Oceanlinx chief Ali Baghaei said the company gathered enough data during the two-month lifespan of the stricken prototype to prove the project could be a success.

The 170-tonne metal wreck still lies in pieces at the bottom of the ocean as crews plan the salvage operation, the cost of which is expected to exceed $100,000.

The device snapped free of its moorings on May 14 in heavy seas.

A large swell swept it into Port Kembla Harbour's eastern breakwater, where it broke into 40 pieces and sank.

Mr Baghaei said while the mooring lines were the cause of the incident, the fundamental design of the device remained sound.

"When the unit was drifting the whole platform, even after severe hammering against rocks, was still intact and stayed as one unit … until the very last minute," he said.

"It's given us confidence the design is better than we thought, even under extreme conditions."

Launched in March, the plant was at the forefront of renewable marine technology and the first of its kind to feed power back to the grid.

Mr Baghaei said the data gathered so far showed the technology was capable of producing good-quality electricity suitable for transmission back to the national supply.

"To have passed that test with flying colours is a big achievement," Mr Baghaei said. "We were able to validate the full-scale design, which was the whole purpose of the device."

Oceanlinx is now finalising plans for its 2000-tonne, 100m-long finished design, construction of which is expected to start in August.

Potential locations for the device include Australia, the United Kingdom, Portugal and Hawaii.

The company remained optimistic despite the setback, Mr Baghaei said.

"(We need) people like this company who are brave enough to pioneer technology in a harsh environment like the ocean for the sake of the next generation. If it wasn't for this sort of attitude, there's no way we'd find a better way to live on Earth."