Eco Wave Power has developed an innovative, low-cost, scalable, circular system that can be attached to existing coastal structures without damaging the fragile sea-bed. EWP is operating a pioneering project in Gibraltar, constructing a second in Israel, and licensing a third in Portugal.
Eco Wave Power developed an innovative technology for production of clean electricity from ocean and sea waves. EWP’s innovative technology has been recognized as a “Pioneering Technology” by the Chief Scientist of the Energy Ministry of Israel and received an Efficient Solution label from Solar Impulse Foundation. The company is pioneering in its’ sector by operating the ONLY grid-connected wave energy array in the world.
In 2016, Eco Wave Power (EWP) installed its first grid-connected wave energy array in Gibraltar. The array is the first part of a 5MW Power Purchase Agreement that was entered into between EWP, the Government of Gibraltar and GibElectric (the National Electric company of Gibraltar). Upon expansion, it can provide up to 15% of all Gibraltar’s energy needs. The project has received funding and support from the European Regional Development Fund and the Horizon 2020 program of the European Commission.
EWP is currently finalizing the construction of its second grid-connected project in Jaffa Port, Israel. The project is being developed through a Joint Venture partnership with EDF Renewables IL, the Israel subsidiary of the French National Electric company, which is co-financing the project and supporting it with engineering expertise. The project is also receiving co-financing from the Israeli Ministry of Energy, which recognized the EWP technology as a Pioneering Technology.
Most recently, EWP entered into a Concession Agreement with the Port of Leixoes (APDL). The agreement is for the development of an up to 20MW power station on four breakwaters, owned and operated by APDL, for a period of 25 to 30 years. The project is planned to be constructed and commissioned in several stages starting with a 1MW power station to be followed by the construction, operation, and maintenance of the remaining capacity of the project (19MW). EWP is already in advanced stages of licensing of the first stage of the project.
EWP’s projects generate clean electricity, which is transmitted into national electrical grids, thereby serving to lower emissions from traditional polluting energy generation sources. The projects also help to reduce GHG emissions from energy production in the surrounding regions and complement existing renewable energy generation in the regions due to the high availability and constant nature of the waves. In addition, Eco Wave Power produces a significant part of each project in the country of implementation, thereby creating workplaces and new industry in the area.
Eco Wave Power Global AB (publ) is publicly traded on the NASDAQ and the NASDAQ Stockholm. Information about the Company’s shares can be found through the following link: NASDAQ Eco Wave Power Global AB (publ)
The UN has identified energy as the dominant contributor to climate change, accounting for 60% of global greenhouse gas emissions.
There is a significant need to secure cleaner methods of energy production, or else we will irreversibly damage our planet.
With most of the world's population living on the coastline, wave energy can significantly reduce the adverse effects of energy generation from polluting sources.
EWP’s activity serves this goal by providing countries with an innovative reliable clean energy source. For example, when observing the energy situation in Gibraltar, we can see that most of its’ electricity is generated by diesel, which is highly polluting and expensive.
EWP’s development strategy is to expand to additional European countries (some already placed orders for the system), creating an immense impact on the world’s energy mix and becoming a key facilitator of pollution reduction.
Eco Wave Power’s activity benefits ecological, social, and economic systems in the following ways:
From an ecological point of view, wave energy is a key renewable energy source for climate change mitigation. Due to the huge potential of wave energy when implemented globally, the EWP system can become one of the leading sources of renewable energy, allowing countries, cities, and coastal communities to harness clean electricity from the waves. Based on EWP’s initial calculations, a 1MW installed capacity wave energy power station, with a capacity factor of 42%, will produce annually around 3,695,712 kW/h of clean electricity. If the same amount of electricity was to be produced from fossil fuels, the emissions would equal 2,613 metric tons of Carbon Dioxide, which is equal to the carbon dioxide emissions from 294,027 gallons of consumed gasoline, showing that the amount of greenhouse gas emissions avoided from a 1MW Eco Wave Power station are a substantial achievement towards reaching the global climate change goals.
Socially and economically, the EWP technology will provide clean energy to locations that have limited grid access, and will serve to lower the pollution levels by adding a clean energy source to the energy mix. It is forecasted to create a significant amount of new direct (through hiring employees) and indirect (through subcontractors) workplaces in Europe. The workplaces will be created throughout the different phases of the project including licensing, feasibility studies, environmental studies, and detailed planning. Also, multiple jobs for engineers will be required - mainly mechanical, hydraulic, civil, electrical, and automation engineering. The actual construction of the wave energy power stations will also create new employment opportunities for local civil engineers, welders, technical professionals, electricians, and technicians. Moreover, when the power station is constructed, there will be a significant need for operation and maintenance professionals for 25 years (the lifespan of the power station).
In Europe alone, the ocean energy industry is expected to deploy 100GW of production capacity by 2050, meeting 10% of the continent’s electricity demand. This is equivalent to the daily electricity needs of about 76 million households. The global wave energy market is estimated to be worth $97 billion annually in 2050; in the European market, Europe will be able to exploit an annual market worth €53 billion about $60 billion. Deploying 100GW of ocean energy will also mean creating a new industrial sector based firmly in Europe, and 400,000 skilled jobs all along the supply chain.
EWP has been operating a 100Kw grid-connected wave energy array in Gibraltar since May 2016.
EWP is expecting to finalize the construction and installation of its second grid-connected project in Jaffa Port, during 2021.
EWP is currently in advanced stages of licensing for the first stage (1MW) of its 20MW project in Portugal and is progressing with its’ 325MW projects pipeline in other countries around the world, to achieve commercial rollout.