The ocean is an enormous source of energy. It is estimated that the energy in ocean waves could be capable of supplying the entire world's energy requirements five times over.
WavePower Technologies aims to become a world leader in producing electricity from wave energy.
WavePower Technologies has developed a proprietary technology to produce electricity from wave energy. This unique device (patented) is innovative in that it is the first hydro-turbine that effectively uses the entire elliptic pattern of wave movement (up, forward, down, and back) rather than only the up and down OR back and forth movement of the waves, and so takes full advantage of the wave's energy in order to produce electricity. As a result, this device has higher efficiency and power output than other existing devices producing electricity from wave power.
WavePower is currently raising capital in return for equity at a negotiable valuation to enable:
1) Continued R&D and reduced-scale pilot site operation, followed by -
2) Fabrication and installation of the first full-scale revenue-generating prototype in the ocean. The funding will also be used to -
3) Expand the company's IP portfolio, and –
4) Expand marketing capabilities.
Once the full-scale prototype is installed and generating revenue, the company will focus its efforts on licensing its technology and developing collaborations with strategic partners to install and operate Wave-Power devices all over the world. This business model will help generate revenues already at an early stage in the company's lifetime, while offering significant growth potential over the longer term.
With countries around the world offering attractive rates (FIT's) for hydro-generated electricity to encourage entrepreneurs and start-ups to help meet national commitments for electricity generated from renewable energy sources, WavePower Technologies foresees a bright future for its breakthrough technology whose superior efficiency and output should give it a competitive advantage in this rapidly growing market.
Yossi Levy, the founder, B.Sc.-IE from the Technion, Israel. An Engineer, Inventor and Entrepreneur who deals especially with renewable energies. Mr. Levy is concentrating in efforts to increase the efficiency of each alternative energy technology, making them profitable and accessible to the masses. Mr. Levy owns a few more patents and other inventions in several fields of Green-Technologies.
Mr. Levy is also a co-founder of PowerAndSun Technologies Ltd., an Israeli company who deals with PV solar energy, based on Levy's patented technology.