Tel Aviv-based Blackbird International Corp. (OTC: BBRD), a renewable sea wave energy and clean-tech development stage company, announced that it entered into a joint venture agreement with the West African government of Guinea-Bissau, for the development of a 500MW sea wave power plant along the country’s coastline, at a value of $500 million.
“Guinea-Bissau is a perfect location to introduce sea wave energy as a viable and profitable solution for rising energy needs by implementing our patented technology and is further testament to our unique and patented sea wave power generation technology and its worldwide demand,” stated inventor Shmuel Ovadia, inventor CEO STD, current director of BBRD and previous CEO and founder of SDE.
Guinea-Bissau is expected to receive a 30% partnership interest in the joint venture, and a 40% share of the profits for a term of 25 years. BBRD is forecasting the costs of the project at an estimated $325 million. Guinea-Bissau reportedly agreed to pay $0.10 per KWH, which BBRD expects to generate $50 million in annual revenue. The planning and building stage is estimated to take three years to be completed.
BBRD is the parent company of Israel-based Wave Electricity Renewal Power Ocean Ltd (WERPO), which acquired all sea wave energy intellectual property assets of SDE Ltd., including its patents and contracts. WERPO was specifically formed in order to structure a reverse merger with BBRD.
WERPO/SDE’s hydro-pneumatic sea wave energy technology invented by Mr. Ovadia, is based on the rise and fall of sea waves, which yield hydraulic pressure able to produce electricity, while exploiting the full potential of wave speed, height, depth and currents beneath the water. The company reportedly has eleven joint ventures with local partners in nine countries, including China.