Irish wave-energy company Wavebob has entered what it describes as "a significant strategic relationship" with Chevron Technology Ventures (CTV).
The deal with CTV, a division of Chevron USA, will see the Irish company provide technical consulting services in connection with the conversion of ocean wave energy into useful power.
At the Marine Institute in Galway today, Minister for Communications, Marine and Natural Resources Noel Dempsey said he was "delighted to see an Irish SME capitalising on this massive global opportunity".
Wavebob has received support from the Minister's department through the Marine Institute and Sustainable Energy Ireland, the company's technology was the first to be deployed on the Marine Institute's wave test site in Spiddal, Galway, last year.
The next stage prototype is due to be unveiled on this site in June this year.
Between 2002 and 2006, Chevron spent approximately $2 billion on alternative and renewable energy technologies and energy efficiency services.