Eco Wave Power bags EU funding for its newest wave energy plant

Business Developments & Projects

July 14, 2023, by Amir Garanovic

Swedish-Israeli wave energy developer Eco Wave Power has been awarded a grant from the EU that will be used to add educational and knowledge-sharing features to the company’s newest wave energy power station at the Port of Jaffa in Israel.

The GREENinMED grant, provided by the European Union and promoted and managed by a consortium of parties from Spain, France, and Israel, has been approved under the ENI CBC Mediterranean Sea Basin Program.

Eco Wave Power’s project was selected to be a grant recipient by the Kinneret Academic College, with the goal of adding educational and knowledge-sharing features for it’s newest wave energy power station located at the Port of Jaffa in Israel, promoting and facilitating the adaptation of technologies and equipment that will produce new eco-innovative products for the tourism industry in Israel.

The company said it will use the funding toward the creation and installation of a knowledge sharing experience for the local population, as well as tourists from around the world, making the ‘EWP-EDF One’ wave energy power station a unique tourist attraction at the Port of Jaffa, as well as introducing Eco Wave Power as a shining example of Israeli innovation.

The grant marks another milestone in the long-term productive collaboration between Eco Wave Power and various EU funding programs, and also reinforces Eco Wave Power’s long-standing focus on the European market.

Inna Braverman, founder and CEO of Eco Wave Power, said: “We are grateful for the continuous support from the EU, as they continue to prioritize clean energy and consider sustainability in their funding.

“We believe that our wave energy technology can not only create clean electricity for the local population, but also transform the entire community by creating new workplaces and jobs, as well as educate the local community and foreign visitors on the power and importance of sustainable energy sources. This is a true win-win for Israel.”

Ram Shpiner from the Kinneret Academic College added: “Eco Wave Power’s mission and technology align well with the European Union’s vision to create a new way of generating renewable energy. As a college focusing on water engineering and environmental sustainability, we believe that companies like Eco Wave Power will help the EU meet its ambitious goals to address the climate crisis.”

The company’s historic station in Gibraltar was co-funded by the European Regional Development Fund, and Eco Wave Power also received a grant from the Horizon2020 EU funding program. To remind, Eco Wave Power is also currently taking part in the Iliad consortium, which was awarded €17 million by the EU.