Eco Wave Power Inks Historic Concession Agreement to build 77-Megawatt Power Station
An estimated $150 million venture in Ordu, Turkey would be the world’s largest onshore wave energy station.
Stockholm, Sweden, December 8, 2022 – Eco Wave Energy International AB (publ) (Nasdaq: WAVE) (“Eco Wave Energy” or the “Firm”) introduced at this time that it has entered into an settlement with OREN Ordu Enerji (“Ordu Energji”), an entirely owned subsidiary of Ordu Municipality, for the potential building of as much as a 77-megawatt (MW) wave power set up in Ordu, Turkey – the biggest settlement in Firm historical past. The estimated $150 million energy station is the primary grid-connected wave power station in Turkey, and when accomplished, will probably be the biggest wave energy station on the earth.
In keeping with the phrases of the settlement, Ordu Enerji will assign 9 (9) probably appropriate breakwaters to Eco Wave Energy inside 25 years from the activation of the related pilot or energy station, whereas Eco Wave Energy is liable for the development, and commissioning of the facility plant(s) and sale of the electrical energy produced by the facility plant in accordance with the permitted manufacturing quota decided for the positioning.
Topic to sure circumstances, together with, amongst others, receiving favorable outcomes from feasibility research and receiving relevant licenses and permits, the 77 MW energy station is deliberate to be inbuilt a number of levels, ranging from 4 MW pilot station, and can proceed. with the development, operation, and upkeep of the remaining plant capability of as much as 73MW. Ordu Enerji has the proper of first refusal to take a position partially in several levels of the venture.
Mustafa Kemal Macit, the President and CEO of Ordu Enerji and Sefa Okutucu, Head of the Environmental Safety and Management Division of Ordu Municipality, visited the most recent grid-connected energy station of Eco Wave Energy within the Port of Jaffa (The EWP- EDF One Mission) in Israel. This go to was adopted by an official signing ceremony held on the workplaces of Eco Wave Energy in Tel Aviv, with the participation of an official consultant from the Turkish Embassy in Israel, Ms. Ayşe Mehlika Yıldız Ersen, who congratulated the events for signing this primary of its variety collaboration settlement.
Eco Wave Energy and the Ordu Enerji settlement present a brand new effort to bridge the connection between Turkey and Israel, which was proven in a current telephone name between Israeli Prime Minister-designate Benjamin Netanyahu and Turkish President Recep Tayyip Erdogan who agreed to ascertain “a brand new period of relations” between. the 2 nations, mentioned methods to considerably strengthen financial and diplomatic relations.
“This is a vital partnership that we hope will additional strengthen the connection between Turkey and Israel,” stated Ayşe Mehlika Yıldız Ersen, Third Secretary of the Turkish Embassy in Tel Aviv. “We’re comfortable to welcome Eco Wave Energy and their expertise to the Republic of Türkiye.”
Inna Braverman, Founder and CEO of Eco Wave Energy stated: “We’re very excited to announce this landmark settlement between Eco Wave Energy and Ordu Enerji, as this relationship will enable us to supply clear electrical energy from Turkish waves, for the primary time. . With bold sustainability targets and regional proximity to our headquarters, Turkey is an fascinating place to additional implement and develop our new wave power expertise.”
Mustafa Kemal Macit, President and CEO of Ordu Enerji commented: “With the objective of constructing a self-sufficient grid, Ordu sees Eco Wave Energy as an necessary asset to totally understand our potential for 100% clear power. The entire metropolis of Ordu is happy to totally understand the potential of the ocean and use the limitless supply of power to energy our electrical grid. This venture reveals that Ordu Enerji is dedicated to investing in new clear power applied sciences.”
Since 2019, Ordu Enerji, a subsidiary of Ordu Metropolitan Municipality, goals to contribute to Turkey’s sustainable future by switching to renewable power sources. The aim of Ordu Enerji is the event of the power sector all through Turkey, partially through the use of expertise such because the wave power conversion items of Eco Wave Energy.
About Eco Wave Energy International AB (publ)
Eco Wave Energy is a number one onshore wave power expertise firm that has developed a patented, good and cost-efficient expertise for turning ocean and sea waves into inexperienced electrical energy. Eco Wave Energy’s mission is to assist struggle local weather change by making industrial electrical energy manufacturing from oceans and ocean waves.
The Firm is at present finalizing the development of its grid related venture in Israel, with co-investment from the Israeli Vitality Ministry, which acknowledged the Eco Wave Energy expertise as “Pioneering Expertise” and can quickly start the set up of his new pilot at AltaSea’s premises. within the Port of Los Angeles. The Firm additionally holds concession agreements for industrial installations in Europe and has a complete pipeline of tasks of 404.7MW.
Eco Wave Energy receives funding from the European Union Regional Improvement Fund, Innovate UK and the Horizon 2020 framework program of the European Fee. The Firm additionally acquired the “International Local weather Motion Award” from the United Nations.
Eco Wave Energy’s American Depositary Shares are traded on the Nasdaq Capital Market below the ticker “WAVE”.
Learn extra about Eco Wave Energy at www.ecowavepower.com. Data on, or accessible by way of, the web sites talked about above will not be a part of this press launch.
