Eco Wave Power closed the second round of fundraising led by a US-based Venture Capital fund after raising US$3 million to put towards new projects, including those at ports.
“Our goal is to finalise the commercialisation 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,” said David Leb and Inna Braverman, co-founders of Eco Wave Power.
The funds will be used to expand the team of EWP and to enable faster execution of EWP’s 130 MW of projects required to support its stable growth and expansion strategy.
EWP has previously demonstrated that it can produce tidal electricity from its’ R&D station in Jaffa Port, which has been operational for more than three years.
In addition in 2016, EWP proved it can produce electricity commercially with the launch of its’ first grid-connected power plant array in Gibraltar, which received EU funding support for its execution.
The Eco Wave Power station consists of buoys which rise and fall with the waves, these have converters which are by robust arms to any type of structure, such as breakwaters, piers, jetties, floating barriers and fixed platforms.
This renewable energy method allows ports to use their existing infrastructure to install these power stations and harness the benefits of wave energy for themselves.
