The iconic British territory has inked a deal with Eco Wave Power to install a 5-megawatt wave energy power station to harvest electricity from the rising and falling waters of the Mediterranean.

We've been following Eco Wave Power over the past few years, as the Israel-based company has developed its small-scale float and buoy technology designed to convert the rise and fall of ocean swells into usable energy. The so-called Wind Clapper and Power Wing power generation system stood up to tests in the face of brutal Black Sea storms, setting the stage for the first commercial agreement to build a wave energy system in China.

Construction is now underway on grid-connected, 100-kilowatt Eco Wave power stations on Zoushan Island in the eastern Zhejiang province of China, as well as on Gibraltar's Ammunition Jetty.