The development of efficient, reliable Wave Energy Converters (WECs) is a prerequisite for wave energy to become a commercially viable energy source. Intensive research is currently under way on a number of WECs, among which WaveCat©—a new WEC recently patented by the University of Santiago de Compostela. In this sense, this paper describes the WaveCat concept and its ongoing development and optimization. WaveCat is a floating WEC intended for operation in intermediate water depths (50–100 m). Like a catamaran, it consists of two hulls—from which it derives its name. The difference with a conventional catamaran is that the hulls are not parallel but convergent; they are joined at the stern, forming a wedge in plan view. Physical model tests of a 1:30 model were conducted in a wave tank using both regular and irregular waves. In addition to the waves and overtopping rates, the model displacements were monitored using a non-intrusive system. The results of the physical model tests will be used to validate the 3D numerical model, which in turn will be used to optimize the design of WaveCat for best performance under a given set of wave conditions.