The paper investigates the dynamics of a novel wave energy converter based on the para-metrically excited pendulum. The herein developed concept of the parametric pendulumallows reducing the influence of the gravity force thereby significantly improving thedevice performance at a regular sea state, which could not be achieved in the earlier pro-posed original point-absorber design. The suggested design of a wave energy converterachieves a dominant rotational motion without any additional mechanisms, like a gearbox,or any active control involvement. Presented numerical results of deterministic andstochastic modeling clearly reflect the advantage of the proposed design. A set of experi-mental results confirms the numerical findings and validates the new design of a paramet-ric pendulum based wave energy converter. Power harvesting potential of the novel deviceis also presented.