Eco Wave Power formalizes deal with AltaSea for wave power pilot in U.S.
Eco Wave Power has entered into collaboration with AltaSea at the Port of Los Angeles for the development of a grid-connected wave energy pilot in the United States.
The Swedish-Israeli wave energy company said it would work with AltaSea, a nonprofit that accelerates scientific collaboration and advances an emerging blue economy, to locate and submit grants to implement its technology.
Already taking action, both organizations participated in a grant submission led by the Los Angeles Economic Development Corporation (LAEDC), which was chosen as a finalist in the Economic Development Administration (EDA) Build Back Better Regional Challenge.
In addition, Eco Wave Power plans to implement a pilot program on the AltaSea campus, located in the Port of Los Angeles, while also working together to secure other locations for future implementation, the partners said.
Inna Braverman, founder and CEO of Eco Wave Power, said: “The U.S. is a high priority market for Eco Wave Power. We are officially listed on Nasdaq U.S. and are looking forward to establishing a strong operational presence, including a local office and a first grid-connected wave energy project – on AltaSea’s premises in the Port of Los Angeles.
“We believe that AltaSea and its inspirational commitment to the blue economy can significantly assist in achieving our goals, while also advancing the U.S.’s ambitious target of cutting emissions to net zero no later than 2050.”
Eco Wave Power will also participate in AltaSea’s outreach activities, including – but not limited to – the AltaSea Renewable Energy Open House and the AltaSea Blue+Green webinar series, which allows supporters to meet and collaborate with relevant researchers, scientists, and engineers.
The collaboration will also serve as an avenue to present Eco Wave Power to AltaSea audiences and receive assistance in connecting the company with American policy makers to support potential, future regulations and policies for the development of wave energy projects in the United States.
To support this progress, Eco Wave Power will also aspire to establish an office on the AltaSea campus, the company said.
Terry Tamminen, CEO of AltaSea, said: “We believe that Eco Wave Power aligns well with the AltaSea vision, creating a new way of using renewable energy. We are looking forward to a productive collaboration”.
It was estimated that renewable energy made up to 57% of new capacity additions in the U.S. during the first half of 2020, according to Eco Wave Power.
However, the U.S. is also the second largest emitter of greenhouse gas emissions in the world, the company stressed, noting that it’s wave energy potential is estimated at 3500TW/h per year.
As a result, the commercial deployment of wave energy in the United States could substantially reduce emissions from traditional polluting energy generation methods, Eco Wave Power concluded.