals and universities during the following decades.
In 2001 Hans and Göran Fredrikson - the sons of IPS's founder Gunnar Fredrikson - started AquaEnergy Group in the US.
AquaEnergy developed the AquaBuOY - again with the help of the same experts that are now involved with Waves4Power. The AquaBuOY was built on the same IPS-principal as the present WaveEL Buoy utilizes, but had a different energy conversion system. In 2006 AquaEnergy was sold to Finavera Renewables Inc. - a Canadian company with an interest in wind power in British Columbia. Finavera built an AquaBuOY prototype and tested it off the Oregon coast in 2007 but ceased to further develop the device and turned their focus to wind power only.
Finavera's retreat from the wave power arena opened the possibility for Hans and Göran to once again bring the team of experts together and in 2008 form Waves4Power AB, a Swedish company with its seat in Göteborg with the aim of developing and building a simple cost efficient wave power system - the WaveEL Buoy - based on the IPS-principle.