A wave energy converter comprising: a float and a column intended to be placed in a body of water with the float and column moving relative to each other as a function of the waves present in the body of water; a permanent magnet assembly attached to one of the column and float and an induction coil assembly attached to the other one of the column and float for causing the PMA and the ICA to move past each other and for voltages to be generated across the ICA when the PMA and the ICA attached to the float and column move relative to each other whereby the relative movement of the float and column is converted into electrical energy; the PMA being encased in a first enclosure and the ICA being encased in a second enclosure, different and independent of the first enclosure; characterized in that: a first support structure is contained within the first enclosure and attached to one of the float and column, and the first support structure is divided into segments; the PMA is divided into segments, each of the segments of the PMA being attached to each of the segments of the first support structure; the coil assembly extends along a second support structure contained within the second enclosure, the second support structure being disposed opposite said first support structure such that the induction coil assembly and the permanent magnet assembly are positioned between the first and second support structures; at least one of wheels and bearings are positioned between the first and second support structures for: (a) maintaining a relatively constant gap between the PMA and the ICA; and (b) facilitating movement between the PMA and the ICA; and a pair of the at least one wheels and bearings is attached to each of the segments of the first support structure and slips or rolls along the second support structure. a float and a column intended to be placed in a body of water with the float and column moving relative to each other as a function of the waves present in the body of water; a permanent magnet assembly attached to one of the column and float and an induction coil assembly attached to the other one of the column and float for causing the PMA and the ICA to move past each other and for voltages to be generated across the ICA when the PMA and the ICA attached to the float and column move relative to each other whereby the relative movement of the float and column is converted into electrical energy; the PMA being encased in a first enclosure and the ICA being encased in a second enclosure, different and independent of the first enclosure; characterized in that: a first support structure is contained within the first enclosure and attached to one of the float and column, and the first support structure is divided into segments; the PMA is divided into segments, each of the segments of the PMA being attached to each of the segments of the first support structure; the coil assembly extends along a second support structure contained within the second enclosure, the second support structure being disposed opposite said first support structure such that the induction coil assembly and the permanent magnet assembly are positioned between the first and second support structures; at least one of wheels and bearings are positioned between the first and second support structures for: (a) maintaining a relatively constant gap between the PMA and the ICA; and (b) facilitating movement between the PMA and the ICA; and a pair of the at least one wheels and bearings is attached to each of the segments of the first support structure and slips or rolls along the second support structure. a first support structure is contained within the first enclosure and attached to one of the float and column, and the first support structure is divided into segments; the PMA is divided into segments, each of the segments of the PMA being attached to each of the segments of the first support structure; the coil assembly extends along a second support structure contained within the second enclosure, the second support structure being disposed opposite said first support structure such that the induction coil assembly and the permanent magnet assembly are positioned between the first and second support structures; at least one of wheels and bearings are positioned between the first and second support structures for: (a) maintaining a relatively constant gap between the PMA and the ICA; and (b) facilitating movement between the PMA and the ICA; and a pair of the at least one wheels and bearings is attached to each of the segments of the first support structure and slips or rolls along the second support structure.