Alternative Energy Company EWP Raises $13.6 Million on Nordic IPO

Alternative energy company Eco Wave Power Ltd. (EWP) has raised $13.6 million last week in an initial public offering on Nasdaq First North, a division of the Nasdaq Nordic stock exchange. The company started trading under the ticker EWP on Thursday, and closed 11% up on Friday, reaching a market capitalization of 509 million Swedish Krona ($54.25 million).

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Founded in 2011 in Tel Aviv by CEO Inna Braverman and former chairman David Leb, EWP designs and manufacturers wave energy converters. The company's devices employ uniquely shaped floaters, and their motion is transmitted to land-based power stations via attached arms. The waves’ motion energy is converted to fluid pressure and used to spin a generator, producing energy.

In a previous interview with Calcalist, Braverman said they have decided to list in Sweden due to its widespread adoption of renewable power sources and its investors therefore being more open to the sector.

The company listed 18.2% of its stock for trading. AP Fonden 4 (AP4), the fourth Swedish National Pension, and Skandia Fonder, a subsidiary of financial services company Skadia, are now among EWP’s largest shareholders.

The IPO proceeds will be used to build the company’s first commercial wave energy farm, and to boost marketing and sales operations. EWP already operates one small plant in Gibraltar and a trial power plant in Jaffa port in Israel, funded by a grant from the Israeli Ministry of Energy and Water Resources. The company has plans to expand both projects.