Mean Sea Level (MSL) is developing the first-of-its-kind project with equity investments from the Industrial Development Corporation, angel investors and aquaculture group Abagold, which produces 500 t of abalone yearly.
Construction of the R30-million pilot plant has also received grant funding secured from EEP Africa, a multidonor fund that provides early-stage financing to innovative clean-energy projects.
Abagold is a shareholder in MSL and the company’s founder, Pierre Hugo, has been central to the identification and the co-design of the wave energy converter (WEC) solution being deployed.
Once proven, MSL plans to construct a larger 3.5 MW commercial wave-power plant at an adjacent sea-front site on the same property.
Read more......