Blackbird International Corporation, the sole shareholder of WERPO, has officially entered into an agreement with Sri Lankan company Help Mankind for a twofold joint venture.
The first is the implementation of a manufacturing plant for the production of the equipment used by WERPO in its wave energy technology. Secondly, WERPO will construct the first of a series of electrical power plants in Sri Lanka.
Shmuel Ovadia , the inventor of WERPO’s technology states: “We are most pleased with the results of our introduction to Sri Lanka. Not only will a power station be built but we shall benefit from advantages of establishing a manufacturing plant here such as a cost efficient labor force and local government support.”
A joint venture corporation will now be formed with WERPO holding 51% of the shares. WERPO will be responsible for technical matters and the construction of the project while its partner will obtain the required financing.
Last month, WERPO has created a local subsidiary in the country, following the approval for its wave energy project from Sri Lankan electricity provider Ceylon Electricity Board (CEB).
Image: WERPO