05/19/2013 01:14

Local green energy firm adds business in the far east in a move blessed by Netanyahu at the signing ceremony.

Israel-based Eco Wave Power, that works on harnessing energy from ocean waves on- and near-shore, officially expanded operations to China last week in a ceremony attended by Prime Minister Binyamin Netanyahu.

At the signing ceremony – attended by high-ranking officials from both the Israeli and Chinese government and business spheres – EWP agreed to established a local subsidiary with the name Eco Wave China that will develop local production facilities.

Generating useable energy from ocean waves is particularly relevant to China, which has a coastline of 18,000 kilometers and around 6,000 islands, according to EWP. In addition, the country is facing power-supply shortages due to dwindling coal reserves. An initial investment of over $800,000 will be made to launch the new Chinese subsidiary, with 80 percent of the money coming from a Chinese governmental fund and 20 percent matched by Eco Wave Power.

“There is a perfect marriage between our mutual capabilities,” Netanyahu said at the signing ceremony. “The Israeli government stands firmly behind cooperation between Israeli and Chinese companies, [and] between Israeli research institutes and Chinese research institutes.”