Tel Aviv, Israel [RenewableEnergyWorld.com] S.D.E., a company that has develops wave energy technology, has signed an agreement for selling sea wave power plants throughout China. Construction of the power plants will be financed by investors from Hong Kong and China.
Two joint venture companies, formed in Hong Kong by S.D.E and the investors for the implementation of the agreement, will build an initial model in Guangzhou province in southern China. In the event the model proves to be successful, they plan to establish of sea wave power plants throughout China. The process is subject to the approval of the Government of China, which is meant to purchase the entire quantity of electricity generated.
Electricity shortages in China are a common occurance and current sources of energy are problematic for several reasons. Nuclear power plants and hydroelectric stations are highly susceptible to earthquake damage and the country is hit by more than 4 typhoons a year, making the building of wind farms extremely difficult.
According to S.D.E, wave energy has the potential to supply 4 times more energy per square meter than wind, and could supply 500 times more than the electricity requirements of the whole world population, offering a solution to the severe global shortage of electricity that is estimated to be costing billions of dollars.