Eco Wave Power Global is to relocate its energy conversion unit from the pilot site in Gibraltar to AltaSea’s premises in the Port of Los Angeles as it seeks to scale-up.
The move is in accordance with the agreement entered between the parties in January 2022 and will be carried out once the unit has a full overhaul.
Eco Wave said a range of factors led to the decision to move the energy conservation unit.
The primary reason is Eco Wave Power’s increasing interest in the US market, emphasized by the company’s recent listing on Nasdaq Capital Market.
Additional considerations include the condition of the Ammunition Jetty, and that Eco Wave Power has accumulated almost six years of operational experience with over 49,632 grid connection hours in its Gibraltar pilot site
It is now ready to continue with its plan to expand to larger scales and new regions with its pioneering technology.
According to the agreement between Eco Wave Power and the Government of Gibraltar, the pilot was built and originally supposed to operate only for two years.
The purpose was to prove that wave energy can safely connect to the grid and withstand the Gibraltar storms, using its storm-protection mechanism.
However, the company decided to keep the pilot station operational for a longer time, as it was used as a real conditions research and development facility for the company.
This enabled the development of an improved storm protection mechanism, upgrades to the mechanical parts of the technology, and improvements to the automation system.
These will be implemented in the EWP-EDF One project in Israel, which is currently in advanced construction and expected to commence operation in the upcoming months.
In the last period of operation analyzed by Eco Wave Power’s engineering team, the Gibraltar operation and maintenance cost (not including employees) decreased from 18% of the Capex in 2017, to only 3.2% in 2021.
Also, during the period from August 2020 through July 2021, the Company was able to reach 73% of the forecasted available energy for the site, which is a significant improvement to the 30% in the parallel period in 2017-2018.
It is the Company’s intention to release more detailed results in the upcoming months.
The floater mechanisms of the power station will be sent to steel recycling, while the conversion unit will be fully overhauled and refurbished to meet the US electrical standards and shipped to Los Angeles in the near future.
Additionally, Eco Wave Power intends to develop and supply new and upgraded floaters for its planned pilot in AltaSea’s premises, to optimally meet the local marine conditions.
In parallel, Eco Wave Power shall be entering discussions with the Government of Gibraltar regarding a larger space necessity for its’ potential commercial scale development of an up to 5MW in Gibraltar, in accordance with the terms of a PPA between the parties.
Eco Wave Power founder and chief executive Inna Braverman said: “We are very grateful to the Government of Gibraltar, the Ministry for the Environment, Gibraltar Electricity Authority and the European Regional Development Fund (ERDF) for providing us with the opportunity for our first ever grid connected pilot.
“This has led to new and important developments in our technology, which were added to the Company’s patents portfolio and will be implemented in future projects.
“It also assisted us with securing new projects which were added to the Company’s projects pipeline, including our upcoming project in Gibraltar’s neighboring country – Portugal.
“At the same time, we are very excited about the planned pilot on AltaSea’s premises in the Port of LA, as the US is a high priority market for Eco Wave Power.
“We are officially listed on the Nasdaq U.S. and look forward to establishing a strong operational presence, including a local office and a first grid-connected wave energy project – on AltaSea’s premises in the Port of LA.
“We believe that AltaSea and its inspirational commitment to the blue economy can significantly assist in achieving our goals, while also advancing the US’s ambitious target of cutting emissions to net zero no later than 2050.”
AltaSea chief executive Terry Tamminen added: “We believe that Eco Wave Power aligns well with the AltaSea vision, creating a new way of generating renewable energy, that will help California meet its ambitious goals to address the climate crisis. We are looking forward to a welcoming this innovative pilot.”