Video: Wave Energy Developer Raises US$ 2 Million in First Round of Financing

Eco Wave Power Wave Energy Device
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Wave energy developer Eco Wave Power announced this week that it has received US $2 million in financing from Canadian venture capital firm, Pirveli Ventures.  Following the investment, a partner of the investment fund will join Eco Wave Power’s board of directors.

This is the just the latest achievement for the company after successfully a second generation Eco Wave power plant last month in the port of Jaffa, Israel. Eco Wave Power currently has a project pipeline of 111 megawatts that will require approximately US $150 million in funding that they plan to raise in stages.

Eco Wave expects to commission their first wave energy farm off the coast of Gibraltar by the end of 2015.

The company believes that the simplicity of design and the minimal moving components being placed onshore is what sets their technology apart from the rest of the wave energy developers.  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.

David Oren, Managing Partner of Pirveli Ventures said 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.

 

Tracey Smith About Tracey Smith
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.

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