The MOU is effective for two years but it can be extended by the parties.
Eco Wave Power and CIMC Offshore Engineering Institute Co., Ltd. (CIMC OEI) signed a memorandum of understanding (MOU) for the development of Eco Wave’s power technology in China.
Eco Wave is involved In the development of onshore wave energy technology turning ocean and sea waves into green electricity.
Under the MOU, the parties will collaborate for the promotion of the pilot plant in China using Eco Wave’s technology, Eco Wave said, adding that they will also explore possibilities for offshore implementation of its power technology.
CIMC OEI, meanwhile, will introduce Eco Wave Power to potential clients and support negotiations with its current clients and ports within China. It will also provide engineering services to selected projects.
The MOU is effective for two years and may be extended by the parties, it said.
Inna Braverman, founder and CEO of Eco Wave Power, noted that Yantai CIMC Raffles Offshore Limited has carried out 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,” she said.