Wave energy developer Eco Wave Power has closed the first round of fundraising led by Pirveli Ventures, the company has reported. Following the investment, a representative of the investment fund will join Eco Wave Power’s board of directors.
This follows the announcement made last month that a “Second Generation” power station has been successfully deployed by Eco Wave Power at Jaffa Port, Israel.
“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 finalize the commercialization of our wave energy conversion systems with the help of our global partnership,” said David Leb and Inna Braverman, co-founders of Eco Wave Power.
David Oren from Pirveli Ventures added: “We are excited to join Eco Wave Power in its mission to harvest electricity from ocean waves and share it with the world. We believe that there are significant business opportunities in the renewable energy sector and are glad to take part in the initiative of establishing a globally successful wave energy company.”
EWP has 111MW of projects in the pipeline, for which a total funding requirement is around 150 million USD, which will be raised in stages.
The developer expects to have a fully commissioned commercially available wave farm in place by the end of 2015, which will start by selling electricity to the low voltage grid and expand to eventually producing up to 15% of all of Gibraltar’s electricity.
Image: EWP