Eco Wave to Raise $5 Million for Ocean Energy Project

Sept. 3 (Bloomberg) — Eco Wave Power, based in Israel,
plans to raise $5 million by the end of the year to further
develop its technology and projects that harness the power of
the ocean to generate electricity.

The technology maker is talking to investors outside of
Israel as well as several “large-scale” renewable energy
companies in its home country, said Inna Braverman, co-founder
and marketing director of the company.

“We believe that after the successful global
commercialization of the solar and wind technologies, now it is
the best time for wave energy,” Braverman said by e-mail.

Eco Wave has a project pipeline totaling as much as 79
megawatts. Gibraltar agreed in June to buy electricity from a 5-megawatt facility Eco Wave plans in the region. It intends to
install that unit this year and will start producing power next
year, Braverman said at the time.

The company also is planning a 12.5-megawatt plant in the
U.K., and it has initial approval for a 50-megawatt site in
China.

Wave energy technology makers are gradually testing and
scaling-up their devices to produce power at a commercial-scale.
Bloomberg New Energy Finance said last month that the evolution
of the technology was taking longer than hoped and costing more
than expected. It revised down its 2020 capacity forecast for
the sector by as much as 72 percent to 21 megawatts.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Alex Devine

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us