TEL AVIV, Israel, July 9 (UPI) -- Israeli energy company S.D.E. has developed a new sea wave electricity technology, which it will install in China.

S.D.E. said it signed an agreement for selling sea wave power plants throughout China and construction of the 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, have plans to build a model in Guangzhou province in southern China.

If the model proves successful, they will launch the establishment of sea wave power plants throughout China. The plans are still subject to the approval of China's government, which would be the purchaser of the entire quantity of electricity generated.

The agreement between the investors and S.D.E. was signed in Hong Kong last week by S.D.E. Managing Director Shmuel Ovadia and advocate Yossi Abadi from the law firm of Ram Caspi.

The technology of generating power from sea waves is becoming increasingly attractive, as fuel prices increase and demand for clean, green energy grows.

Electricity shortages in China are worsening and pushing the search for alternative sources to provide more reliable electricity.