Eco Wave Power Global, a developing technology to convert ocean and sea waves into clean electricity, raised $8 million by offering 1 million ADSs at $8, below the range of $10 to $12. The company offered 0.2 million more ADSs than anticipated. At pricing, the company commands a fully diluted market value of $43 million. Because its market cap at IPO is less than $50 million, Eco Wave Power Global will be excluded from Renaissance Capital's stats.
Eco Wave, which is currently listed on the Nasdaq First North (ECOWVE), 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 plans to list on the Nasdaq under the symbol WAVE. A.G.P. acted as sole bookrunner on the deal.
