Israeli hydrokinetic developer Eco Wave Power and the Chinese government have signed an agreement promoting economic trade and collaboration between the two parties.
The deal, signed in Beijing this past week, will see Eco Wave Power (EWP) establish a new subsidiary, Eco Wave China (EWC), which will be used to promote EWP's technologies throughout China. The company also said the arrangement will allow for the development of a China-based production facility, with an office, factory space and financial support being offered for two years.
The partnership is not EWP's first in China, having announced in November 2012 that it had signed a memorandum of understanding with the Ocean University of China for assistance in developing commercial-scale generating units.
"This is a perfect marriage between our mutual capabilities," Israeli Prime Minister Benjamin Netanyahu said during the most recent signing ceremony. "The Israeli government stands firmly behind cooperation between Israel and Chinese companies, and between Israeli research institutes and Chinese research institutes."
The company said China's initial investment will be about US$815,000 and that it will add another $163,000 of its own.
"We believe that China is being innovative by replacing some of its coal and other green gas polluting methods of energy and using more renewables such as solar, wind, and now wave energy," EWP founder and CEO David Leb said. "Eco Wave Power is happy to be part of China's renewable energy mix, and we are hoping that other countries do the same."