Sept. 3 (Bloomberg) -- Eco Wave Power, based in Israel, plans to raise $5 million by the end of the year to further develop its technology and projects that harness the power of the ocean to generate electricity.
The technology maker is talking to investors outside of Israel as well as several “large-scale” renewable energy companies in its home country, said Inna Braverman, co-founder and marketing director of the company.
“We believe that after the successful global commercialization of the solar and wind technologies, now it is the best time for wave energy,” Braverman said by e-mail.
Eco Wave has a project pipeline totaling as much as 79 megawatts. Gibraltar agreed in June to buy electricity from a 5- megawatt facility Eco Wave plans in the region. It intends to install that unit this year and will start producing power next year, Braverman said at the time.
The company also is planning a 12.5-megawatt plant in the U.K., and it has initial approval for a 50-megawatt site in China.
Wave energy technology makers are gradually testing and scaling-up their devices to produce power at a commercial-scale. Bloomberg New Energy Finance said last month that the evolution of the technology was taking longer than hoped and costing more than expected. It revised down its 2020 capacity forecast for the sector by as much as 72 percent to 21 megawatts.