Blackbird International Corporation (BBRD), the developer of sea wave energy technology, has received a line of credit from The Mercantile Discount Bank in Israel in order to cover the financial needs of WERPO for 2-3 years.
Mr. Shmuel Ovadia, Director and inventor of BBRD’s technology stated, “This injection of funds into the company will allow us to fulfill all presently ongoing, pending and future contracts without the need to dilute the company, thereby ensuring the continued confidence of our shareholders. The Mercantile Bank’s support in our company is further testament to our unique and patented sea wave power generation technology and its worldwide demand.”
WERPO’s technology is based on the utilization of sea waves’ rise and fall to yield hydraulic pressure that produces electricity, while exploiting the full potential of wave speed, height, depth and currents beneath the surface of the water. This technology was chosen as number one in its field by an independent team of scientists from PesWiki and also as one of the top 100 renewable energies.