The experiment with Pelamis Wave Power off the coast of Portugal didn't exactly work as planned, but the EU wants to try, try again.

Finland's AW-Energy has landed $3 million Euros ($4.4 million in American money) to plant one of its WaveRoller devices off of the coast near Perniche. WaveRollers are oscillating fiberglass/steel plates on the sea bed. Waves rolling in push over the plates, which rebound after the wave passes to only be knocked down by another wave. The back-and-forth motion of the plates drives a piston and creates hydraulic pressure. The pressure ultimately gets fed to a turbine to generate electricity. By being completely submerged, WaveRoller's device could help quell some of the NIMBY-ism that comes with building in coastal areas, the company told me last year.

The WaveRoller in Portugal will have a nominal capacity of 300 kilowatts and be tested for a year. It will be grid connected.

Wave and tidal power commercially doesn't really exist yet. A few test devices have been planted in the U.S. and Europe. Still, five years from now, these devices could produce up to a gigawatt of power. The challenge has been developing devices that can withstand the fury of the sea and still be economical. Pelamis, one of the more publicized companies, planted three of its sea snake-like devices off the coast of Portugal last summer.  Technical problems grounded them, and when they were being repaired the credit crunch hit. They haven't been in the water since.

Phil Metcalf, the CEO of Pelamis, recently resigned quietly.