Eco Wave Power, EDF incorporate JV in Israel

Eco Wave Power and the renewables arm of French utility EDF SA (EPA:EDF) have formally set up a 50/50 joint venture in Israel to develop a 100-kW pilot wave energy project.

Through the new firm, called EWP EDF One Ltd, Eco Wave Power and EDF Renewables will work together to develop, finance, engineer, procure, build and operate a system that uses Eco Wave Power’s technology.

Eco Wave Power, a Swedish company that was founded in Tel Aviv, Israel, will share with its partner the data and know-how it gathered from existing demo projects, while also licensing the technology to be used. In addition, it will provide maintenance and spare parts for the devices.

EDF Renewables, on the other hand, will support the licensing and permitting process towards local authorities, making available to the JV some of its staff, network of subcontractors and supply chain. The two companies will share the cost of the project equally.

This will be Eco Wave Power’s second grid-connected project as it already launched a system in Gibraltar in 2016.

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