Eco Wave Power Global has signed a memorandum of understanding (MoU) with CIMC Offshore Engineering Institute to work towards the promotion of a pilot wave energy plant in China and explore possibilities for offshore applications.
The pilot would be based on Eco Wave Power’s technology.
The parties also plan to collaborate on preparing and submitting written joint submissions to various state and municipal entities in China.
CIMC OEI will also introduce Eco Wave Power to potential clients and support negotiations with its existent clients and ports within China, for the purpose of technology commercialisation.
It will also provide engineering services to selected projects.
The term of the MoU is for two years, and it may be extended by the parties.
CIMC OEI chief engineer Liu Dahui said: “The collaboration between Eco Wave Power and CIMC OEI is in line with our pioneering vision for the implementation of innovative renewable energy sources in the People’s Republic of China.
“Since 2017, we have been examining the possibility of collaboration with offshore wave energy developers.
“However, after thorough market research, we have decided to promote collaboration with Eco Wave Power, which we view as a promising new direction for the industry.”
Eco Wave Power founder, and chief executive Inna Braverman said: “Yantai CIMC Raffles Offshore Limited has delivered more than 100 offshore and marine equipment, including 11 deep-water semi-submersible drilling rigs, which accounts for 80% of units delivered by China and 25% of the market share around the world.
“With this kind of market spread capabilities, coupled with CIMC’s approach for innovation, we believe that the collaboration with CIMC Raffles may significantly reinforce Eco Wave Power’s penetration strategy to innovative markets, with high levels of energy demand, while also reinforcing CIMC’s portfolio of innovative solutions.”