As our solitary listed wave stock, Ocean Power Technologies is well overdue some attention.

When you look at their list of projects in Hawaii, New Jersey and Spain, it's clear that this is anything but a highly deployed power technology. One PowerBuoy produces 40kw and only in Hawaii and Spain will these wave "farms" will reach over 1 megawatt - this for a technology that is supposedly scaleable to hundreds of megawatts. In the year to Jan 31st, they showed a net loss of $5.5m, roughly the same as the year before. Nonetheless, this year, they are showing an order backlog of $5m compared to $2.6m a year earlier.

What I like about the technology is that it is modular - need more power, add another one. Wave power is also more predicatable than other intermittant renewable technologies based on wind or solar. In terms of costs, what we have to go on is that it is more expensive than wind but that the CEO believes with economies of scale, within 3-5 years they expect to equal and even be cheaper than wind.

Let's see about that last point - there have been no end of alternative energy technologies who claim that with a big enough production run, costs will fall and they will make their breakthrough - which somehow doesn't happen.

Renewable Energy Holdings Plc yesterday announced that provided certain conditions are met, it will buy 2 wind farm projects in Germany. The cost of the projects to REH is expected to be GBP33 million, with 80% funded through debt financing and the remaining GBP6.6 million supplied through REH's existing cash reserves.

Today the shares are trading up by over 3.5% to 55p. It is still way off its April peak though of 75.5p. Since going public last year, the plan was that 85% per cent of the money raised was earmarked for investment in proven renewable technologies such as windfarms.

Fine. But it's the CETO wave device that I'm really interested in. This is currently being tested but no date has yet been give for its commercial release.

Testing in this sort of technology has happened for at least 3 decades. And it's still really hard to buy tidal/ocean power devices off the shelf from anywhere.

Let's see if REH can crack it.