FRANKFURT -- I am currently in Europe to play some golf and go to the World Cup. America didn't do very well, but I have tickets to watch Brazil play and drink German beer. Life is good. As a former football player, I plan to find out why they call soccer "football". I also am looking for investment ideas, with some help from a couple of hedge fund buddies of mine based here. Europe is one of the leaders in renewable energy. Through tax incentives and subsidies, governments here encourage energy independence through alternative energy. One of the most exciting technologies for producing energy is tidal power. The World Energy Council says there is enough wave power in our oceans to produce twice the current level of the world's electrical needs. While wind and the sun cannot be always counted on to blow or shine, we know what the tide will doing for the next thousand years. Just off the coast of Cornwall, England is the site of the Wave Hub project, in which three companies plan to test their ability to take energy from the ocean and turn it into electricity. This project, to be built in 2007-2008, will give us the clear world leader in wave power technology. A couple of weeks ago I visited with Dr. George W. Taylor and Chuck Dunleavy, the CEO and CFO, respectively, of Ocean Power Technology, which is based out of Pennington, N.J. A participant in hte Wave Hub project, Ocean Power Technology is listed on the London Stock Exchange's AIM, where it is easier for "early stage" companies to list and not have to worry about the costs of adhering to Sarbanes Oxley. I have not bought any stocks on the London AIM yet, but my online broker, Schwab, and many others can easily facilitate a trade. Ocean Power plans to build a 5-megawatt farm, its first project of scale. To view John Layfield's video take of this column, click here .