Israeli wave energy company Eco Wave Power (EWPG Holding), which is traded in Sweden on the Nasdaq First North Stock Exchange, has filed to raise $8.5 million on Nasdaq. Since its IPO in Sweden in 2019, the company's market cap has fallen by 38% from $58 million to $36 million, Trend reports with reference to Globes.
The company has developed technology to convert wave power into electricity and at the time of its Swedish IPO said that it was the only company in the world that operates a system to produce energy from waves and which sells electricity to the grid under a commercial agreement for purchasing electricity.
Eco Wave was founded by CEO Inna Braverman and director David Lev who each hold 33% stakes in the company and its largest shareholders. The company still has no revenue and according to the prospectus cannot forecast when there will be revenue. The company made a net loss of $2 million in 2020, 3% lower than the net loss in 2019. At the end of 2020, Eco Wave had $10.7 million in cash. The company has 15 employees, 13 of them in Israel.