RTTNews | Aug 17, 2021 11:08AM EDT

11:07 Tuesday, August 17, 2021 (RTTNews.com) - Shares of onshore wave energy technology company Eco Wave Power Global AB (WAVE) are rising more than 16% in the morning trade on Tuesday after the company announced its collaboration with Israeli ministry of defense and Navy.

The deal is to study the feasibility of installing the Eco Wave Power technology in the Bases of the Navy to produce clean electricity for the Navy bases.

Wave Power is expected to start the deployment of wave measuring systems to collect extended wave data, in one to three potential locations in the Navy bases immediately.

"This is an extremely important collaboration as it indicates the potential for future contracts with navy bases worldwide, which can become significant participants in the global fight against climate change, while representing a new market segment for wave power," said Inna Braverman, Chief Executive Officer of Eco Wave Power.

WAVE, is at $9.45 currently. It has traded in the range of $8- $30 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3219370/eco-wave-power-climbs-16-on-collaboration-with-israeli-defense-ministry.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved