WERPO, an Israeli wave energy developer, has entered into an agreement with Help Mankind for a twofold joint venture.
According to WERPO, the first venture comprises the implementation of a manufacturing plant for the production of the equipment used by WERPO in its patented wave energy generation technology.
Secondly, WERPO will construct the first of a series of electrical power plants in Sri Lanka, WERPO’s press release reads.
Shmuel Ovadia, Director and Inventor of WERPO’s technology, said: “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.”
The agreement with Help Manking will see the formation of a new joint venture corporation, where WERPO will hold 51% of the shares, and be responsible for technical matters and construction of the project, while its partner, Help Mankind, will be tasked with obtaining the required financing.
To remind, in July this year WERPO received approval from Ceylon Electricity Board for the construction of a 10 MW wave power plant in Sri Lanka.