The Israeli wave energy company Eco Wave Power (EWP) has closed the second round of its fundraising campaign, having secured $3 million for the delivery of project pipeline.
The funds will be used to expand EWP’s team and enable faster execution of its 130MW of projects pipeline required to support EWP’s growth and expansion strategy, the company said.
EWP also revealed it plans to launch the final round of fundraising during the upcoming month, ahead of EWP’s initial public offering (IPO), which is scheduled for 2018.
David Leb and Inna Braverman, Co-founders of EWP, said in a joint statement: “This new investment is another vote of confidence in EWP’s global potential, technology and our team. Our goal is to finalize the commercialization of our wave energy technology and to execute our 4.1MW power station in Manzanillo in Mexico, the 5MW PPA in Gibraltar and our whole pipeline, with the help of our global partnerships.”
EWP’s wave energy technology has been under development since 2011. It uses buoys that are attached by robust arms to any type of structure, such as breakwaters, piers, jetties, floating barriers, poles, and fixed platforms.
The energy is produced when the waves cause the buoys to move up and down, driving a hydraulic piston to deliver high kinetic pressure to an onshore generator which generates electricity.
The company has an operational power plant in Jaffa port in Israel for more than 3 years, and another one launched last year in Gibraltar, featuring multiple devices in an array with a total capacity of 100kW.
More recently, EWP unveiled plans to build a wave power plant at the Manzanillo Port, in the Mexican state of Colima.
Furthermore, the company has established 5 subsidiaries in Gibraltar, China, Mexico, India and Chile.