Eco Wave Power raises $13.6m in Stockholm IPO

Eco Wave Power

The company says that it is the only company in the world selling wave power energy under a commercial agreement.

Israeli-Swedish wave energy company Eco Wave Power has raised $13.6 million at a company value of $58 million in its IPO on the Nasdaq First North stock exchange, an exchange for growth companies that is a secondary market of the Scandinavian stock exchanges, which are owned by Nasdaq. The share price in the IPO was 19 Swedish krona. The share price dropped to 17.7 krona in the first days of trading in the share, reflecting a $54 million market cap. 5,900 investors participated in the offering, including investment institutions AP4 and Skania Fonder, which became the largest shareholders in Eco Wave Power following the offering.

Eco Wave Power, a renewable energy company that has developed technology for turning sea waves into electricity, has 13 employees. The company's Israeli subsidiary was founded in 2011 in Tel Aviv.

Eco Wave Power says that it is the only company in world operating a system for producing energy from waves that is connected and selling electricity to a network under a commercial agreement for purchasing electricity. The company says that the purpose of the IPO is to construct an initial commercial farm for producing energy from sea waves, and for expanding its projects and marketing and sales activity. The company reported that it currently had two energy production farms, one in Jaffa and one in Gibraltar, and that there were plans for expanding both of them. Eco Wave Power's projects total 190 megawatts in a number of countries.

Eco Wave Power had less than €100,000 in cash and investments at the end of the first quarter. The company has no revenue or profits yet.

Eco Wave Power founder and CEO Inna Braverman said, "The company's offering on the Nasdaq stock exchange in Stockholm and the great interest in the company are proof of the inherent potential of clean and environmentally-friendly energy. Being listed on the stock exchange will strengthen the company and enable it to achieve its goals. We are committed to contributing our share in the global war on climate change."

The CEO who was granted a second chance at life at Chernobyl

Before the IPO, the largest shareholders in Eco Wave Power were Braverman and director David Leb with 40.7% of the shares each. According to the prospectus filled by Eco Wave Power, both of them undertook not to sell shares for 18 months following the IPO. Braverman, 33, wrote a letter attached to the prospectus stating, "I was born in Ukraine on April 11, 1986 in a city only 200 miles from Chernobyl. On April 26, the meltdown of the nuclear reactor in Chernobyl resulted in the greatest nuclear disaster in history in term of cost and casualties. Radiation caused birth deformities, respiratory diseases, cancer, and death, but I was lucky. Although I experienced clinical death, my mother, a nurse, brought me back to life with resuscitation. I was given a second chance at life, and I feel the urge to do something good with it. I believe that Eco Wave Power will have a significant effect on the global mix of energy."

Nasdaq First North says that Eco Wave Power is the 36th company to be listed for trading on the Nordic stock exchanges in 2019, and that 260 companies are now listed on the exchange. Another company linked to Israel, which held an offering on this exchange exactly two years ago, is Aspire Global.

Aspire Global provides online gaming and gambling solutions. Its shareholders at the time of its IPO included soccer players agent Pini Zahavi and media tycoon Eli Azur, who also sold shares in the offering. The 30 Swedish krona share price in the offering reflected a $155 million company value at the time, and its current share price is 43.7 krona, reflected a $211 million market cap.

Published by Globes, Israel business news - en.globes.co.il - on July 21, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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