(SeeNews) - Dec 10, 2014 - Israeli company WERPO (OTCMKTS:BBRD) said today it has partnered with Seedsowers Investors and Developers Co with the goal of deploying its sea-wave energy technology in the Caribbean.
WERPO, which stands for Wave Electricity Renewable Power Ocean, announced in a press release that it is holding talks for the creation of a joint venture in the Caribbean with a potential to bring about USD 100 million (EUR 80.8m).
The company has made Antigua & Barbuda-based Seedsowers its official representative in the region. WERPO intends to make use of the trading firm’s connections with governments and local businesses to facilitate the development of sea-wave energy projects in the Caribbean. The firm has already received letters of interest from a number of parties in the region, it said. A potential expansion into South America is also being considered.
WERPO explained that the extreme weather conditions in the Caribbean make wind power generation an unprofitable business similar to solar power production, which leaves sea-wave energy as the better option.
The Israeli firm holds the intellectual property, technology, know-how and contracts previously associated with Israel-based sea wave power firm SDE Ltd. WERPO is currently present in nine markets, including China, Kenya and Sri Lanka. As the company said in a recent interview with SeeNews Renewables, it also plans to install its devices in small west African countries such as Guinea, Guinea-Bissau and Gambia.
(USD 1.0 = EUR 0.807)