This thesis is focused on development of models and modelling of a wave energy converter in operation. Through the thesis linear potential wave theory has been used to describe the wave-buoy interaction. The differences lie in the generator models, in the simplest model the generator is a mechanical damper characterized by a damping factor. In the most advanced generator model the magnetic fields is calculated the by a FE-method, which gives detailed description of the electric properties and the effect it has on the buoy dynamics. Moreover, an equivalent circuit description of the generator has been tested. It has the same accuracy as the field based model but with a strongly enhanced CPU time. All models are verified against full scale experiments. The models are intended to be used for design of the next generation wave energy converters. Further, the developed models have also been used to study what effect buoy geometry and generator damping have on the ability to energy absorption. In the spring 2006 a full scale wave energy converter was installed at the west coast of Sweden. It was in operation and collected data during three months. During that period the load resistance was varied in order to study the effect on the energy absorption. These collected data was then used in the verification of the developed models. In the year 2002 a wave energy project started at Uppsala University; this work is a part of that larger project which intendeds to develop a viable wave energy conversion concept.