The CETO project has been formulated from inception to compete with the lowest cost fossil fuel base load systems. CETO relies on energy capture from sustaining seas and swells to provide high capacity factor while also maintaining good reliability of the offshore plant. Wave motion generates pressurized seawater that is piped to shore where it can either be used to run turbines for electricity generation or the high pressure water stream may also be used in part to drive reverse osmosis desalination plant for the creation of potable water. The CETO methodology focuses on using proven low technology components in the critical offshore plant while also moving all of the electricity and water generation components onshore. This paper will outline the design that has been underpinned by computational fluid dynamical modeling using FLUENT® software and backed up with a comprehensive in-sea device testing program. CETO market development in Australia is proceeding with site identification and detailed discussions with major stakeholders. This is viewed as an important stepping stone to future market entry worldwide and a suitable proving ground for demonstrating workable financing arrangements for commercial-scale marine energy projects.