News — July 18, 2019
Eco Wave Power makes market debut on Nasdaq First North Stockholm
The Swedish cleantech company becomes the first Solar Impulse Efficient Solution to complete an IPO.
“Passion is the greatest renewable energy source. Passion is something that can definitely take you a long way” says Inna Braverman, as her company is about to get listed on the prestigious Swedish exchange market Nasdaq First North, “an important growth platform” for hundreds of start-ups. Indeed, from co-founding Eco Wave Power with David Leb in 2011 to making the company one of the most promising marine energy technologies in the world, Inna Braverman’s journey has been a remarkable one.
Today, July 18th 2019, marks the first day of trading for the Swedish company, who raised SEK 122 million ($13 million) from investors during the period for subscription of new shares, making it the second largest listing on Nasdaq First North so far this year. “Everybody understands the importance of mitigating climate change, and everybody wants to see more types of renewable energy be part of the world renewable energy mix. So this high-level of awareness is definitely creating positive interest among investors” says Braverman. Eco Wave Power has attracted 5900 new shareholders, including pension funds AP4 and Skandia Fonder, who become two of the company's largest shareholders.
The IPO will allow Eco Wave Power to access more financial resources to scale its breakthrough marine energy technology (read more about it here), expand its project pipe-line, bring more projects into the building phase and increase sales and marketing activities. “The amount of demand that we receive for our technology is enormous and to be able to execute such demand in a timely manner, we need more human and financial resources” confirms Braverman.
Currently, Eco Wave Power has two operational wave energy farms running in Jaffa, Israel, and in Gibraltar, which are already set to be expanded. And many more projects are set to be built in the coming years, as Eco Wave Power’s project pipeline is currently 190 MW, including a 50 MW station in China, a 4.8 MW project in Mexico as well as projects in Scotland, Portugal, Italy and the UK.
This confirms the huge potential for marine energy - including tidal, wave and thermal energy - which the World Energy Council estimates could provide twice as much electricity as the world produces now. But Eco Wave Power’s public listing is not only proof of the huge economic potential of clean technologies, it’s also showing that relatively young cleantech companies are now attracting institutional investors such as pension funds. The fact that these investors are able to maintain a stable risk adjusted return for their pensioners, while delivering a significant positive environmental impact, validates the Solar Impulse Foundation’s conviction that the protection of the environment is the biggest market opportunity of the century.
The profitability of protecting the environment is indeed at the heart of the Solar Impulse Foundation’s mission since we launched the Solar Impulse Efficient Solution Label and the 1000 solutions challenge.
Bertrand Piccard, Chairman of the Solar Impulse Foundation declared: "we are now at a tipping point. Institutional investors are starting to understand how profitable the protection of the environment has become, and this is a big step. If the financial world finally supports the clean energy transition, implementing the solutions to resolve our climate crisis will be within reach".