Eco Wave Power, an Israeli wave energy developer, has closed the first round of fundraising led by Pirveli Venture, where the company gathered investment in the amount of $2 million.
The fundraising follows the completion of the second generation wave power plant in Jaffa Port, Israel, in July this year, and the beginning of the parts procurement process for the announced wave energy project in Gibraltar.
David Leb and Inna Braverman , Co-founders of Eco Wave Power, said: “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.”
Following the investment, a representative of the investment fund will join Eco Wave Power’s board of directors, the company’s press release reads.
David Oren from Pirveli Ventures added: “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.”
Eco Wave Power currently holds projects pipe-line of 111 MW, with the total funding requirement for the execution of the whole pipe-line being around $150 million.
The company said the funds for the entire projects pipe-line will be raised in stages.
Eco Wave Power plans to install a wave farm comprised of eight ‘2nd generation floaters’ on a pier in Gibraltar by the end of 2015, as the the first phase towards delivering a complete project that will have the capacity of 5 MW.
The company expects to start selling electricity to the low voltage grid and expand to eventually producing up to 15% of all of Gibraltar’s electricity.
Eco Wave Power’s wave energy technology 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 energy is produced when the waves cause the buoys to move up and down. The pressure created by the moving buoys is converted into the compressed fluid by the hydro-pneumatic system located onshore.
The compressed fluid is stored in the accumulator. When the compressed fluid is released, it turns the hydraulic motor, which in turn spins the generator to produce electricity.
Image: Eco Wave Power