A UK-based renewable energy company has received a $61 million grant from the Australian government to build the world’s first utility-scale wave power project.

Ocean Power Technologies will begin construction of the 19-megawatt project in the waters off Victoria in 2010. The project will provide enough electricity to power 10,000 homes.

Wave technology uses buoys riding up and down on waves to drive an electrical generator, and then sends the power ashore via underwater cable.

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