In this work, a novel design of an oscillating body-type Wave Energy Converter (WEC) is proposed with an efficiency of 48.73 %. Innovative features of the new design include the integration of Mechanical Motion Rectifier (MMR), Motion Regulator (MR), Energy Storage Element (ESE), and Electric Generator (EG) with the operation controlled by a microcontroller, limit switches, and linear actuator. Lab experiments conducted with a prototype ensured a peak voltage of 8.1 V and peak power of 4.3 W. Experimental and MATLAB theoretical simulation results demonstrated the average power of 55.2-148.3 mW for a wave height of 50-125 mm. In comparison to the conventional operation, where the electric generator is directly driven by wave motion, the proposed design will ensure higher peak power and better energy utilization characteristics of the generated voltage waveform. Simulation results are presented with the incorporation of non-circular gears that ensure modification of the voltage waveform for better energy utilization.