Harvesting of wave energy and converting it into electrical energy is the subject of worldwide efforts for many years. In light of the cost of electricity production from fossil fuels, (for example electricity generated by large scale coal burning power plants costs about 2.6 cents per kilowatt-hour), the target-cost for wave power production is 5 cents per kilowatt-hour or lower, equal to the wind turbine power production cost. However, we must point out two important factors that are missing from the cost of burning fossil fuels; a) the cost of environmental destruction and b) that the fossil fuels on the planet do not last forever. On the other hand in very industrialized countries like Japan, the energy consumption is less than 1% of solar energy reaching the surface of these countries. Therefore, it is very comprehensible the need to utilize the primary and secondary solar energy offered to us profusely and forever. In particular, the net resource (minus "costs") of wave energy is equal to or better than the resources of wind, solar, small hydro plants, or biomass energy. Thus, the use of the wave ocean energy remains a major challenge for many years.
The innovative concept of the proposed converter by HWET is aimed to low cost electric power production. The converter is a linear type attenuator. Unlike any known machine so far its operation is based in the mediation of water between sea waves and a chain from pairs of buoys. Both the mediated water and the buoys are enclosed in a hermetically sealed "floating tube". As the tube interacts with the waves, the buoys are moving up and down and by means of proper transmission mechanism they activate an electric generator enclosed also in the "floating tube". The development and commercialization of a low cost converter for exploitation of the enormous wave energy potential, is beneficial not only for countries with high wave energy potential, but even for countries with moderate wave energy potential and long coast line, as for example, Greece, Japan, etc. Therefore, an ambitious project leading to the development of a low-cost wave-energy converter is a challenge and any possible joint venture would be very welcomed.