Eco Wave Power closes USD-9.2m IPO on Nasdaq

Image source: Eco Wave Power.

July 7 (Renewables Now) - Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) has raised a total of USD 9.2 million (EUR 7.8m) in gross proceeds, including over-allotments, from its initial public offering (IPO) on the Nasdaq Capital Market in the US.

The company announced on Tuesday that it has closed its underwritten public offering of 1 million American depositary shares (ADSs), representing a total of 8 million common shares, at USD 8.00 apiece.

The underwriter, namely A.G.P./Alliance Global Partners, has exercised in full the 30-day option it was granted to buy up to 150,000 additional ADSs to cover over-allotments.

Eco Wave Power is the developer of a patented onshore technology that turns ocean and sea waves into electricity through the use of floaters and a conversion unit. Unlike most other sector players, the company performs its installations on land or nearshore in an attempt to avoid the major obstacles faced by competitors, including high costs, low reliability, lack of insurability and negative environmental impact. The firm says it is the only wave energy developer in the world that owns and operates a plant hooked to the grid and tied to a power purchase agreement (PPA).

The company now trades in the US under the ticker symbol “WAVE”. Its common shares are also listed on the Nasdaq First North Growth Market under the symbol "ECOWVE".

(USD 1.0 = EUR 0.845)

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