This work represents a key milestone in the project’s advancement and positions the project for a targeted launch during 2026, the company said.
The project is part of a 20MW Concession Agreement entered into with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL), which is located in the city of Porto. It will feature Eco Wave Power’s proprietary wave energy technology and includes a “first-of-its-kind” underwater wave energy museum and education center, set to be housed in “The Gallery” – the room underneath the breakwater where the company’s energy conversion equipment will be installed.
Upon completion of MOQ’s scope of work, Eco Wave Power will submit the full execution project, including all finalised engineering and technical specifications, to APDL. The approval of the execution project by APDL will mark the transition to the next phase of the project: the production of the floaters and accompanying structural components.
The first MW-scale wave energy project in Porto will aim to demonstrate energy production from ocean waves and serve as a step towards the commercialisation of Eco Wave Power’s technology globally.
In March 2024, Eco Wave Power received the final approval necessary for commencement of the construction works of the project from APDL Port Authority and issued them a performance bond, meant to solidify the company’s commitment to the construction of the project within two years.
According to Eco Wave Power, the project falls in line with the renewable energy plan of the Government of Portugal, which in July 2024 announced that it aims to generate 85% of its annual electricity production from renewable sources by 2030, compared to 61% in 2023, one of the highest ratios in Europe.
Eco Wave Power makes waves
Eco Wave Power is also advancing additional projects globally, including upcoming initiatives in Taiwan and the Port of Los Angeles. Moreover, the company said it plans to announce new projects in additional countries, further expanding its footprint in the wave energy sector and reinforcing its position as a leader in renewable energy innovation.
In November 2024, Eco Wave Power released its Q3 2024 results, highlighting a power station sale in Taiwan, a milestone in an Israel-based project, a share buyback, and more. In the first nine months of 2024, Eco Wave Power said it achieved several milestones, in addition to reducing expenses from the second quarter to the third quarter of 2024 by 10%.
