Aug 16 (Renewables Now) - Israeli company Eco Wave Power Ltd said on Monday it has raised USD 3 million (EUR 2.6m) to support the delivery of its project pipeline as part of its expansion strategy.
The financing was obtained in the second round of the company’s latest fundraising initiative and will go towards growing its team and executing the 130 MW of wave power projects in its pipeline. Co-founders David Leb and Inna Braverman noted that the company will also work to finish the commercialisation of its wave energy technology, which it has been developing since 2011.
Eco Wave Power expects to launch the final round of its fundraising campaign next month prior to its initial public offering (IPO), which is planned for next year.
Eco Wave Power’s technology uses buoys that move up and down with the movement of the waves, creating pressure that is driving an onshore generator which in turn produces electricity. The Israeli firm has installed a wave power plant in Jaffa port, which has been operational for over three years now, and a 100-kW facility in Gibraltar. It recently unveiled plans to build a wave power system at the Manzanillo Port, in the Mexican state of Colima.
(USD 1.0 = EUR 0.852)