Dáil Éireann Debate, Tuesday - 16 April 2013
743. Deputy Kevin Humphreys asked the Minister for Communications, Energy and Natural Resources the amount Bord Gáis has invested or provided in grant aid to an ocean energy developer (details supplied); if it has investments in other wave energy developers; if so, if he will list those investments; the amount invested in same; and if he will make a statement on the matter. [17021/13]
View answerBord Gáis Éireann is a commercial State company and this is an operational matter for the Board and not one in which I have a function.
However, I have been advised by Bord Gáis Eireann (BGE) that in 2010 the company agreed to invest €2 million in Wavebob Limited, an Irish based wave energy technology development company. The investment was planned to be carried out in two tranches. The first tranche of €1.2 m was made on execution of the agreements: €950k was given to Wavebob as a loan and €250k was used to acquire a 20% shareholding from Wavebob in a Joint Venture company, Tonn Energy between Wavebob and Vattenfall. The objective of Tonn was to develop wave farms in Irish waters using any commercially viable wave power technology available. The second tranche of €0.8m was to be paid on completion of in-ocean trials of the Wavebob technology. The Bord Gáis investment in the two companies to date is therefore a total of €1.2m. I understand a creditors’ meeting was held on 12th April and that the Wavebob company is being placed into liquidation. Bord Gáis Éireann has no other investments in wave energy developers.
