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Eco Wave Power unveils plans for wave energy project in Greece

EWP has not proved it can produce energy at a low cost on a commercial basis. EWP has entered into an agreement with AltaSea, a private non-profit scientific ocean startup accelerator, to relocate the Gilbraltar energy conversion unit to the Port of Los Angeles in California for connection to the electric grid. EWP plans to use the Port of Los Angeles station to establish itself on the U.S. west coast. Inna Braverman, Founder and CEO of Eco Wave Power, added that the relationship will allow the company to provide clean electricity from Turkish waves, for the very first time. Braverman is confident in the technology, but she still needs to convince potential customers it works in different types of bodies of water.

SectorIndustryMarket CapRevenue Oils/EnergyOther Alternate Energy$0.023B$0.000B Eco Wave Power Global AB is an onshore wave energy technology company which developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power Global is a Swedish company that through its subsidiaries has developed a technology for extracting green energy from ocean waves.

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Wave power demonstration projects are plentiful, but commercial contracts are the real prize. Offshore designs typically need to anchor to the ocean floor, which creates an environmental disturbance. Braverman envisions her technology clinging to the miles of seawalls and breakwaters that protect harbors and coastal cities. Braverman raised her company’s first million dollars from an investor who agreed with the entrepreneur’s assessment that other startups in the wave energy field had a tendency to bite off more than they could chew. She staffed up by returning to her remote hometown in Ukraine and hosting a hackathon for engineering concepts that could fit the company’s parameters. The five most promising contestants got a job and set about turning their designs into reality. The massive quantities of kinetic energy delivered in the form of waves could easily power the whole world, according to the folks who bother to tally that sort of hypothetical.

The device was set down in shallow waters off the Fleurieu Peninsula in South Australia. As a result of the transportation complications, the device was damaged beyond repair. Eco Wave Power’s floaters pull out of the water to minimize damage during storms and choppy seas. Despite the conceptual simplicity of Eco Waves floaters, the true hurdle to overcome was making them able to remain unscathed during storms. Most of the cost of the system is located on land, so only the floaters themselves are at high risk in stormy conditions. Taking a simpler is better approach to this area where overly complicated solutions have failed in the past, Eco Wave decided to build floaters that attach to existing on-shore or near-shore infrastructure such as piers.

Israel

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 https://www.wave-accounting.net/ 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 .

• Investors, myself included need to monitor the progress and stay the course as long as the fundamentals remain unchanged and management’s guidance matches performance.
• EWP is currently finalizing the construction of its second grid-connected project in Jaffa Port, Israel.
• The amount of energy produced per floater is dependent on the wave conditions in a given area.
• But the company believes it can supply coastal areas with power at prices that compete with cheap wind and solar.
• That is why the footprint of this clean energy source is so tiny compared to wind and solar, and it has not yet become viable on a commercial scale.

This float is connected to a large, ring-shaped structure which hangs below the surface, and is designed to stay relatively steady. The difference in motion between the float and the ring generates force on the connecting lines, which is used to rotate a gearbox to drive a generator. At the Port of Lyttelton in New Zealand, officials use Spotter as the primary source of offshore wave data. Braverman said the company has conducted a number of environmental surveys that have found no negative impact on the environment, and the fluid that creates the hydraulic pressure within the system is biodegradable. Inside one of Eco Wave Power’s land-based containers, where the hydraulic pressure created by the floaters is turned into electrical energy for the grid. Blue floaters from Eco Wave Power turn the rise and fall of waves into electrical energy. The UN has identified energy as the dominant contributor to climate change, accounting for 60% of global greenhouse gas emissions.

Eco Wave Power unveils plans for wave energy project in Greece

The floaters were invented by Eco Wave Power, a company that seeks to transform human-made structures like piers and breakwaters into sources of clean energy. 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 is finalizing the construction of the first grid-connected wave energy plant in Israel, named the EWP-EDF One project. The project is a collaboration agreement co-funded by the Israeli Ministry of Energy for the construction of a 100KW wave energy station in Jaffa, Israel.