Eco Wave Power Global announced that it has engaged MOQ Engineering, a Portuguese engineering firm, to perform the final design and load calculations for its wave energy project in Porto, Portugal.
This work represents a key milestone in the project’s advancement and positions the project for a targeted launch during 2026, the company said.
The project is part of a 20-megawatt (MW) Concession Agreement entered into with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL), which is located in the city of Porto. It will feature Eco Wave Power’s proprietary wave energy technology and includes a “first-of-its-kind” underwater wave energy museum and education center, set to be housed in “The Gallery” – the room underneath the breakwater where the company’s energy conversion equipment will be installed.
Upon completion of MOQ’s scope of work, Eco Wave Power will submit the full execution project, including all finalized engineering and technical specifications, to APDL. The approval of the execution project by APDL will mark the transition to the next phase of the project: the production of the floaters and accompanying structural components.
The first MW-scale wave energy project in Porto will aim to demonstrate energy production from ocean waves and serve as a step towards the commercialization of Eco Wave Power’s technology globally.
In March 2024, Eco Wave Power received the final approval necessary for commencement of the construction works of the project from APDL Port Authority and issued them a performance bond, meant to solidify the company’s commitment to the construction of the project within two years.
According to Eco Wave Power, the project falls in line with the renewable energy plan of the Government of Portugal, which in July 2024 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 makes waves
Eco Wave Power is also advancing additional projects globally, including upcoming initiatives in Taiwan and the Port of Los Angeles. Moreover, the company said it plans to announce new projects in additional countries, further expanding its footprint in the wave energy sector and reinforcing its position as a leader in renewable energy innovation.
In November 2024, Eco Wave Power released its Q3 2024 results, highlighting a power station sale in Taiwan, a milestone in an Israel-based project, a share buyback, and more. In the first nine months of 2024, Eco Wave Power said it achieved several milestones, in addition to reducing expenses from the second quarter to the third quarter of 2024 by 10%.
In Taiwan, Eco Wave Power signed a first wave energy project sale agreement with I-Ke International Ocean Energy, a subsidiary of Lian Tat Company, a maritime engineering company, to bring wave energy technology to Taiwan. Under the agreement, I-Ke will fully finance a 100KW pilot wave energy project by purchasing a turnkey conversion unit from Eco Wave Power, which includes hydraulic, electric, and automated control components. I-Ke will oversee the project’s local components, including the production of floaters, hydraulic cylinders, and all other components of the technology, which are located on the seaside of the marine structure. Additionally, I-Ke is responsible for securing permits, land use approvals, and other necessary licenses.
In Israel, in early September 2024, an advanced automation system was implemented at the company’s EWP-EDF One Project at the Port of Jaffa. The company said this new system enables power generation from waves as low as 0.4m, improves operational data accuracy, and enhances system safety. In the third quarter of 2024, EDF-EWP One concluded its first operations and maintenance year with operating expenses (OPEX) amounting to only 3.66% of the CAPEX, successfully meeting the target of less than 4%, Eco Wave Power said. The EWP-EDF One Project at the Port of Jaffa has been supplying wave-generated energy to the Israeli national electrical grid since its connection in late 2023. An opening ceremony for the project is scheduled for December 5, 2024.
In Los Angeles, California, Eco Wave Power recently received the final Nationwide federal Permit (NWP) from the U.S. Army Corps of Engineers for its wave energy project at AltaSea’s premises in the Port of Los Angeles. This wave energy project is set to become the first onshore wave energy installation in the United States. The permit, issued under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, authorizes Eco Wave Power to install eight wave energy floaters on the piles of an existing concrete wharf structure on the east side of Municipal Pier One. The system will also include an energy conversion unit, comprised of two 20-foot shipping containers, which will be placed on the wharf deck and connected to the floaters. With the conversion unit already shipped to the site, Eco Wave Power plans to complete installation by the end of Q1 2025.