Sweden-based Eco Wave Power has embarked on a partnership that will enable the commercialisation of its wave energy technology in China.
Eco Wave Power signed a Memorandum of Understanding (MoU) with CIMC Offshore Engineering Institute to deploy a pilot of its technology and promote the pilot to unlock rollout across China.
The two will prepare and submit proposals for offshore application of Eco Wave Power’s technology across various states and municipalities in China.
As part of the MoU, CIMC Offshore Engineering Institute will introduce Eco Wave Power to potential clients and support negotiations with CIMC OEI’s existent clients and ports within China.
The two-year agreement between the two parties will enable Eco Wave Power to leverage CIMC’s engineering services in some projects.
Mr. Liu Dahui, Chief Engineer at CIMC OEI, 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.”
Inna Braverman, CEO of Eco Wave Power, added: “Yantai CIMC Raffles Offshore Limited (CIMC Raffles) 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.”
The MoU is part of efforts by Eco Wave Power to expand its presence globally, with the company previously signing deals to deploy its technology in Israel, Portugal, and Spain and the UK.