The agreement with Port Adriano should develop Eco-Wave European and advanced presence spain clean energy initiatives
STOCKHOLM, April 11, 2022 /PRNewswire/ — Eco Wave Power Global AB (publ) (Nasdaq: WAVE, Nasdaq First North: ECOWVE) (“Power of ecological waves” or the “Company”), a leader in the generation of clean electricity from ocean and sea waves, announced today that it has entered into a formal agreement with Port Adriano, Spain, for the potential construction of a wave power plant up to 2 MW. The agreement extends Eco Wave Power presence in Europe and help Spain meet its aggressive renewable energy targets, taking advantage of its significant coastal capacity.
Under the terms of the agreement, Port Adriano will assign a potentially suitable location to Power of ecological waves for a period of 20 years, while Power of ecological waves will be responsible for obtaining all licenses, constructing and commissioning the power plant(s), and selling the electricity to be produced by the power plant in accordance with an approved production quota, to be determined for the site. Port Adriano has been in contact with Ports de les Illes Balears (Ports of the Balearic Islands, the public entity responsible for the powers and executive functions of the ports managed by the autonomous community) to inform it of the project, and will carry out all the legal procedures necessary for the installation of this innovative wave power plant, the first application of this technology in Spain.
The power plant should be built and commissioned in two stages:
- The first stage is the construction of a power plant of up to 1 MW.
- The second stage includes the construction, operation and maintenance of the remaining capacity of the plant (2 MW).
Port Adriano will have a right of first refusal to invest partially or totally in both phases of the project, and Power of ecological waves will have the right to combine the two stages of the project and run the entire 2MW from the outset.
Inna BravermanFounder and CEO of Power of ecological waves commented: “When it comes to renewable energy, Spain foresees a significant development of new renewable energy capacities to reach 74% of electricity production by 2030. Spain also has 8,000 km of coastline. The combination of spain ambitious renewable energy targets, along with its significant coastline, make it an optimal market for Power of ecological waves. We are very happy with the collaboration with Port Adriano and would like to thank them for being true pioneers in wave energy.”
Antonio Zaforteza, CEO of OCIBAR, the company that owns the Port of Adriano, said: “We believe that Power of ecological waves is a perfect fit with Port Adriano’s vision of innovation and sustainability, creating a new way of generating renewable energy, which will help our port and our country achieve its ambitious goals to tackle the climate crisis. We are delighted to welcome this innovative project.”
As a member of the European Union (EU), Spain is bound by the EU’s energy and climate change objectives under the Energy Union.
To this end, the central strategic document guiding spain energy and climate policies for the next decade is its PNEC (National Energy and Climate Plan) for the period 2021-2030. It outlines several policy actions in various sectors that will support the country’s climate goals, including in the areas of energy efficiency, renewable energy and transportation. Its 2030 goals include:
- a 23% reduction in greenhouse gas emissions from 1990 levels;
- a 42% share of renewable energies in the end use of energy;
- a 39.5% improvement in energy efficiency;
- and a 74% share of renewable energies in the production of electricity.
Policies include increasing renewable energy installations and promoting the use of renewable gases in the electricity sector, modal shifts and electrification in the transport sector, renovations and increasing the use of renewable heating in the residential and commercial sectors, the promotion of energy efficiency and fuel switching in the industrial sector and the improvement of energy efficiency in the agricultural sector. The Spanish government expects investments of 241 billion euros will be needed to enact the measures outlined in the PNEC, 80% of which are estimated to come from the private sector.
spain The commitment to renewable energies is reflected in the fact that the share of renewable energies (including non-renewable waste) in the national electricity mix has increased from 24% in 2009 to 38% in 2019. Spain has further emphasized renewable energy with plans to phase out coal and nuclear power generation. The exit from coal appears to be well underway, with coal providing only around 5% of electricity generation in 2019 and even less in 2020. Nuclear power, which accounted for 22% of electricity generation in 2019, will begin to stop from 2027. Four of spain seven nuclear reactors are due to close by the end of 2030, representing about 4 gigawatts of capacity.
As such, Power of ecological waves believes that there is an important opportunity to contribute to spain transition to renewable energies, by making wave energy an element spain renewable energy mix.
About Eco Wave Power Global AB (publ)
Power of ecological waves is a leading onshore wave energy technology company that has developed patented, smart and cost-effective technology to turn ocean and sea waves into green electricity. Eco Wave Power mission is to help fight climate change by enabling commercial electricity generation from the ocean and waves.
Power of ecological waves is recognized as a “pioneering technology” by the Israeli Ministry of Energy and has been labeled an “Efficient Solution” by the Solar Impulse Foundation. Eco Wave Power project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission’s Horizon 2020 framework programme. The company also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power the common stock (ECOWVE) is traded on the Nasdaq First North and its ADS (WAVE) is traded on the Nasdaq Capital Market.
Vator Securities is the company’s Certified Advisor (+46 8 580 065 99, [email protected]).
Learn more about Power of ecological waves at: www.ecowavepower.com
About OCIBAR / Port Adriano
Port Adriano is a marina owned by Ocibar, a Spanish company specializing in the construction and management of marinas and refit areas. Ocibar operates a network of marinas in four strategic locations in the Mediterranean: Port Tarraco (Tarragona), Port Adriano (Mallorca), Botafoc (Ibiza) and Marina Santa Eulalia (Ibiza).
Located in a privileged setting to the south-west of the bay of Palma de Mallorca, close to the best sailing areas of the Balearic Islands, Port Adriano is a reference port in the Mediterranean. It has a total of 488 moorings between six and 80 meters and a modern commercial area designed by the prestigious Philip Stark.
Learn more about Port Adriano at: www.portadriano.com
Information on or accessible through the websites mentioned above does not form part of this press release.
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This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For example, Power of ecological waves uses forward-looking statements when discussing the terms of the concession assignment agreement with the Port of Adriano, which Power of ecological waves fits well with the port of Adriano’s vision of sustainability, spain renewable energy goals and the Company’s belief that there is a significant opportunity to contribute to spain transition to renewable energy. Unless otherwise provided by law, Power of ecological waves assumes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. More detailed information on the risks and uncertainties affecting Power of ecological waves is listed under the heading “Risk Factors” in Eco Wave Power Registration Statement on Form F-1 filed with the SEC, which is available at the SEC’s website, www.sec.gov.
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SOURCE EWPG Holding AB