The Venture Codex

Led · Equity · Aug 2015

Eco Wave Power is a Tel Aviv, Israel-based developer of wave energy conversion systems that use shaped buoys and hydraulic pistons attached to marine structures. Its "Second Generation" power station was deployed at Jaffa Port and the company demonstrated commercial-scale electricity production during onshore testing there. The converters attach to breakwaters, piers, jetties, floating barriers and fixed platforms to drive hydraulic pistons that feed onshore generators. Co-founded by David Leb and Inna Braverman, the company holds a 111MW project pipeline and says total funding to execute that pipeline is about $150 million to be raised in stages. Eco Wave Power intends to use the newly raised funds to finalize commercialization of its systems and expects a fully commissioned, commercially available wave farm by the end of 2015. The company plans to start by selling electricity to the low-voltage grid and projects the farm could eventually produce up to 15% of Gibraltar's electricity.