Waveco AS was founded 1 November 2015 by Inge Bakke to develop his patented wave power idea, which he later called Subwave. The company has six shareholders with Bakke owing 75 percent.
Waveco AS is situated in Selje, a village on the west coast of Norway between Bergen and Ålesund. Måløy is the nearest town, a 45 minute drive.
Local industry Stadpipe AS has assisted in the making of the first model of the device.
Students from the Western Norway University of Applied Sciences have performed tank tests. Testing opportunities are available locally, in the 185 meters long Stadt Towing Tank AS.
Waveco participated in the green solution competition Climate Launchpad 2016 and was a finalist in the European Final in Tallin later the same year.
Waveco AS is a member of the Western Norway business cluster GCE Subsea.
Waveco is supported by Innovation Norway, GCE Subsea, and Sparebanken Vest to test and develop the Subwave wave power converter, and to prototype Automar, the first application of the turbine.
Waveco welcomes industrial partners and investors with a genuine interest in developing green solutions.