Norwegian state foundation Enova has granted around US $5 million as a subsidy towards financing a sea-wave power plant in Rogaland county.
A company owned by shipowner Fred Olson will build the floating wave power plant which will be positioned in the ocean west of Karmoey.
The production units are mounted on floating platforms, and consist of several floats which are moved up and down by the waves, thus creating energy which drives generators.
The pilot project will begin test production in December 2005, with on-line production to the national grid by March 2006. If test production is successful, more units will be added over the next two years.
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