Eco Wave Power has been selected by a major energy company to conduct a comprehensive feasibility study aimed at identifying the top locations for commercial onshore wave energy stations in the U.S. and across the globe, using its Eco Wave Power proprietary technology.
Per the terms of the agreement, Eco Wave Power has initiated a three-month, in-depth feasibility study in the United States and key regions across the globe. The studies explore the best proposed implementation sites for commercial installations, and reviews 77 sites in-detail in the U.S. coastline, in terms of wave availability and compatible marine structures, with encouraging results, while also proposing a five and a ten years roadmap for wave energy commercialization.
'Wave energy can power communities with clean, reliable energy and be a strong force in combating climate change,' said Eco Wave Power Founder & CEO Inna Braverman. 'We are thrilled to help provide in depth analysis about wave energy to an industry leader that is exploring many avenues for clean energy.'
Since its establishment, Eco Wave Power has rapidly changed the landscape of the ocean energy industry. Through a decade of relentless innovation, Eco Wave Power has built and demonstrated the scalability and reliability of its technology with various power stations. Just few months ago, Eco Wave Power announced that its landmark EWP-EDF One power station in Jaffa Port is officially connected to the grid, providing power from wave energy to Israel’s national energy grid for the first time.
Eco Wave Power also has a pilot station located at AltaSea at the Port of Los Angeles. Currently on static display, the station is set to be installed in the coming months and will be the first onshore wave energy pilot station in the United States.
Recently, California Governor Gavin Newsom signed new legislation, Senate Bill 605, that directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology across the state’s coastline. In New Jersey, similar legislation is awaiting consideration from the New Jersey State Senate Environment & Energy Committee.
The United States Department of Energy’s National Renewable Energy Laboratory found that wave energy in the United States alone has the technical resource potential to produce over 1,400 TWh/year – enough to power 130,000,000 homes.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as 'Pioneering Technology.' The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.
Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the 'Global Climate Action Award' from the United Nations.
Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Source: Eco Wave Power
