A 20-megawatt wave farm in Bermuda is the latest project to be embarked upon by Renewable Energy Holdings.

Isle of Man-based Renewable Energy (REH) has signed a memorandum of understanding with a Bermudan company, Triton Renewable Energy, for a joint venture to build an initial 2MW test site, using REH’s nascent ‘CETO’ wave power technology. Subject to local regulatory approvals, the two companies then hope to install a 20MW wave farm, connected to Bermuda’s grid and able to supply Bermuda with electricity and ‘the option of desalinated water’.

AIM-quoted REH say it expects to conclude negotiations this year, while CETO is ‘in the final stages of commercial testing’ with a commercial launch anticipated in 2009. Chief executive officer Mike Proffitt says ‘Bermuda has an excellent wave regime and there are several sites which we believe would be suitable for a CETO wave farm.’

REH shares, which halved to 33p in 2006, now stand at 44.5p. They value the company at £29.2 million.

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today with a half-price offer, and gain immediate access to all the recommendations, click here.

Renewable Energy Holdings	AIM	£26.22m	40.00p	0.00p
Click here for interactive charting
Other company articles:
Renewable Energy into the black			03/09/2008
Renewable Energy Holdings			08/08/2008
Renewable Energy makes waves			06/08/2008
Renewable Energy into the black			07/07/2008
Arbuthnot Securities			02/06/2008