Israel Sign Agreement for First-Ever Wave Energy Power Project with Eco Wave Power

Eco Wave Power Global AB announces it (through its EWP-EDF One subsidiary) has entered into an official Power Purchase Agreement with the Israeli National Electric Company (“IEC”), based on the official Feed-in Tariff (“FIT”) which was set for the Company’s newly-installed wave energy project (“EWP-EDF One Project”) at the Port of Jaffa in Tel Aviv, Israel, by Israel’s Electric Authority (IEA).

With the Power Purchase Agreement in place, a private examiner has successfully approved the technology’s grid synchronization, in accordance with the accepted grid connection standards. Next, the Israeli Electric Company (IEC) will perform its own synchronization test and then will officially connect the EWP-EDF One wave energy project to Israel’s energy grid. Once connected, the EWP-EDF One Project will represent the first time in the country’s history that electricity produced by the power of waves will be transmitted to Israel’s national electric grid.

More info about the FIT, which shall incorporate a base production price and an added premium for mitigating pollution, can be found in the official announcement by the Israeli Electric Authority, in the following link (decision number 63605): 63605 (www.gov.il).

The EWP-EDF One Project is executed in collaboration with and co-funding from EDF Renewables IL and the Israeli Energy Ministry, which recognized Eco Wave Power’s technology as “Pioneering Technology.”

“The official start of grid connection for our EWP-EDF One Project is a moment that we have been waiting for, as it represents an important milestone for our company and our country,” said Inna Braverman, Eco Wave Power’s Founder and CEO. “Eco Wave Power is committed to making a positive change in the world, and we can’t wait to turn the switch on at the EWP-EDF One Project at the Port of Jaffa.”

In July 2022, Eco Wave Power announced that it had commenced real conditions test runs on the EWP-EDF One Project to examine the operation of the mechanical and hydraulic subsystems of the project. The floaters were lowered into the water for the first time, and the successful testing put Eco Wave Power one step closer to full operation of the power station.

Additionally, Eco Wave Power will soon commence installation of its wave energy technology on its first U.S. location at AltaSea at the Port of Los Angeles, which is believed to be the first-ever onshore wave energy station in the history of the United States. The Company also holds concession agreements for commercial installations in Spain, Portugal, Turkey, and other locations, completing the Company’s growing 404.7 MW project pipeline.