Eco Wave Power Secures $3 Million Offering to Advance Clean Wave Energy Projects
Eco Wave Power Secures $3 Million Offering to Advance Clean Wave Energy Projects
In a significant move towards sustainable energy, Eco Wave Power Global AB, a leader in onshore wave energy technology, has announced a direct offering valued at $3 million. This effort is aimed at propelling the deployment of commercial-scale wave energy systems, which are critical to the future of renewable energy.
The Offering Details
On December 10, 2024, Eco Wave Power revealed that it has entered into an agreement with a single institutional investor for the purchase of 300,000 American Depositary Shares (ADSs). Each ADS represents eight common shares of the company, and the offering price is set at $10.00 per ADS. After deducting expenses and fees, the net proceeds are expected to be directed towards the company’s innovative projects, including its first large-scale installation in Portugal.
The expected closure for this offering is around December 11, 2024. However, it remains contingent on customary closing conditions, which Eco Wave Power is currently addressing. Maxim Group LLC is acting as the sole placement agent for this offering, further assuring investors of the credibility and ambition behind Eco Wave Power's initiatives.
Advancing Wave Energy Solutions
The net proceeds from this offering are strategically planned for deployment in groundbreaking projects within the renewable energy sector. Chief among these plans is the execution of a commercial-scale wave energy installation in Portugal. This project underscores Eco Wave Power's commitment to ushering in a new era of wave energy technology while combating climate change effectively.
Eco Wave Power is at the forefront of wave energy innovation, with its patented technology designed to convert ocean and sea waves into sustainable electricity. The company has already made strides with its projects globally, including the first grid-connected wave energy system in Israel. This installation was co-funded by EDF Renewables IS and the Israeli Energy Ministry, which has acknowledged the technology as pioneering.
Moreover, Eco Wave Power’s projects span various strategic locations, including the Port of Los Angeles and Taiwan, with an impressive project pipeline totaling 404.7 MW. With backing from notable institutions like the European Union Regional Development Fund and Innovate UK, the firm has garnered significant support to realize its vision.
Additionally, Eco Wave Power's achievements have not gone unnoticed; the company was honored with the United Nations' Global Climate Action Award, showcasing its dedication to driving impactful change in the energy sector.
Conclusion
As Eco Wave Power continues to seek innovative ways to harness wave energy, this recent $3 million offering is a testament to its commitment to expanding renewable energy options. Investors and the public alike are keenly observing the developments as the company endeavors to deliver clean energy solutions that address both environmental challenges and energy demands. Through this initiative, Eco Wave Power is not just seeking funds but aiming to inspire a shift in the global energy landscape towards more sustainable practices.
Investors interested in the offering can find additional information and prospectuses on the SEC's website or by contacting Maxim Group LLC for direct inquiries.
Topics Energy）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.