Eco Wave Power said it has secured investment of SEK 25 million (approximately $2.6 million) in the company’s ongoing IPO from the Fourth Swedish National Pension Fund (AP4) and Skandia, Swedish insurance company, along with other investors, including board members, Mats Andersson and Elias Jacobson.
AP4 and Skandia, together with a few other investors, including board members, Mats Andersson and Elias Jacobson have agreed to acquire in total approximately 1.35 million shares in the offering, at the same terms and conditions as other investors, corresponding to approximately 17 percent of the number of shares available in the offering.
“Having attracted respected investors such as AP4 and Skandia on board is a clear validation of the rigorous work invested in the company. We are very excited about the strong interest in our company from the Swedish investor community,” says Inna Braverman, CEO, Eco Wave Power.
Eco Wave Power’s recently elected board members Mats Andersson and Elias Jacobson will also participate and support the transaction.
“Getting seasoned executives as Mats and Elias on board is instrumental to our further journey. They already play a key role in our discussions with Swedish municipalities who have expressed an interest to install Eco Wave Power’s revolutionary technology. Their decision to invest in Eco Wave Power is of course a strong signal of the firm belief in our company,”continues Braverman.
The subscription period for Eco Wave Powers initial public offering runs until Wednesday July 10, 2019.