Eco Wave Power, a Tel Aviv, Israel-based wave energy develope, closed a $2m first round of funding.
The round was led by Pirveli Ventures. Following the investment, a partner of Pirlveli will join Eco Wave Power’s board of directors.
The company intends to use the funds to finalize the commercialization of its wave energy conversion systems.
Co-founded by David Leb and Inna Braverman, Eco Wave Power deployed a “Second Generation” power station at Jaffa Port, Israel last month. 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. The ocean’s wave power in conjunction with the shaped buoys and technology harvests the constant energy produced by waves, driving a hydraulic piston to deliver high kinetic pressure to an onshore generator which generates electricity.
The company has already demonstrated that it can produce electricity on a commercial scale during onshore testing at Jaffa Port, and holds 111MW projects pipe-line. The total funding requirement for the execution of the whole pipe-line is around 150 million USD in different locations around the globe, which will be raised in stages.
In the meantime, EWP expects to have a fully commissioned commercially available wave farm in place by the end of 2015, which will start by selling electricity to the low voltage grid and expand to eventually producing up to 15% of all of Gibraltar’s electricity.