Eco Wave Power Global (“Eco Wave Power”) is a leading onshore wave energy technology company that has developed a patented, smart, and cost-efficient technology for turning ocean and sea waves into clean 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. The Company is currently operating wave energy power stations in Israel and Gibraltar and holds a global projects pipeline of over 325MW in countries such as Brazil, the U.K. Spain, and Australia among others. Eco Wave Power has been recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labeled as an “Efficient Solution” by the Solar Impulse Foundation. Furthermore, the Company has received funding from the European Union Regional Development Fund, Innovate UK, and the European Commission’s Horizon 2020 framework program among other leading innovation agencies. The company has also received a “Climate Action Award” from the United Nations and was recently recognized as a Sustainable Markets Initiative by HRH Prince Charles, the World Economic Forum, and the Bank of America. Eco Wave Power’s ADSs (WAVE) are traded on the Nasdaq Capital Market and the Company’s common shares (ECOWVE) are traded on the Nasdaq Stockholm. The Problem: Wave energy offers massive potential, according to a 2020 report from the International Renewable Energy Agency wave energy has the potential to meet all global energy demand with potential global energy production from waves estimated at 29,500 terawatt-hours of electricity per year. However, despite this immense potential wave energy has yet to be rolled out at commercial scales due to the majority of wave energy developers choosing to install their systems offshore (4-5 km into the sea). As a result, offshore wave energy technologies have struggled with the following: 1. High Prices- offshore installation is extremely expensive and complicated, as it requires ships, divers, underwater cabling, and underwater mooring. 2. Low Reliability- in the offshore, wave energy power stations are exposed to wave heights of 20m and above. Man-made stationary equipment has no way of avoiding and surviving such forces, thus many of the offshore installations broke down after a short time frame of operation. 3. Difficulty Obtaining Insurance – due to the high prices and low reliability of offshore wave energy technologies, insurance companies struggle to insure offshore wave energy solutions, which has also created another difficulty in obtaining debt financing. 4. Environmental Impact- Environmentalists, who should be the greatest advocates of wave energy, often object to offshore wave energy technologies, as they connect to the ocean floor and can disturb the surrounding marine environment. The Solution: In contrast to most wave energy developers, EWP’s wave energy system is located nearshore/onshore and utilizes existing marine infrastructure, which has allowed the company to avoid the aforementioned offshore difficulties. The key advantages of EWP’s technology are: 1. Cost-efficiency – the price of the system is cost-efficient, as most of the EWP system is located on land, just like a regular power station. This enables easy construction, operation, and maintenance. 2. Reliability – most of the EWP equipment is located on land and, therefore, it is not exposed to stormy marine conditions. In addition, each EWP system comes equipped with a patented storm protection mechanism. 3. Insurability- The EWP system is fully insurable by notable global insurance companies 4. Environmentally Friendly- The EWP system is 100% environmentally friendly as it does not connect to the ocean floor and does not create any new presence on the seabed. The EWP floaters only connect to man-made existing structures such as jetties and breakwaters.
Eco Wave Power is a leading onshore wave energy technology company that has developed a patented, smart and cost-efficient technology for turning ocean and sea waves into clean electricity. More information on Eco Wave Power can be found in the following short video that was prepared by The Sustainable Markets Initiative by HRH Prince Charles, the World Economic Forum, and the Bank of America.
Eco Wave Power has studied the Port of Samos and has assessed the site as potentially suitable for the deployment of EWP’s wave energy technology. The Port contains existent man-made structures on which the EWP system can potentially be installed to generate clean renewable electricity from the local waves in the Icarian Sea. Based on EWP’s preliminary assessment, the total space available at the Port may be sufficient to produce a considerable amount of clean electricity from wave energy, which will allow the community to optimize its limited space for energy production with a clean & cost-effective technology and will help the Municipality to achieve its ambitious targets of absolute energy independence by 2050.
How does the Eco Wave Power Technology Work?
The image below illustrates the EWP system’s core working principles.
Uniquely shaped floaters (1) rise and fall with the up and down movement of the waves, utilising its buoyancy force, the changes in water level and flow, the «air lock» effect (hydrofoil), and the vertical movement of waves leading to an efficient energy conversion process. Different types of floaters enable the system to be optimised for different types of wave regimes, depending upon the location. The EWP floaters are equipped with sensors that continuously monitor the performance of the various subsystems and the surrounding ocean environment, transmitting the data to EWP’s on-land systems. The data from the sensors also serves to activate the storm protection mechanism in the case of upcoming storms.
In working mode, the movement of the floater compresses the hydraulic pistons (2), which send biodegradable fluid into the land-located accumulators. The accumulators (3) collect the fluid and store it until enough pressure is reached. When such pressure is reached the accumulators discharge it with the purpose of rotating the hydraulic motor (4). The hydraulic motor’s operational volume is automatically adjusted in accordance with real-time waves and prevailing pressure in BARs. The asynchronous generator (5) converts the rotation into electrical energy which is then provided to the grid (through specialized inverters,). After decompression, the fluid flows back into the non-pressurized hydraulic fluid tank (6) from where it is re-used by the pistons, thus creating a closed circular system.
The following video that was prepared by the Weather Channel indicates the key principles and features of the EWP innovative wave energy system.
Smart Control System
The entire operation is controlled and monitored by a smart control system. The smart control system manages the pressure release of the accumulators in a way that stabilises the output and starts generating power at much lower pressure (30 bar vs 60 bar of a typical system).
