Jan 26, 2015 (SeeNews) - Israeli firm WERPO (OTCMKTS:BBRD) announced on Monday it will install a 2-MW sea-wave power plant in the Caribbean in the first stage of a new joint venture partnership.
Last month, WERPO announced it has partnered with Antigua & Barbuda-based trader Seedsowers Investors and Developers Co with the goal of deploying its sea-wave energy technology in the Caribbean. Now, the parties have signed the final JV contract and expect to spend some USD 5 million (EUR 4.4m) as part of the project’s first phase. The sum will be raised by Seedsowers over 24 months, WERPO mentioned.
The JV will be active in the Caribbean and the Americas, with plans to further extend its reach at a later stage. During the project’s second stage, WERPO will expand the plant to a minimum of 5 MW, it added.
As a result of the JV deal, Seedsowers’ president and CEO, Hugh Jarvis, will act as WERPO’s local representative in Canada, the US state of Florida, Anguilla, Dominica, Grenada, Suriname and Trinidad and Tobago.
Last week, WERPO said it has signed a deal that makes Beijing Capital Group (BCG) its exclusive promoter on the Chinese market. Earlier on Monday, a representative for the Israeli firm told SeeNews Renewables that WERPO aims to install some 625 sea wave power generators along the Chinese coastline.
WERPO, which stands for Wave Electricity Renewable Power Ocean, holds the intellectual property, technology, know-how and contracts previously associated with Israel-based sea wave power firm SDE Ltd.
(USD 1.0 = EUR 0.889)