Wavepiston teams up with French firm to develop wave energy project in Martinique

Business Developments & Projects

March 14, 2023, by Ajsa Habibic

Danish wave energy company Wavepiston has signed an agreement with French firm YS Energies Marines Developpement (YS EMD) to develop a wave energy project in Martinique.

The two companies have formed a partnership to co-develop the project that aims to provide clean energy for the local communities.

According to Wavepiston, the agreement is the result of a preliminary site selection study that was done in 2021-22 to identify the wave energy potential of the area and the most suitable locations for the project.

As a result, the companies have now joined forces to kick-start the project development.

“We are convinced that wave energy is now ready for a commercial phase and will play an important role in the decarbonisation of islands’ electricity mix around the world. The co-development agreement with Wavepiston is the first step towards the deployment of wave energy arrays and we hope that it will pave the way for further development”, said Corinne Dubois, CEO of YS EMD.

YS EMD develops ocean energy projects – tidal and wave – for and with stakeholders in coastal regions.

Commenting on the agreement, Michael Henriksen, CEO of Wavepiston, said: “This agreement could lead to a new frontier of clean energy and clean water in the Caribbean, leveraging the region’s abundant wave energy resources and speeding up the energy transition.”

The Danish firm is running its second crowdfunding campaign, open for public on Seedrs platform for one more day, to finance the final stages of demonstration and commercialisation of its wave energy technology after years of extensive testing and development.

Data from 13 March showed that the campaign has so far secured €1.82 million in investment commitments – or €400,000 more than the initial target set at €1.4 million.

The campaign follows a successful first round in 2020/2021, when Wavepiston raised €2.4 million for the development of its wave energy technology.

At the moment, Wavepiston is finishing up the final factory acceptance test, and assembly of its energy collectors to prepare the units that will soon be deployed at the full-scale demonstration site at the Oceanic Platform of the Canary Islands (PLOCAN).