WERPO, an Israeli wave energy developer, has received a line of credit from the Mercantile Discount Bank.
The funding is expected to cover the financial needs of Wave Electricity Renewable Power Ocean (WERPO) for the next 2-3 years, the company’s press release reads.
Shmuel Ovadia, Director and inventor of WERPO technology, said: “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.”
Late in 2014, WERPO signed a partnership agreement with local company to facilitate the implementation of WERPO’s sea wave energy solution in the Caribbean, and on January 21, 2015, WERPO signed an agreement with Beijing Capital Group (BCG) granting them exclusive rights to represent the company in China.
On Feburary 4, WERPO and the Africa Center for Energy Policy (ACEP) announced the forming of a joint venture, under which they plan to erect wave energy power station off Ghana.
WERPO has designed a wave energy device that harnesses energy of the waves by utilizing sea waves’ rise and fall to yield hydraulic pressure that produces electricity.