Eco Wave Power, a leading, publicly-traded onshore wave energy technology company, announced that Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, and Eco Wave Power's engineering team, arrived for a meeting and an official site visit with APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A), and other relevant stakeholders for the official kickoff of the Company's first MW-scale wave energy project, to be located in the city of Porto, in Portugal.
Following the meeting with APDL, Eco Wave Power's engineering team held a site visit to the breakwater and the room underneath the breakwater (The Gallery), where Eco Wave Power's energy conversion equipment will be installed, and later opened to the public, as a first of its kind wave energy museum and education center.
During the site visit, Eco Wave Power's team met with local subcontractors and manufacturers, to choose the preferred entities that will take part in the execution of this innovative project.
Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, said: "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. I truly believe that 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. I would like to thank the Municipality of Porto and APDL, for being true wave energy pioneers, by enabling and supporting the development of an innovative, environmentally friendly energy generation technology, which will serve to lower the port's carbon footprint, while creating new workplaces and an innovative industry in Portugal."
The first MW project is being executed in line with a 20 MW Concession Agreement entered into with APDL and is planned to be followed by a gradual expansion to the whole 20 MW of installed capacity.
In March 2024, the Company received the final approval necessary for the commencement of the construction works of our first commercial-size project in Porto (TURH license) from APDL Port Authority, and issued a performance bond to APDL, meant to solidify the Company's commitment for the construction of the first commercial wave energy project within a 2-year period.
Eco Wave Power's project is well in line with the renewable energy plan of the Government of Portugal, as in July, 2024, Portugal announced that it aims to generate 85% of its annual electricity production from renewable sources by 2030, compared to 61% in 2023, one of the highest ratios in Europe.
Eco Wave Power is being advised by partner Joana Brandão and her team from leading Portuguese law firm PLMJ. Joana and the firm have significant experience in supporting the regulatory framework for renewable energy projects execution across Portugal and have been assisting Eco Wave Power since 2020.
