Israel21c.org via Ocean Energy News, July 23 2008
Construction of the power plants will be financed by investors from Hong Kong and China. Two joint venture companies, formed in Hong Kong for the purpose of the agreement by S.D.E. and its investors, will build an initial model in Guangzhou province in southern China. Should the model prove to be successful, it will launch the establishment of sea wave power plants throughout China.
The S.D.E. process is subject to the approval of the government of China, which it intends to target as the sole customer for the electricity generated.
Electricity shortages in China are worsening every day and current energy sources are problematic: fossil fuels increase the country’s already intolerable levels of air and environmental pollution; nuclear power plants and hydroelectric stations are highly susceptible to earthquake damage; typhoons make building wind farms extremely difficult and solar systems are costly.
With prices of crude oil rising fast, there is new interest in alternative sources of energy, and the idea of generating power from ocean waves is becoming increasingly attractive, according to S.D.E.
The Tel Aviv company’s system produces renewable and clean energy from ocean waves, which it claims have the potential to supply four times more energy per square meter than wind power. The system’s advantages are high efficiency, ability to modulate energy storage capabilities and relatively low cost for construction and generation of electricity.
According to S.D.E., the cost of erecting a one megawatt wave energy station starts at $650,000, compared with $900,000 for a similarly-sized natural gas station; $1.5 million for a coal-fired or wind-powered station; and $3 million for a solar power station.
US investors have taken note of S.D.E.’s advances, managing director Shmuel Ovadia told ISRAEL21c. “We’re currently in talks to raise $100 million from US investors and we’re negotiating building a 30 MW wave energy plant in San Francisco at a cost of $20 million.”
The first commercial, full-scale model of the system, capable of generating 40 electrical kilowatts (eKW) has been working successfully for a year and is located at the Jaffa Port in Tel Aviv-Yafo.