Wavebob: Administrative Expenses Triple (Ireland)

Irish leader in the design and development of environmentally sustainable wave energy conversion systems, Wavebob, announced that the administrative expenses tripled to €1.8m last year.

As Independent.ie reports, Wavebob directors noted that the receipt of the research and development grant had the effect of increasing administration costs.

The company accumulated losses of €2.6 million at the end of its last financial year.

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Subsea World News Staff , August 16, 2012; Image: Wavebob