Eco Wave Power has signed a memorandum of understanding (MoU) with MSmart Future Technology to develop a 50MW wave energy project in Vietnam.
The collaboration between the parties will be executed in milestones, said Eco.
In the first phase, the Eco Wave Power engineering team will perform an in-depth feasibility study, at the selected site in Vietnam.
The study will include the installation of a wave measurement buoy, for collection of the site’s wave climate.
Once studies are completed to the satisfaction of the parties, they will work towards setting up a joint venture company in Vietnam to develop the 50MW wave energy array.
Eco Wave Power CEO Inna Braverman said: “We look forward to demonstrating our solution together with MSmart Future technology in Vietnam, which will support Vietnam’s plan to increase its renewable energy sources, while reducing GHG emission by 8% by 2030.”
MSmart CEO Nguyen Quang Vinh added: “The partnership with Eco Wave Power is a compelling fit that accelerates our strategy to expand the MSmart Future Technology’s portfolio towards wave energy.
“Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market.”