Eco Wave Power has teamed up with EDF Renewables in Israel to create a new firm, EWP EDF One Ltd, to work on a 100KW pilot project, using the Eco Wave Power’s technology,
EWP EDF One Ltd will be 50:50 owned by the firms in accordance with the Memorandum of Understanding (MOU) that was signed between the parties on the 18/9/17, and the Joint Venture Agreement that was signed between the parties on the 15/05/19.
Under the terms of the MOU EDF Renewables contribution to the project will be the support in the licensing and permitting process towards local authorities and its know-how, by making available some of its employees, its network of subcontractors and its supply chain in order to support the pilot project during industrialization phase, for its design, purchasing, and installation of equipment, commissioning, maintenance and repairs, data monitoring, and intermediary and final results analysis. In addition, EDF Renewables in Israel will fund 50% of the pilot project.
EWP shall provide all relevant information, data, know-how from existing demonstrators, as well as license of the technology, including devices needed for the operation of the project, as well as maintenance and spare parts needed for the proper operation of said devices. EWP is also responsible for 50% of all project’s costs.
The project will be EWP’s second grid connected project after the launch of its Gibraltar project in 2016, and is a significant leap foreword for EWP and for the wave energy industry.