The Israeli company Eco Wave Power announced that it will build its first energy-generating station in Mexico.

The 4.1-megawatt project will be located on a 5,000-square-meter plot of land in the Cuyutlán-Tepalcates beach area of Manzanillo in the state of Colima.

Eco Wave Power’s proprietary technology extracts energy from ocean and sea waves and converts it into electricity.

The company said it has completed environmental, soil and other preliminary studies and has submitted applications to the Mexican Ministry of Communication and Transportation and to the Energy Regulatory Commission.

“We are very excited and looking forward to receive the remaining permits and start the construction of EWP’s first power plant in Mexico,” said cofounders David Leb and Inna Braverman.

The Tel Aviv-based company has raised the first $1 million toward completing the Mexican project and intends to raise an additional $12 million by the end of 2017.

EWP also has projects in various stages in the UK, Gibraltar, China, Chile, Israel and other countries.