Eco Wave Power Global, which is developing technology to convert ocean and sea waves into clean electricity, announced terms for its IPO on Monday. The company is currently listed on the Nasdaq First North (ECOWVE).
The Tel Aviv, Israel-based company plans to raise $9 million by offering 0.8 million ADSs at a price range of $10 to $12. At the midpoint of the proposed range, Eco Wave Power Global would command a market value of $57 million.
Eco Wave is engaged in the development of wave energy conversion (WEC) technology that converts ocean and sea waves into clean electricity. Its WEC technology is implemented onshore or nearshore and draws energy from incoming waves by converting the rising and falling motion of the waves into an efficient and clean energy generation process. In addition to its WEC technology, the company is also building out a pipeline of ancillary technology services. The company has not generated any revenue to date.
Eco Wave Power Global was founded in 2011 and plans to list on the Nasdaq under the symbol WAVE. A.G.P. is the sole bookrunner on the deal.
