Eco Wave Power Global AB, a publicly-traded onshore wave energy technology company, is pleased to announce that Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, and Eco Wave Power’s engineering team, have 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.
Energy conversion equipment
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.
Energy production
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."
Environmentally friendly energy generation
The first MW project is being executed in line with a 20MW Concession Agreement entered into with APDL
"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 20MW Concession Agreement entered into with APDL and is planned to be followed by a gradual expansion to the whole 20MW of installed capacity.
First commercial wave energy project
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 to the construction of the first commercial wave energy project within 2 years.
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.
Renewable energy projects
Eco Wave Power is being advised by partner Joana Brandão and her team from 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.
