Eco Wave Power Wave Energy Conversion Systems Start-Up Nation Finder

Eco Wave Power

Island nation Japan has placed concrete wave breakers called tetrapods at about one-third of its coastline to protect against erosion. Researchers at the Okinawa Institute of Technology began installing in 2017 small turbines that look like flowers on the tetrapods to collect wave energy. Tetrapods are located on shorelines around the world and may present another opportunity for EWP, although Ms. Braverman related to me that she has been unaware on the Japanese project with tetrapods. There are many tailwinds for the development of ocean energy ranging from global warming, and pollution to supply chain issues for fossil fuels.

To remind, Eco Wave Power entered a collaboration agreement with AltaSea in early 2022 and announced plans to relocate the energy conversion unit from Gibraltar to AltaSea’s 35-acre campus located at the Port of Los Angeles, the nation’s busiest seaport. Coastal power could also supply population hubs with local renewable energy in areas where large-scale wind and solar plants may not be feasible because real estate is too pricey. Assuming that ports and cities figure out how to approve a permit for this, Eco Wave Power could sell the energy it generates in a number of ways.

Eco Wave Power’s Wave Energy Conversion Unit Arrives at AltaSea at the Port of Los Angeles

The control system continuously monitors the information received from the system and automatically optimizes the electricity production in order to ensure optimal and continuous power generation. EWP began trading on the Nasdaq in July and quickly hit a high of $30 per share, 275% above the $8 offering price. The company completed a $9.2 million public offering simultaneously with the listing and reported almost $15 million in cash and about $1 million in debt at the end of 2021. The company also receives grant money for research and has enough funds to carry out operations for at least the next three years without a need to raise funds. Israeli firm Eco Wave Power, which unveiled the project on Jan. 12, said the AltaSea pilot would help the company make inroads in the U.S. We are first in your inbox with the most important news in the industry―keeping you smarter and one-step ahead in this ever-changing and competitive market.

Eco Wave Power

To gain a perspective on past efforts to develop wave energy, it is best to concentrate on recent history in England and the E.U. Because England is considered the country with the second-largest wave energy potential in the world, and where wave energy research became a hot topic from the mid-1800s to the mid-1900s with over 340 patents granted. Over the last ten years, where wave energy research was the beneficiary of over $400 million in research funding.

Charging Up: A chat with Mariko McDonagh Meier, CRO at Convergent Energy and Power

The latest on the pile is a concession agreement with the Ordu Municipality of Turkey. Subject to a number of conditions, Ordu will select and assign nine breakwaters to Eco Wave Power for 25 years, and the company will be able to build and run its own wave energy plant. This will begin with a 4-MW pilot station, and eventually could expand to 77-MW, which would make it the world’s largest wave power facility.

What are the advantages of Eco Wave Power?

Cost-Efficient. The EWP technology has attractive construction and production prices. EWP's cost is significantly lower than offshore competition, since during Eco Wave Power's installation and O&M activities, the company does not require the use of ships, divers, underwater cabling and mooring.

The floater mechanisms of the Gibraltar power station were sent to steel recycling, while the conversion unit was fully overhauled and refurbished and shipped to Los Angeles. Eco Wave Power intends to develop and supply new and upgraded floaters for its planned pilot in AltaSea’s premises in the Port of Los Angeles, to optimally meet the local marine conditions, the company confirmed. Braverman is confident in the technology, but she still needs to convince potential customers it works in different types of bodies of water.

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For Balakrishnan “Balky” Nair, CEO of Seattle’s Oscilla Power, that means there’s no real reason these technologies can’t be cost competitive. By comparison, the U.S. has only one active wave energy project, although it is a large one, with more than 1 megawatt of capacity. Until PacWave opens its doors, this location — which recently received a $6 million infusion from the Navy — remains the country’s only grid-connected wave energy testing site. Wave energy is a really large source of renewable energy, and it contains a lot more power potential than wind, as water has 832 times the density of air. Also, in suitable locations, wave energy can operate around the clock; solar and wind are great, but you have to add more to really go net zero like the U.S. wants to achieve. Last year Eco Wave Power entered into an agreement with AltaSea to implement “a first-of-its-kind wave energy pilot” at AltaSea’s premises at the Port of Los Angeles.

Indeed, wave energy’s long, turbulent history has provided companies such as Israeli startup Eco Wave Power a blueprint, so to speak, for how not to do things. From Portland, Oregon to Porto, Portugal, from Scotland’s Orkney Islands to the Australian coast south of Sydney, one by one these sea monsters met their watery demise. Dozens of once-pioneering wave energy prototypes, for a variety of reasons, never made it to commercialization. And many young companies that created them went under and liquidated their assets. So she set about discovering where they had failed so the technology could succeed. A chance meeting with an investor who had helped finance a surf hotel in Panama led to $1 million in seed money.

EWP’s new projects in Spain and Portugal are a direct result of this initiative. The whole wave-energy power station is controlled and monitored by a smart automation system. “We can take the electrical infrastructure that an offshore wind farm has and use that same infrastructure to export power to the grid,” Lehmann said. “A really good offshore wind farm has a 40 to 50 percent capacity factor, meaning the equipment is only used at half of its capacity per year. And if we balance the energy of a joint farm, then we can get the joint capacity factor up to 90 percent.” Renewables Now is an independent one-stop shop for business news and market intelligence for the global renewable energy industry.

  • Concerns about ecological damage to sea life from equipment bolted to the ocean floor.
  • The EWP system uses simple technology that features floaters that house hydraulic pistons that compress and decompress as the waves cause the ocean levels to rise and fall.
  • As a source of energy, ocean waves have been far outpaced by developments in solar and wind technology, but not due to a lack of effort.
  • The project is in the final stages of grid connection and readying to become operational.
  • The first is a large market lacking wave energy commercial infrastructure.

Under the demonstration between 2016 and January 2022, Eco Wave operated a grid-connected array as part of a power purchase agreement with Gibraltar’s government and state-owned electric utility GibElectric. Sofar worked closely with on the development of the mooring design for Spotter. Sofar also directed EWP on the best placement of Spotter to help them capture the best data possible for their project.

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