Wavebob Ltd., a company based outside of Dublin, recently announced plans to set up its North American headquarters in the city. The company anticipates it will bring 10 employees and invest $10 million locally in the next three years, said Derek Robertson, a 1994 Naval Academy graduate and Wavebob's general manager for North America.

The company wants to use local brainpower to set up systems that will produce electricity from ocean waves.

Wavebob officials made the announcement in Annapolis following a meeting earlier this month with Gov. Martin O'Malley. Energy has been one of the cornerstone issues of Mr. O'Malley's tenure, as residents grapple with skyrocketing electricity bills and his administration pushes for the state to use more renewable resources.

The Irish company, established in 1999, has been developing a Wave Energy Converter, or Wavebob. The yellow machine floats in water like a buoy and adjusts to conditions around it to maximize the amount of power it produces.

On average, a single machine can produce up to 500 kilowatts in a year, which would be enough to power about 700 homes, Mr. Robertson said.

Annapolis wasn't picked for its proximity to water, however. Mr. Robertson said the most powerful waves run from west to east, with areas from Northern California to Alaska and the shores of Hawaii being better bets for power production.

What attracted Wavebob to the city is its placement in a high-tech corridor near federal laboratories, universities, defense contractors and other businesses that can bolster the company's research-and-development activities, he said.

"You really don't see that confluence of expertise in many areas," Mr. Robertson said. "Maryland is a very unique environment for marine technology."

The strong presence of the federal government, educational institutions and contractors in the region will help the company grow with qualified employees, said Bob Burdon, president and chief executive officer of the Annapolis and Anne Arundel County Chamber of Commerce.

"What you're looking at is a very dynamic, very educated workforce," Mr. Burdon said. "As this company starts expanding … they are going to need to tap into that labor force."

A business like Wavebob is a key part of the region's economic development mission, he said - to attract cutting-edge companies that will continue to invest and grow.

"It bodes well long-term for our local economy," Mr. Burdon said.

Source: HometownAnnapolis.com