This looks promising. First raised by keithy - I think.

Another good aussie invention sold overseas.

Wave Energy & CETO background:
Named after the Greek ocean goddess, the CETO system distinguishes itself from other wave energy devices by resting out of sight on the ocean floor.
An array of submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurize seawater which is delivered ashore via a pipeline.
The high-pressure seawater can then be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting pumps usually required for such plants.
The high-pressure seawater can also be used to drive hydro turbines, generating zero-emission electricity.
Other wave energy & CETO characteristics include:
Wave energy is a renewable, zero-emission source of power.
60% of the world lives within 60km of a coast, minimizing transmission issues.
As water is about 800 times denser than air, the energy density of waves exceeds that of wind
many times over, dramatically increasing the amount of energy available for harvesting.
Waves are predictable days in advance, making it easy to match supply and demand. (Wind is
predictable hours in advance at best.)
CETO sits underwater, moored to the sea floor, meaning there is no visual impact.
CETO units operate in deep water, away from breaking waves. The waves regenerate once they
pass the CETO units, meaning there is no impact on popular surfing sites.
CETO units are designed to operate in harmony with the waves rather than attempting to resist
them. This means there is no need for massive steel and concrete structures to be built.
CETO is the only wave energy technology that produces fresh water directly from seawater by
magnifying the pressure variations in ocean waves.
Any combination of power and water can be achieved from 100% power through to 100% water.
CETO contains no oils, lubricants or offshore electrical components. CETO is built from
components with a known subsea life of over 30 years.
CETO units act like artificial reefs in the way they attract marine life.
Carnegie Corporation (CNM) is a clean energy technology developer currently involved in developing two
clean energy technologies: the CETO Wave Energy technology and its 100%-owned clean coal technology,
Cleaner Coal Power. Carnegie is focused on developing, commercializing and operating clean energy
technologies that will lead to revenue generating projects globally.
http://www.ceto.com.au/home.php - the amination here is good