During last week, Eco Wave Power’s founders, Mr. David Leb (Founder and CEO) and Ms. Inna Braverman (Co-Founder & Marketing Director) arrived to Kempinski Hotel in Beijing in order to sign an initial collaboration agreement between EWP and a Chinese Governmental fund.

The agreement was executed in an official signing ceremony, attended by high ranked members of the Israeli and the Chinese Governmental and business sphere, among which Israel’s PM Mr. Benjamin Netanyahu and his delegation and Israel’s ambassador to China, Mr. Matan Vilnai .

The event was meant to highlight the strong support of both governments for the promotion of economic and trade collaboration between Israel and China.

Speaking at the signing ceremony, Israeli Prime Minister Mr. Benjamin Netanyahu said: “This is an expression of thanks to all of you, Israeli and Chinese business people. There is a perfect marriage between our mutual capabilities. The Israeli government stands firmly behind cooperation between Israeli and Chinese companies, [and] between Israeli research institutes and Chinese research institutes.”

Under the terms of the agreement, Eco Wave Power will establish a local WFOE with the name of ” Eco Wave China ” (EWC), which will serve for the promotion of EWP’s technology throughout China, and the development of local production facilities. For this purpose, EWP will be allocated an office and factory space of 300 square meters, and a financial support for a period of 2 years.

The initial investment value will be 5 Million RMB, whereas 4 Million RMB will be provided by the fund, and 1 Million RMB will be matched by Eco Wave Power .

EWP China is expected to raise additional funds for the execution of its commercial-scale projects.

This Agreement joins a number of significant achievements by EWP during a comparatively short time frame, among which is the MOU Agreement with The Ocean University of China, the Frost & Sullivan Product Innovation Award in 2012 and its reinforcement in 2013, the Green leadership award nomination to EWP’s co-founder Ms. Inna Braverman and other significant achievements to be revealed later this years, that will position EWP as one of the leaders in the wave energy industry.

Eco Wave Power’s technology is especially suitable for implementation in China as it has 18,000 km of coastline, and at least 6000 islands. In addition, according to the CEC (China’s Electricity Council) the country will face an increase in the power supply shortages this year due to the shortage of coal. The CEC estimates that the power shortages will reach 70 million kilowatts in 2013, compared with only 30 million kilowatts shortage in 2011, and almost 50 Million kilowatts shortage in 2012. Moreover, according to the US Energy Information Administration (EIA) China burns almost as much coal as the rest of the world combined, China’s coal use is poised to continue rising, despite the country’s rapidly deteriorating environment, experts predicted. In fact, since 2000, the country has accounted for more than 80 percent of the global increase in coal use.

According to Mr. David Leb , founder & CEO, “If taking into account China’s great advantage in having a large-scale wave energy resource, and its disadvantage of insufficient power production and related pollution, it is clear that Eco Wave Power’s wave energy solution may become one of the leading energy production methods in China, providing this great country with not only clean, but also cost efficient energy generation method. We believe that China is being innovative by replacing some of its coal and other green gas polluting methods of energy and using more renewables such as solar, wind and now wave energy. Eco wave power is happy to be part of China’s renewable energy mix, and we are hoping that other countries do the same”.

Press Release, May 17, 2013