The device, which can produce up to 2MW of power and desalinate water by funnelling waves through a collector and pushing air through a chamber to drive a turbine, was held up by Albanese as an example of Australian technologies that were not adequately supported by the government.

“Energtech’s wave energy device is an exciting example of Australian ideas being developed into a sustainable, clean and commercially viable technology,” he said.

“Sadly, because of the Howard government’s policies, ownership of this technology is likely to be lost overseas. Jobs and investment which should stay in Australia will go overseas.”

With a purported export potential of over $5 billion, Albanese said he was surprised the government was not fully getting behind the project. European venture capital funds have invested in Energtech and more than $2 million in US and Canadian government funding has been given to develop the technology in North America.

“Although the Australian Greenhouse Office has provided a small grant toward the Port Kembla project, the Howard government is generally not supportive of clean energy,” Albanese said.

“Local investment for this and other renewable initiatives have not been forthcoming, due to the absence of strong regulatory support. According to the Business Review Weekly, while the European renewable energy industry is booming, Australia is missing out on $3 billion of investment because of government decisions.”