Eco Wave Power Global AB and Ocean Power Technologies Inc, two publicly traded wave energy companies, announced today they are working to utilize their complementary technologies and skills to accelerate wave energy projects pursuant to an agreement previously signed.
The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets. In addition, joint solutions can be developed utilizing each company's respective offshore and onshore technologies and leveraging OPT's offshore engineering and newly acquired robotics capabilities in Eco Wave Power's applicable projects. For further information see the IDTechEx report on Wave, Tidal and Hydro Power 1W-10MW 2018-2038.
Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, stated: "This is an exciting time for the wave energy industry, when two complementary offshore and onshore technologies decide to work together by combining their resources and expertise to enhance the global implementation of projects utilizing their technologies. I believe this collaboration will open the door to cross-industry knowledge sharing, as we understand that we are working towards the same goal. Our goal is to create positive impact by adding wave energy to the global renewable energy mix to address climate change."
Philipp Stratmann, President and Chief Executive Officer of OPT, stated: "OPT strives to be a leading provider of offshore data and power solutions and is constantly innovating to achieve this goal. We welcome the chance to incorporate our offshore engineering, deployment, and strategic consulting services with clean and complementary technologies. OPT's knowledge and understanding of the offshore environment combined with Eco Wave Power's track record of near-shore wave energy conversion (WEC) installations present opportunities to unlock the power in waves."
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. We are headquartered in Monroe Township, New Jersey, and have offices in Houston, Texas, and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com
About Eco Wave Power Global AB
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart 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 the ocean and sea waves. Eco Wave Power is recognized as a "Pioneering Technology" by the Israeli Ministry of Energy and was labeled as an "Efficient Solution" by the Solar Impulse Foundation. Eco Wave Power's project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission's Horizon 2020 framework program. The company has also received the "Global Climate Action Award" from the United Nations. Eco Wave Power's common shares (ECOWVE) are traded on Nasdaq First North and its ADSs (WAVE) are traded on the Nasdaq Capital Market. Read more about Eco Wave Power at: www.ecowavepower.com .
Source: Eco Wave Power
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