"This new investment is a vote of confidence in Eco Wave Power's technology, our team, and the global market potential of onshore wave energy."
TEL AVIV, Israel, August 18, 2015 --
Disruptive and award-winning wave energy developer Eco Wave Power has announced that it has successfully closed the first round of fundraising led by Pirveli Ventures. Following the investment, a partner of the investment fund will join Eco Wave Power's board of directors.
This news follows the announcement made last month that a "Second Generation" power station has been successfully deployed by Eco Wave Power at Jaffa Port, Israel.
"This new investment is a vote of confidence in Eco Wave Power's technology, our team, and the global market potential of onshore wave energy. Our goal is to finalize the commercialization of our wave energy conversion systems with the help of our global partnership," said David Leb and Inna Braverman, co-founders of Eco Wave Power.
David Oren, Managing Partner of Pirveli Ventures added that: "We are excited to join Eco Wave Power in its mission to harvest electricity from ocean waves and share it with the world. We believe that there are significant business opportunities in the renewable energy sector and are glad to take part in the initiative of establishing a globally successful wave energy company."
EWP has already demonstrated that it can produce electricity on a commercial scale during onshore testing at Jaffa Port, and holds 111MW projects pipe-line. The total funding requirement for the execution of the whole pipe-line is around 150 million USD in different locations around the globe, which will be raised in stages.
In the meantime, EWP expects to have a fully commissioned commercially available wave farm in place by the end of 2015, which will start by selling electricity to the low voltage grid and expand to eventually producing up to 15% of all of Gibraltar's electricity.
The Eco Wave Power station consists of buoys which rise and fall with the up and down motion, lifting force, change of water level, hydraulic air lock, and incident flux of high and low waves. The converters are attached by robust arms to any type of structure, such as breakwaters, piers, jetties, floating barriers and fixed platforms. The ocean's wave power in conjunction with the company's uniquely shaped buoys and state-of-the-art technology harvests the constant energy produced by waves, driving a hydraulic piston to deliver high kinetic pressure to an onshore generator which generates electricity. The key strengths of EWP's design are the simplicity of its design, the added storm protection and the minimal moving components being onshore. The device is easy to access, operate and maintain.
Eco Wave Power is the only wave energy company to ever win the Frost & Sullivan Product Innovation Award. According to Frost & Sullivan:
"Eco Wave Power efficiently handles the prominent challenges prevailing in the field and offers an all-round solution for effective energy harvesting. Based on the aforementioned performance drivers as measured through Frost & Sullivan's independent analysis, Eco Wave Power is the recipient of the 2014 Frost & Sullivan New Product Innovation Award."
This significant award is in continuity for EWP's worldwide recognition for its leadership, expertise and innovation as shown throughout its activities in the field of renewable energy. The company also won the Business Green Leaders Awards, the Israeli Chief Scientist Award and recently the Erasmus University "Energy Business Award" and "The Energy Globe Award" by UNESCO as "best project in Israel". EWP is also actively taking part in the United Nations "Caring for Climate" initiative.
Eco Wave Power Seeks Innovators, Collaborators and Strategic Partnerships:
Eco Wave Power invites potential investors and strategic partners to arrive to Jaffa Port and see the wave energy converters and power generation system live and in action. To date, EWP was able to achieve many of its goals, but with strategic partnerships, investors, and the help of other collaborators we will be able to reach more goals faster and more efficiently.