Wave power company SDE Energy and Desalination Ltd. has been given 90% of a Nasdaq shell company for free. The shell company was transferred free of debts. It has 140 million shares, which be traded at $1 per share on the Pink Sheets under the ticker "TVGTF", giving a market cap of $140 million.
SDE operates in dozens of countries and so far has established four subsidiaries with local partners. It plans to establish six more subsidiaries in the near future. The company has several orders worth $3 billion altogether and has signed agreements with senior governmental officials in several countries across the world. The company says that energy experts argue that the issuing of a clean technology company may prove a huge success in the US market.
SDE's first commercial model has been operating successfully at Jaffa Port for one year. Generating electricity from sea waves is an environmentally friendly method that does not require coal or oil. The company says that its system has high efficiency, can modulate and can store the energy from sea waves, and is financially viable..
SDE has several international patents and more pending. The company has built and tested eight energy modules. The company claims that sea waves have the potential for even greater energy production - four times more per square meter than wind. The company also claims that the advantages of its technology have led several countries to grant franchises for the sale of electricity generated by the module to the projects' financial backers. This adds motivation to fund projects.
Published by Globes [online], Israel business news - www.globes-online.com - on April 24, 2008
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