Eco Wave Power, an Israeli maker of ocean energy systems, raised initial funding for a $150 million pipeline of planned projects to use waves to generate electricity.
The technology maker secured $2 million from Pirveli Ventures, with a representative of Pirveli joining its board of directors, Eco Wave said Monday. It will use the funds to start to develop 111 megawatts of marine-energy projects planned in countries including the UK, China, Mexico and Chile, co- founder Inna Braverman said.
Eco Wave is currently installing a 5-megawatt project off Gibraltar that when fully commissioned may provide as much as 15 percent of the British overseas territory’s electricity, the company said.
It also won Chinese government funding in March to set up a unit in Changshu.
Wave and tidal energy technologies are still in their infancy as developers continue to test and scale-up prototype devices. Electricity from the waves currently costs more than five times that of coal-fired power, according to Bloomberg estimates.