The construction of the Wave Hub test facility was funded by the European Regional Development Fund Convergance Programme and the UK Government. It is operated by Wave Hub Ltd whose purpose is to:
- Progress technology development by enabling connection and testing of offshore renewable energy installations;
- Drive research and innovation to help overcome the final hurdles to full commercialisation; and
- Foster a growing offshore renewable energy industry and stimulate associated community benefits
The company manages two of the Crown Estate's demonstration zones in North Devon (tidal) and Pembrokeshire (wave) as well as coordinating its own research activity.
Wave Hub Ltd also actively engages in knowledge transfer through international research collaborations and the provision of consultancy services.