Portugal news - Portugal is set to be the first country in the world to produce significant wave energy, according to Eco Wave Power that is listed on Nasdaq.
Eco Wave Power, that is a leading onshore wave energy company having developed a patented, smart and cost-efficient technology for turning ocean waves into green electricity, is kickstarting its flagship wave energy project in Porto that will have a total installed capacity of 20MW.
The wave energy project in Porto "will be the first wave energy project in the world to show significant energy production from the power of the waves,” stated Inna Braverman, Founder and CEO of Eco Wave Power, adding: “I truly believe that this revolutionary project will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally. I would like to thank the Municipality of Porto and APDL, for being true wave energy pioneers, by enabling and supporting the development of an innovative, environmentally friendly energy generation technology, which will serve to lower the port's carbon footprint, while creating new workplaces and an innovative industry in Portugal."
Portugal’s new wave energy project is in line with the country’s renewable energy plan, since the Government announced in July 2024 that Portugal aims to generate 85% of its annual electricity production from renewable sources by 2030, compared to 61% in 2023, thus reaching one of the highest ratios in Europe.
Eco Wave Power is being advised by partner Joana Brandão and her team from leading Portuguese law firm PLMJ and is also collaborating with APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A), to create a first of its kind wave energy museum and education center.
Eco Wave Power owns and operates a grid connected wave energy project in Israel, with co-investment from EDF Renewables IL and will soon start the installation of its third wave energy project in the Port of Los Angeles. The company received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program and was honored with the "Global Climate Action Award" from the United Nations.
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