Israel-based wave energy developer WERPO has agreed to sell its building, patent, and intellectual property (IP) rights to Shahar Energy in exchange for a share in profits from the yet to be constructed projects.
Shahar Energy, a renewable energy company that focuses largely on grid tied photovoltaic systems, agreed to return 20% of the profits to Blackbird International Corporation (BBRD), parent company of WERPO.
BBRD forecasts that Shahar will be able to build power stations that will generate revenues of $2 billion over the next decade and which will provide BBRD with $80 million in revenue.
Shmuel Ovadia, Director at BBRD and inventor of its proprietary sea wave energy technology, said: “We are very excited to bring the company to the next level that will generate great profits for our shareholders and start focusing on new patents as well in other areas for BBRD.”
Ovadia added the company will now shift focus on new green technologies for ships and vehicles.
With this new agreement, according to WERPO, a 5MW power station will be built, to be followed by a larger 10MW plant.
The 5MW station that is expected to generate almost $3.5 million in revenue with a gross annual profit of approximately $3 million of which 20% shall be paid to Blackbird International generating approximately $600,000 annual revenues for the company, BBRD informed.