Eco Wave Power Expands to China announces Mr. Benjamin Netanyahu, Israel's Prime Minister attended the signing ceremony between EWP and the Chinese Go
Thursday, May 23, 2013
TEL AVIV, Israel, May 16, 2013 /PRNewswire/ --During last week, Eco Wave Power's founders, Mr. David Leb (Founder and CEO) and Ms. Inna Braverman (Co-Founder & Marketing Director) arrived to Kempinski Hotel in Beijing in order to sign an initial collaboration agreement between EWP and a Chinese Governmental fund. The agreement was executed in an official signing ceremony, attended by high ranked members of the Israeli and the Chinese Governmental and business sphere, among which Israel's PM Mr. Benjamin Netanyahu and his delegation and Israel's ambassador to China, Mr. Matan Vilnai.
Speaking at the signing ceremony, Israeli Prime Minister Mr. Benjamin Netanyahu said: "This is an expression of thanks to all of you, Israeli and Chinese business people. There is a perfect marriage between our mutual capabilities. The Israeli government stands firmly behind cooperation between Israeli and Chinese companies, [and] between Israeli research institutes and Chinese research institutes. "
Under the terms of the agreement, Eco Wave Power will establish a local WFOE with the name of "Eco Wave China" (EWC), which will serve for the promotion of EWP's technology throughout China, and the development of local production facilities. For this purpose, EWP will be allocated an office and factory space of 300 square meters, and a financial support for a period of 2 years.
The initial investment value will be 5 Million RMB, whereas 4 Million RMB will be provided by the fund, and 1 Million RMB will be matched by Eco Wave Power.
EWP China is expected to raise additional funds for the execution of its commercial-scale projects.
This Agreement joins a number of significant achievements by EWP during a comparatively short time frame, among which is the MOU Agreement with The Ocean University of China, the Frost & Sullivan Product Innovation Award in 2012 and its reinforcement in 2013, the Green leadership award nomination to EWP's co-founder Ms. Inna Braverman and other significant achievements to be revealed later this years, that will position EWP as one of the leaders in the wave energy industry.
Source: Eco Wave Power