Connexion

Eco Wave Power: $3 Million Raised to Propel Wave Energy Development

Israeli company Eco Wave Power announces a $3 million fundraising initiative to finance its first commercial wave energy project in Portugal, taking a step forward in sustainable energy transition.

Partagez:

The company Eco Wave Power Global AB, specializing in wave energy technologies, has formalized a $3 million fundraising agreement. This initiative, conducted through a securities purchase with a single institutional investor, represents a significant advancement in the renewable energy sector.

Listed on Nasdaq under the symbol “WAVE,” the company clarified that the transaction involves the issuance of 300,000 American Depositary Shares (ADS), each representing eight ordinary shares, at a unit price of $10 per ADS. This operation is being executed with the support of Maxim Group LLC, acting as the exclusive placement agent.

An Ambitious Project in Portugal

The funds raised will be used to support Eco Wave Power’s innovative projects, particularly the installation of its first commercial wave energy power plant in Portugal. This project marks a key milestone for the company, which aims to deploy a technology capable of transforming wave energy into clean, affordable electricity.

The Portuguese installation represents a strategic turning point for the company. By establishing a presence in Europe, Eco Wave Power is leveraging a region favorable to marine energies, benefiting from a supportive regulatory framework and substantial energy potential.

Compliance and Growth Prospects

The operation is part of a prospectus filed with the United States Securities and Exchange Commission (SEC). This document, accessible on the SEC website, ensures the transparency and compliance of the transaction.

Simultaneously, Eco Wave Power plans to intensify efforts to expand its presence in the global market. The success of this fundraising initiative is expected to accelerate project development and strengthen the company’s position among leaders in the wave energy sector.

  • Populaires ​
Kremlin Warns of Global Impact from New Russian Oil Price Cap
Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability
Framatome acquires 40% of Selectarc to secure strategic metal supply
Comet Lithium launches targeted campaign on copper, nickel and lithium in Québec
SMEG launches construction of 6 MWc solar power plant in Mâcon
Ukraine plans post-war reconstruction of strategic Kakhovka hydroelectric dam
Ukraine’s national operator Ukrhydroenergo announces an ambitious two-phase reconstruction plan to swiftly restore the Kakhovka hydroelectric dam, destroyed during the conflict, at an estimated cost of up to one billion dollars.
Minesto boosts Dragon 12 tidal turbine performance by 25%
Swedish energy developer Minesto confirmed a 25% increase in output from its Dragon 12 tidal system, marking a key step towards commercial deployment in the Faroe Islands.
Axpo launches hydraulic works at Beznau to strengthen its infrastructure until 2052
Axpo will start major works in May around its Beznau hydropower plant to meet the requirements of its new operating permit valid until 2052, including the creation of new ecological habitats.
Orkla sells its hydropower portfolio for NOK 6.1 billion
Norwegian group Orkla announces the sale of its hydropower portfolio through two separate transactions, valuing the assets at NOK 6.1 billion. A strategic decision aimed at streamlining operations and refocusing priorities.
Eastern Kazakhstan Invests in Five New Hydropower Plants by 2030
Eastern Kazakhstan plans to construct five hydropower plants with a total capacity of 74.3 MW, consolidating its position as a national leader in hydropower despite challenges related to land allocation.
Adani Group Accelerates Its Global Expansion with 10 GW of Hydroelectric Projects
Adani Group, a leader in renewable energy, plans to develop 10 GW of hydroelectric capacity in several Asian and African countries, including Bhutan, Nepal, Kenya, and Vietnam, to strengthen its green portfolio and achieve carbon neutrality by 2050.
ANDRITZ upgrades the Vamma hydropower plant in Norway
The international technology group ANDRITZ has been selected to upgrade one of the units of Norway's largest run-of-river hydropower plant, Vamma, increasing its capacity by 22% while improving its energy efficiency.
Eco Wave Power Partners with Lian Tat for an Innovative Marine Energy Project in Taiwan
Eco Wave Power and Lian Tat Sign a Historic Agreement to Develop the First Onshore Marine Energy Installation in Asia, Starting with a 100KW Pilot Project in Taiwan.
Uganda launches three hydropower projects on the Nile to strengthen its electricity capacity
Uganda is undertaking the construction of three hydropower plants on the Nile to add 1,632 MW to its electricity capacity while exploring nuclear initiatives to diversify its energy mix in response to growing demand.
EDF reaches an agreement with Gipreb for better management of freshwater discharges
EDF and the Groupement d’intérêt public pour la réhabilitation de l’étang de Berre have reached an agreement to optimize the management of freshwater discharges into this Mediterranean lagoon, reducing the risks of suffocation for local fauna and flora.
Uganda inaugurates 600 MW Karuma hydroelectric power station
Uganda boosts its energy capacity with the opening of the Karuma hydropower plant, financed by China to the tune of 1.7 billion dollars, marking a new stage in Sino-Ugandan cooperation.
DRC: Ruzizi power plant cuts output due to plastic waste
Plastic waste accumulating in the turbines of the Ruzizi hydroelectric power station has forced us to cut electricity production by half for South Kivu and neighboring regions.
Tajikistan faces electricity shortage due to water scarcity
Tajikistan is imposing electricity restrictions due to dwindling water reserves, disrupting its hydroelectric plants and raising concerns about the country's ability to meet energy demand.
Agreement between Greece and Cyprus for the Great Sea Interconnector submarine cable
Greece and Cyprus are moving ahead with the Great Sea Interconnector project, aimed at linking Cyprus to mainland Europe via a 1,240 km undersea cable, a key element in the energy integration of the Eastern Mediterranean.
Chile: Statkraft discusses Los Lagos project with indigenous communities
The Los Lagos hydroelectric project in Chile is the subject of discussions between Statkraft and local indigenous groups, amid concerns about the project's social and environmental impact.
Lagdo dam: Risk management between Cameroon and Nigeria
The controlled opening of the Lagdo dam in Cameroon is causing concern in Nigeria, although hydrological authorities in both countries are tempering the risk of major flooding.
Lagdo dam
Upgrading Minnesota’s dams for sustainable, reliable energy
The Scanlon and Blanchard dam modernization projects in Minnesota illustrate a key initiative to strengthen energy infrastructure. These efforts are aimed at improving the resilience and efficiency of hydroelectric facilities in the face of growing climate challenges.
Hydroelectric crisis in Brazil: Drought and severe economic impact
Brazil's prolonged drought has drastically reduced soil moisture in the main hydroelectric basins, threatening energy production and increasing electricity costs, with economic and inflationary repercussions.
Barrage de Santo Antonio
Kyrgyzstan obtains $13.6 million from the World Bank for Kambarata-1
Kyrgyzstan secures $13.6 million in financing from the World Bank to revise the feasibility study for the Kambarata-1 hydropower plant, a key energy project in Central Asia.
Nepal: BG Titan Group and BB Holding sign 650 MW hydropower MOU
BG Titan Group and BB Holding formalize an agreement to develop the 650 MW Tamakoshi 3 hydropower project in Nepal, marking a further step in the expansion of the country's energy infrastructure.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS