Blackbird International has agreed to sell its Wave Electricity Renewable Power Ocean (Werpo) subsidiary to Shahar Energy, an Israeli renewables developer.
The deal involves the sale of building, patent and intellectual property rights in exchange for a 20% share in profits from wave energy projects Shahar will subsequently develop.
Blackbird said initially Shahar plans to build a 5MW wave energy unit.
Once the 5MW facility has been constructed and proven a success, a 10MW project will be developed, it added.
Blackbird said it forecasts that Shahar will be able to build projects that will generate revenues of $2bn over the next decade, which will provide it with $80m in revenue.
Image: sxc
Israelis snap up Blackbird’s wave
Shahar Energy buys Werpo subsidiary with plans for 5MW project
By EBS