Significantly, only the floaters and hydro cylinders (pistons) are located in the water; all other parts are based on land, thereby improving reliability, providing easy access for maintenance and repair, and eliminating the risk of oil or hydraulic fluid spill, as well as the risk of mechanical damage.
In the event of storms, EWP floaters automatically “recognise” the type of waves, and when the waves are too high for the system to handle, the floaters automatically rise above the water level and lock in the upward position until the storm passes. When the waves return to an operable height, the system unlocks and recommences energy conversion and transmission of the electrical power to the grid.
The Eco Wave Power technology is fully modular which results in several benefits. The scalability provided by the modularity of the technology allows for a gradual step by step expansion and increased application versatility. This means that a MW scale system is no more complex on a modular basis than a KW scale system
According to the United Nations, energy is the largest contributor to climate change accounting for over 60% of global GHG emissions. As a result, there is a significant need to adopt new and clean sources of electricity production worldwide to tackle the lack of access to electricity and rising energy demand while decreasing the pollution rates. Wave energy can be a large part of the solution to the problem, as according to a 2020 report from IRENA, wave energy has the potential to meet all of global energy demand with potential global energy production from waves estimated at 29,500 terawatt-hours of electricity per year and since nearly 2.4 billion people, about 40% of the global population lives within 100km of a coast. Furthermore, in suitable locations wave energy can produce electricity around the clock in contrast to other leading renewable energy sources which are intermittent. According to estimates, the successful development of wave energy technology could generate 188GW of energy in Europe alone already by 2050, which would be equivalent to roughly 10% of all the region’s electricity needs.
The Port of Samos, located in City of Samos in Italy, is open to the Icarian Sea and, as a result, enjoys sufficient wave activity, which can be converted into clean electricity. EWP’s team has identified the Port of Samos as potentially suitable for the installation of the Eco Wave Power wave energy technology, as the Port has an existent cement jetty of about 300m on which the EWP’s system could be deployed.
If EWP’s wave energy technology were to be implemented in the Port of Samos it could supply clean electricity and help the Island to achieve its energy independence goals with a 100% renewable energy source. In addition, one of the advantages of the EWP system is that it has a minimum impact on the visual landscape, as the EWP’s floaters are attached to the external side (facing the ocean) of the relevant maritime structure. To illustrate this, our team has prepared the basic preliminary illustration below for a potential EWP project at the Port of Samos.
The implementation of the EWP technology to power the region with clean electricity from waves will position the Samos Island as a leader in the adoption of new renewable energy technologies and at the forefront of innovation.
Through the implementation of EWP’s innovative technology, the Samos Island will have significant impacts on several areas of the municipality, including health, job creation, and access to electricity. The project will create the following impact:
Emissions reduction: Based on EWP’s initial calculations, a 1MW installed capacity wave energy power station, with a capacity factor of 42%, will produce annually around 3,695,712 kW/h of clean electricity.
If the same amount of electricity was to be produced from fossil fuels, the emissions would equal 2,613 metric tons of Carbon Dioxide, which is equal to the carbon dioxide emissions from 294,027 gallons of consumed gasoline, showing that the amount of GHGs avoided from a 1MW EWP power station to be significant.
Therefore, a wave energy power station installed in the Port of Samos could significantly reduce emissions in the region of the municipality by offsetting traditional energy generation methods for electricity supply.
Air Pollution: Energy use and production in many countries (including countries in the Mediterranean region) is a significant and immediate cause of high levels of air pollution and other forms of environmental degradation. Global dependence on cheap fossil fuel-based power generation methods has significantly harmed the global environment and threatened the health of millions of people worldwide. EWP’s technology offers an opportunity for locally produced, clean, and affordable power generation in these environments.
Access to Electricity and Supply: One of the greatest benefits of the Eco Wave Power wave energy technology is that it allows for power generation in remote areas and in proximity to the population, as it creates clean electricity directly on the shoreline, thereby, allowing the Samos Island to generate clean renewable electricity directly in the Island without having to transport the electricity (typically derived from fossil fuel sources) over long distances. Furthermore, the technology will help increase the Island’s electricity supply and allow it to deliver cost-effective and clean electricity for the use of the Municipality’s community.
Job Creation: According to the European Ocean Energy Association, 400,000 jobs could be created by the Ocean Energy industry by 2050, if the European target of 188GW installed capacity of ocean energy is fulfilled. The potential implementation of an EWP wave energy project in the Samos Island will create several new direct (through hiring employees) and indirect (through subcontractors) workplaces in the municipality. The workplaces will be created throughout the different phases of the project including licensing, feasibility studies, environmental studies, and detailed planning. In addition, multiple jobs for engineers will be required – mainly mechanical, hydraulic, civil, electrical and automation engineering. The actual construction of the wave energy power stations will also create new employment opportunities for local civil engineers, welders, technical professionals, electricians, and technicians. Moreover, when the power station is constructed, there will be a significant need for operation and maintenance professionals for 25 years (the lifespan of the power station).
The EWP team and advisors bring multidisciplinary experience, and a well-balanced and deep knowledge in all aspects of the Company’s business including research and development, engineering, intellectual property, project development, business development & commercialization, and management of companies related to the development and commercialization of products in the renewable energy space. The Company is supported by a global network of advisors, research institutes, and universities.
The EWP team is highly experienced in the wave energy sector and has a proven track record in projects execution and installing and operating wave energy projects as the Company already has operational projects in Gibraltar and Israel and a global projects pipeline of over 325MW under development.