Wave energy developer Eco Wave Power has entered into a securities purchase agreement with a single institutional investor to deploy commercial-scale wave energy technology.
The offering involves the sale of 300,000 American Depositary Shares (ADSs), each representing eight common shares, at $10 per ADS.
Maxim Group acted as the sole placement agent for the offering. Eco Wave Power said it plans to allocate the funds toward its flagship projects, including its first commercial-scale wave energy installation in Portugal.
“Eco Wave Power currently intends to use the net proceeds from the Offering to advance its groundbreaking projects, including the execution of its first commercial-scale wave energy installation in Portugal,” the company said.
The offering was conducted under an effective shelf registration statement on Form F-3, declared effective by the U.S. Securities and Exchange Commission (SEC) on December 6, 2023. Eco Wave Power confirmed that a prospectus supplement related to the ADSs will be filed with the SEC.
The company has gained recognition for its onshore wave energy technology, including its first grid-connected system in Israel. This installation was co-funded by EDF Renewables IL and the Israeli Energy Ministry and has been identified as a “Pioneering Technology.”
The company is also preparing for projects in the Port of Los Angeles , Taiwan , and Portugal, part of a growing project pipeline totaling 404.7 MW. Additionally, the United Nations recognized the wave energy developer with its Global Climate Action Award.