Eco Wave Power Finalizes the Production of 10 Floater Units and Commences Installation of the Floaters in the Port of Jaffa, Israel
Stockholm – Eco Wave Power Global AB (publ) (Nasdaq Capital Market:WAVE, Nasdaq Stockholm: ECOWVE) (“Eco Wave Power” or the “Company”) today announced that it had finalized the production of all floaters required for the EWP-EDF One Project, and commenced installation of the floaters to the sea wall in the Port of Jaffa, Israel.
The floaters were delivered and are being installed in accordance with the collaboration agreement between EWP-EDF One Ltd. and Lesico Ltd. (“Lesico”). The project’s next steps are the installation of all 10 floater units, a test run in real conditions and the official connection of the power station to the grid. The system functionality and capacity tests are expected to be conducted by the end of the second quarter of this year.
“The installation of the first floater is a significant progress toward the first grid-connected wave energy array installation in Israel” stated Inna Braverman, Chief Executive Officer of Eco Wave Power. “Preparation for the installation of all remaining floaters on the external side of the Jaffa Port breakwater is in advanced stages and we are relishing over the prospect of being operative soon in the Mediterranean waves.”
The installation of the floaters is all made from the land side, as opposed to the traditional use of expensive ships and divers for equipment installation in offshore wave energy installations. This further emphasizes the simplicity of the onshore nature in the work programming of Eco Wave Power’s floaters shipment and installation technology.
“Our goal is to generate electricity during the third quarter of this year,” added Ms. Braverman. “This is a key milestone in the overall development of the Eco Wave Power technology, and we believe that the results are expected to enable us to take important steps toward the commercial rollout of our pioneering technology.”
When completed, the EWP-EDF One wave energy project will include 10 floaters connected to one conversion unit, which is already installed onsite. The EWP-EDF One conversion unit is located on land, similar to a normal power station, which enables easy access for operation and maintenance. This highlights the significant advantages of the Eco Wave Power’s onshore technology in comparison to offshore solutions.
The floaters and supporting structures were constructed and are being installed in Israel by Lesico, which has more than 50 years of experience in providing engineering, construction, operation and maintenance services for infrastructure projects, while conducting research and development for clean-tech technologies.
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.
Eco Wave Power is recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labeled as an “Efficient Solution” by the Solar Impulse Foundation. Eco Wave Power’s project in Gibraltar has received funding from the European Union Regional Development Fund 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 common shares (ECOWVE) are traded on Nasdaq First North and its ADSs (WAVE) are traded on the Nasdaq Capital Market.
Vator Securities is the Company’s Certified Advisor (+46 8 580 065 99, [email protected]).
Read more about Eco Wave Power at: www.ecowavepower.com.