Eco Wave Power (Nasdaq Capital Market: WAVE), a leading onshore wave energy technology company, has announced the start of its first MW-scale wave energy project in Porto, Portugal.

The project’s initiation was marked by a visit from Inna Braverman, Founder and CEO of Eco Wave Power, along with the company’s engineering team, who met with APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A) and other stakeholders.

Key Takeaways

• Eco Wave Power launches its first MW-scale wave energy project in Porto, Portugal.
• The project will include a wave energy museum and education center.
• Aligns with Portugal’s goal to generate 85% of its electricity from renewable sources by 2030.
• Eco Wave Power’s technology converts ocean and sea waves into green electricity.
• The company plans further projects in Los Angeles and holds a project pipeline of 404.7MW.

Huge Step in Wave Energy

During their visit, the team conducted a site inspection of the breakwater and the room underneath it, known as “The Gallery,” where the energy conversion equipment will be installed.

This facility will not only generate power but will also serve as a wave energy museum and education center, making it a unique and innovative addition to the city.

Inna Braverman expressed her enthusiasm for the project, stating, “We believe that this will be the first wave energy project in the world to show significant energy production from the power of the waves.

This revolutionary project will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally.”

Collaborative Efforts for Sustainable Energy

Eco Wave Power’s team also met with local subcontractors and manufacturers to select partners for the project’s execution.

This collaborative approach underscores the company’s commitment to integrating local expertise and resources in its operations.

The project aligns with a 20MW Concession Agreement with APDL, with plans for gradual expansion to the full 20MW capacity.

In March 2024, the company received the final approval from APDL Port Authority to commence construction, solidifying its commitment through a performance bond.

Supporting Portugal’s Renewable Energy Goals

This project supports Portugal’s ambitious renewable energy goals. In July 2024, Portugal announced its aim to generate 85% of its annual electricity from renewable sources by 2030, up from 61% in 2023.

Eco Wave Power’s project is a significant contribution towards this goal, demonstrating the potential of wave energy in the renewable energy mix.

Eco Wave Power’s Global Impact

Eco Wave Power is renowned for its innovative, patented technology that converts ocean and sea waves into green electricity.

The company operates a grid-connected wave energy project in Israel, recognized as pioneering technology by the Israeli Energy Ministry and EDF Renewables IL.

Looking ahead, Eco Wave Power plans to expand its wave energy projects to the Port of Los Angeles and further installations in Portugal, holding a total project pipeline of 404.7MW.

The company has received funding from prestigious entities like the European Union Regional Development Fund, Innovate UK, and the European Commission’s Horizon 2020 framework program.

It was also honored with the “Global Climate Action Award” from the United Nations.