Eco Wave Power Global, a leading, publicly traded onshore wave energy company, announced that its landmark EWP-EDF One wave energy power station in the Port of Jaffa, Israel, has received the final grant funding from the Israeli Ministry of Energy, marking the official completion of the project.
| Eco Wave Power’s EWP-EDF One project, fully built, with 10 floaters |
The wave energy project, executed in collaboration with EDF Renewables IL, and with co-funding from the Israeli Ministry of Energy, which recognized the Eco Wave Power’s technology as a “Pioneering Technology”, is set to be Israel’s first onshore wave energy power station, officially connected to the national electrical grid.
The EWP-EDF One power station has an installed capacity of 100 KW and is made up of 10 floaters along the Port of Jaffa’s pre-existing breakwater. Each floater connects to Eco Wave Power’s patented energy conversion unit, which is located on land, enabling easy access for operation and maintenance.
“We are grateful for the funding from the Israeli Ministry of Energy, which helped bring a new form of renewable energy to Israel,” said Eco Wave Power‘s co-founder and Chief Executive Officer Inna Braverman. “With the power station’s upcoming connection to the energy grid, Israel will finally start exploring the immense power of wave energy – one of the most reliable and consistent sources of renewable energy in the world.”
“Eco Wave Power had the pleasure of working with the Israeli Energy Ministry, led by the Chief Scientist, Mr. Gideon Friedmann. The work process was clear and efficient, and we feel that the support of the Energy Ministry really created a significant leap forward for the wave energy industry in Israel,” said Aharon Yehuda, the Company’s Chief Financial Officer.
The next step is to officially connect the EWP-EDF One power station to Israel’s energy grid. The Company is waiting for the last technical approval from the Israeli Electric Company, and anticipates an official “plugging in” ceremony in the coming months.
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 is currently finalizing the 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” and will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.
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.
