Thursday 20 August 2015

Israeli firm waves hello to $2m

An Israeli wave energy firm has raised $2 million (£1.3m) of funds to build a pipeline.

It follows the company’s ‘Second Generation’ power station which was deployed last month at Jaffa Port, Israel.

The total funding requirement for the execution of the whole pipeline is around $150 million (£102m) in different locations around the globe, which will be raised in stages.

Eco Wave Power (EWP) raised the money in its first round of fundraising led by investment firm Pirveli Ventures.

The technology works by using the ocean's wave power with uniquely shaped buoys which rise and fall with the up and down motion, lifting force with the change of the water level.

They harvest constant energy which is produced by waves, “driving a hydraulic piston to deliver high kinetic pressure to an onshore generator which generates electricity”, the company said.

David Leb and Inna Braverman, co-founders of Eco Wave Power said: "This new investment is a vote of confidence in Eco Wave Power's technology, our team and the global market potential of onshore wave energy.

“Our goal is to finalise the commercialisation of our wave energy conversion systems with the help of our global partnership.”