On Thursday, Eco Wave Power, the Swedish wave energy startup that is listed on Nasdaq‘s First North Nordic small-cap index, announced together with U.S.-based, NYSE American-listed Ocean Power Technologies, that the companies plan to accelerate several joint energy projects utilizing their complementary technologies.
The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets. The companies say they can develop joint solutions using each other’s respective offshore and onshore technologies, adding OPT’s offshore engineering and newly acquired robotics capabilities to Eco Wave Power’s applicable projects.
“This is an exciting time for the wave energy industry, when two complementary offshore and onshore technologies decide to work together by combining their resources and expertise to enhance the global implementation of projects utilizing their technologies,” Eco Wave Power Founder and CEO Inna Braverman said. “I believe this collaboration will open the door to cross-industry knowledge sharing, as we understand that we are working towards the same goal. Our goal is to create positive impact by adding wave energy to the global renewable energy mix to address climate change.”
“OPT strives to be a leading provider of offshore data and power solutions and is constantly innovating to achieve this goal,” OPT President and CEO Philipp Stratmann said. “We welcome the chance to incorporate our offshore engineering, deployment, and strategic consulting services with clean and complementary technologies. OPT’s knowledge and understanding of the offshore environment combined with Eco Wave Power’s track record of near-shore wave energy conversion installations present opportunities to unlock the power in waves.”
Earlier this month, Eco Wave Power announced that construction has been completed on the first set of floaters and supporting structures for its grid-connected EWP-EDF One project at Israel’s Jaffa Port, the first ever such project in Israel, done in collaboration with Israeli engineering firm Lesico. Eco Wave Power expects that project to be actively generating electricity by the third quarter of this year.
