Israelis seek Oz wave push funds
Eco Wave Power aims to raise $6m to support planned IPO in Australia
Israeli developer Eco Wave Power (EWP) has embarked on a $6m capital raising round to support its planned IPO on the Australian Securities Exchange (ASX).
Founder Inna Braverman said a term sheet has been signed with an Australian investment fund and the wave outfit has also finalised a share purchase agreement with an American insurance company.
EWP plans to list on the ASX within the next 12 months.
“Australia is very suitable for the implementation of wave power. A CSIRO report predicted that by 2050, wave energy could contribute up to 11% of Australia's electricity, enough to power a city the size of Melbourne,” said Braverman.
Australia’s energy minister Josh Frydenberg visited EWP's wave project at Jaffa Port earlier this week accompanied by Australia Renewable Energy Agency chief executive Ivor Frischknecht, she added.
EWP has a global pipeline of 130MW with subsidiaries in Gibraltar, China, Mexico, India and Chile.
Image: Ivor Frischknecht, Inna Braverman and Josh Frydenberg (EWP)