Eco Wave Power, an advanced and innovative international wave power developer based in Israel, introduced its plans to raise $5 million by the year end for the development of ocean energy.
As Bloomberg reports, the Company is seeking investors outside Israel and it is also in talks with several energy companies situated in Israel.
Eco Wave Power is the sole global inventor, owner and developer of the unique EWP wave energy device. The company designs, manufactures, and operates the EWP wave energy converters.
Eco Wave already secured a contract to sell electricity from its facility planned in Gibraltar.
The Company is also considering a 12.5 MW plant in the UK, and a 50 MW facility in China.