November 11, 2008
SDE Receives a 25 Year Concession for Selling Electricity to an African Country
TEL AVIV, November 11 /PRNewswire/ -- In the wake of the global financial crisis and the growing global awareness of green energy, SDE Energy Ltd., a developer of an innovative technology for sea wave power generation, has recently received a 25 year concession to build sea wave power plants with a total capacity of 100MW from a Moslem country in Africa. The cost of this project is US $100 million dollars and the expected revenues from the electricity sold are estimated to be approximately US $1 billion dollars.
Meanwhile, the company has started negotiations with global institutions for insuring the project and providing financial guarantees.For sea littoral countries, utilizing wave energy is a golden opportunity that leverages three important benefits: savings of expensive foreign currency, normally spent on the purchase of fuel or coal for power generation; the production of clean energy free of environmental pollution and eligibility for grants from financial institutions and the World Bank.
The technology used to produce electricity from sea waves is innovative and world leading. Pollution and global warming have taught the world that the largest natural resource for electricity production is sea waves. Based on this innovative technology, the system has the highest efficiency rate and the lowest installation cost. SDE has an international patent as well as patents pending. To date, the company has built 8 models that have operated successfully, the last of which had a power capacity of 40kW.
The first commercial model based on this technology, has operated successfully for one year in the port of Jaffa. It has three major advantages: high efficiency, ability to modulate and the ability to store the energy from sea waves.
S.D.E offering produces renewable and clean energy - the perfect alternative to conventional power. By using the power of sea waves across the world, SDE's system could supply 500 times more electricity than needed by the world population, in a time when there is a severe shortage of electricity with costs estimated to hundreds of billions of dollars.
The tremendous benefits inherent to SDE's sea wave power generation method have been recognized by many countries which are now actively looking to deploy it in their respective territories,. SDE is present in dozens of countries and has established 6 subsidiaries so far with local partners, with 6 more underway. The company currently has orders with a value of US $3 billion dollars, in addition to signed agreements with several states.
Contact for inquiries: Mr. Shmuel Ovadia, SDE Managing Director Tel: +972-3-739-71-07 http://www.sde-energy.com/
CONTACT: Contact for inquiries: Mr. Shmuel Ovadia, SDE ManagingDirector, Tel: +972-3-739-71-07