Eco Wave Power and CIMC OEI to develop, commercialize Eco Wave Power technology in China

Eco Wave Power

Eco Wave Power Global AB has signed a memorandum of understanding (MOU) with CIMC Offshore Engineering Institute Co. Ltd. (CIMC OEI) to work toward the promotion of a pilot plant in the People’s Republic of China based on Eco Wave Power’s technology and explore possibilities for offshore application of the technology.

The parties also plan to collaborate on preparing and submitting written joint submissions to state and municipal entities in the People’s Republic of China. In addition, CIMC OEI intends to introduce Eco Wave Power to potential clients and support negotiations with CIMC OEI’s clients and ports within China, for the purpose of technology commercialization. CIMC OEI will also provide engineering services to selected projects. The term of the MOU is for two years, and it may be extended by the parties.

“The collaboration between Eco Wave Power and CIMC OEI is in line with our pioneering vision for the implementation of innovative renewable energy sources in the People’s Republic of China,” said Liu Dahui, chief engineer at CIMC OEI. “Since 2017, we have been examining the possibility of collaboration with offshore wave energy developers. However, after thorough market research, we have decided to promote collaboration with Eco Wave Power, which we view as a promising new direction for the industry.”

Inna Braverman, founder and chief executive officer of Eco Wave Power, stated: “Yantai CIMC Raffles Offshore Limited (CIMC Raffles) has delivered more than 100 offshore and marine equipment, including 11 deep-water semi-submersible drilling rigs, which accounts for 80% of units delivered by China and 25% of the market share around the world. With this kind of market spread capabilities, coupled with CIMC’s approach for innovation, we believe that the collaboration with CIMC Raffles may significantly reinforce Eco Wave Power’s penetration strategy to innovative markets, with high levels of energy demand, while also reinforcing CIMC’s portfolio of innovative solutions.”

CIMC OEI is an engineering company that specializes in the design and construction of offshore marine structures such as offshore drilling rigs, floating production storage and offloading (FPSO), special purpose vessels, offshore renewable energy and ocean farming facilities. CIMC OEI is a wholly owned subsidiary of China International Marine Containers (Group) Co., Ltd., known as CIMC.

Eco Wave Power is an onshore wave energy technology company that developed a patented 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 ocean and sea waves.

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Elizabeth Ingram is content director for the Hydro Review website and HYDROVISION International. She has more than 17 years of experience with the hydroelectric power industry. Follow her on Twitter @ElizabethIngra4 .

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