Eco Wave Power has signed a memorandum of understanding (MoU) with CIMC Offshore Engineering Institute (CIMC OEI) to develop and commercialize its wave energy technology in China.
According to the terms of the MoU, the parties will work towards the promotion of a pilot plant in China based on Eco Wave Power’s wave energy technology and explore possibilities for offshore application of such technology.
The partners also plan to collaborate on preparing and submitting written joint submissions to various state and municipal entities in the People’s Republic of China.
In addition, it is CIMC OEI’s intention to introduce Eco Wave Power to potential clients and support negotiations with CIMC OEI’s existent clients and ports within China, for the purpose of technology commercialization, Eco Wave Power informed.
The term of the MoU is for two year, with option for extension, and during the time, CIMC OEI will also provide engineering services to selected projects.
Liu Dahui , chief engineer at CIMC OEI, said: “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. 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, added: “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”.