We just supported the release of a UN report so bankers can invest in the sea and on top of the acing infrastructure in the shipping industry that needs updating, we can also support new endeavours that help the sea help us. The Israeli company Eco Wave Power has started building energy collection floaters at the ancient port city of Jaffa, in Israel.
The onsite work will includes clearing the top cement layer of the relevant sections of the sea wall, followed by adding steel rebars for reinforcement and finally the creation of a new cement layer, which shall provide the necessary support for the installation of the floaters.
In parallel, the company has started the production of ten floaters, which are expected to arrive to site in conjunction with the finalization of the works on the sea wall.
“We have previously finalized the assembly of our conversion unit and now moving forward to the most exciting part of our project, which is the installation works. We cannot wait to finalize the floaters production and installation of the whole array, which will enable us to send clean electricity from sea waves to the Israeli national electrical grid for the very first time,” said Inna Braverman, Founder and CEO of Eco Wave Power.
The Jaffa energy project will include 10 floaters, connected to one conversion unit. Due to the onshore nature of the Eco Wave Power technology, the works on the sea wall and floaters installation will be straightforward and will not involve any works performed from the seaside. The Eco Wave Power one project is executed in collaboration with EDF Renewables and co-funding from the Israeli Energy Ministry.
Eco Wave Power is an onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from ocean and sea waves.
Eco Wave Power’s project in Gibraltar has received funding from the European Union Regional Development Fund and from the European Commission’s Horizon 2020 framework program. The company has also received the “Climate Action Award” from the United Nations.
Eco Wave Power’s common shares (ECOWVE) are traded on Nasdaq First North Growth Market. W
Want to learn more about investing in the sea? This new UN report explores investment-worthy areas for bankers.