Abstract: A wave energy converter includes a buoy and a power takeoff. A driveshaft in the power takeoff is driven to rotate by movements of the buoy and is mechanically coupled to an electric generator through a planetary gearbox and drives it for generating electric current at an even level, while storing excess energy in an energy accumulation device. The energy accumulation device is coupled to the generator through another part of the planetary gearbox for driving the generator during the other of the rising and sinking movements with continued torque, rotation speed and rotational direction. Major portions of the driveshaft can be located at a radial distance of the generator, allowing the generator and also components coupling the rotation of the portions of the driveshaft to the generator to be located in a sealed space, the only bearings that have to be sealed to the water being those that support said portions of the driveshaft.