The waves of the world’s oceans contain an enormous amount of power and energy. This fact has encouraged inventors and scientist to propose and test ideas and systems to convert wave energy into electrical energy.

Two Swedish companies, Interproject Service AB (IPS) and Technocean (TO) have worked together and have been actively involved in research and development projects to harness "wave energy" for use as an alternative and renewable energy source for the last twenty years. The activities have included theoretical studies, economical and market assessments, tank test, lake trials with different size models and full scale open sea trials. The results have been internationally recognized and will form a solid base for demonstration and pilot plants to be built in different locations as well as for the marketing of the IPS system concept world wide.

Years of research has yielded a system which is now ready for production and use throughout the world. IPS has obtained patents for an "Off-shore Wave Energy Converter" or OWEC of the buoy type. Additional patents have been obtained covering various development stages and improvements of the original idea.

A substantial part of the R & D took place in the late 1970’s and the 1980’s, however a real interest in the practical utilization of wave energy as one of the most important renewable energy resources was not fully realized until the beginning of the 1990’s. At this time a number of European institutions, organizations and companies went together in an informal network and was given some financial support from the Commission of European Communities, within its program for non nuclear energy.

After years of conferences and symposiums this group organized a project named OWEC-1 Offshore Wave Energy Converters which operated from 1994-1996. The project included mathematical and computerized comparisons of four individual systems later followed by practical model tests in wave tank in Ireland. The project’s final report was published in March, 1996. The "Slack Moored IPS Point Absorber" was selected   as the best suited device to act as both demonstration and test-bed for further R & D.