Eco Wave Power Finalizes Assembly of the Hydraulic Energy Conversion Unit

Onshore marine energy developer, Eco Wave Power (EWPG Holding AB), has taken the next step towards commercialization of its wave energy technology. The company has finalized the assembly of the hydraulic energy conversion unit for its Jaffa Port project and entered the electrical assembly phase, to be executed by Siemens.

The hydraulic conversion unit is an integral part of the Eco Wave Power technology as it is used to convert pressure (created by the waves) into clean electricity. During operation mode, the floaters compress and decompress hydraulic pistons which transmit bio-degradable fluid into land located accumulators. In the accumulators, pressure is being built, which is used to rotate a hydraulic motor, rotating the generator and transferring clean electricity into the grid via an inverter. The fluid, after decompression, flows back into the hydraulic fluid tank, where it is then re-used by the pistons, thus creating a closed circular system.

“The hydraulic conversion unit has been upgraded to enable higher operation accuracy - which means improved electricity production performance for the Jaffa Port Project”, says Mr. Vishnitsky, EWP’s Project Manager.

The entire hydraulic unit has been assembled in a standard-sized shipping container located on land, just like a traditional power station. The compact and portable design allows for simple and efficient transportation to the site. Furthermore, the operation and maintenance will be fully performed from the land side, with no need for divers, marine vessels, underwater mooring, cables, and other expansive marine installation, operation and maintenance methods which are necessary for offshore solutions.

In parallel to finalizing the assembly of the EWP hydraulic conversion unit, Siemens commenced the electric assembly and installation works. This process will be followed by final wave simulation testing prior to transportation to the final implementation site for installation and grid-connection.

“The results achieved thus far by our engineering team and sub-contractors strengthen our belief in the commercial viability of Eco Wave Power’s technology. The expansion of the Jaffa Port project, in collaboration with EDF Renewables IL and co-funding from the Israeli Energy Ministry, will significantly upgrade the EWP technology and reduce scaling risks in our commercial-scale projects” says Inna Braverman, Founder and CEO of Eco Wave Power”.

 

About EWPG Holding AB (SE0012569663)

EWPG Holding AB (publ) (“Eco Wave Power”) is a leading 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 sea and ocean waves.

EWP is recognized as a “Pioneering Technology” by the Israel’s Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. Furthermore, EWP’s project in Gibraltar has received funding from the European Union Regional Development Fund and from the European Commission’s HORIZON2020 framework program. The company was also recently recognized by the United Nations in receiving the “Climate Action Award”, which was granted to the company during COP25 in Madrid, Spain.

Eco Wave Power was founded in 2011 and has operations in Sweden, Gibraltar, Australia, Mexico, China and Israel. The major Swedish shareholders in EWPG Holding AB are AP4 and Skandia Fonder. The Eco Wave Power share (EWP, EWPG) is traded on Nasdaq First North Growth Market.

FNCA is the company’s Certified Advisor (+46 8-528 00 399, info@fnca.se).

Read more about Eco Wave Power at: www.ecowavepower.com.

Press images and other media material is available for download via the following link: https://www.ecowavepower.com/gallery/photos/.
 

For more information, please contact:

Andreas Kihlblom, CFO
andreas@ecowavepower.com
+46 8 420 026 94

Yair Rudick, Business Development and Strategy
yair@ecowavepower.com
+972 350 940 17

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