Eco Wave Power reports milestones in Portugal, Israel

Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) said it has obtained the installation and grid connection permit for a 1-MW wave energy pilot project in Portugal.

Specifically, its local unit EW Portugal - Wave Energy Solutions Unipessoal Lda has received a Small-Production Unit registration approval from the Portuguese Directorate-General for Energy and Geology (DGEG). This allows the firm to realise the project at the Barra do Douro breakwater in Porto. EW Portugal will also need a final operation certificate from DGEG when the time comes to switch on the power station.

The 1-MW project is set to be the first stage of the 20-MW concession agreement signed in April 2020 with port authority APDL SA, the company pointed out in the press release.

Portugal expects to reach 70 MW of wave power by 2030. The government estimates that the country has 34 GW of wave power potential.

Meanwhile, Eco Wave Power also signed a collaboration agreement with the Procurement Administration in the Israeli Ministry of Defense for the Israeli Navy to examine the feasibility of deploying its technology in the Bases of the Navy. The firm will immediately start the procurement and deployment of wave measuring systems to collect extended wave data in up to three potential sites, it said.

“This is an extremely important collaboration as it indicates the potential for future contracts with navy bases worldwide, which can become significant participants in the global fight against climate change, while representing a new market segment for wave power," commented CEO Inna Braverman.

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