The power station customer is a Muslim country.
Wave power company SDE Energy and Desalination Ltd. has obtained a 25-year franchise from a Muslim country in Africa to build a 100-megawatt ocean wave-driven power station at an investment of $100 million. The company expects $1 billion revenue over the franchise period.
SDE is in talks with institutional investors to provide financial guarantees for the project.
SDE, run by managing director Shmuel Ovadia, said that sea waves have four times the power generation potential per square meter than wind power. The company claims that its wave power technology can provide 500 times the electricity needs of the world's entire population. The company's technology has additional advantages, including high exploitation ratio, no pollution, and a lower cost than wind turbines.
Coastal countries have an opportunity to utilize sea wave power to generate electricity, which will provide three benefits: savings in foreign currency currently needed to buy oil or coal; clean energy production; and grants from the World Bank.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2008
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