A Memorandum of Understanding has been signed with the CIMC Offshore Engineering Institute to establish a pilot project in China
Eco Wave Power Global and CIMC Offshore Engineering Institute have signed a memorandum of understanding (MoU) to collaborate on the marketing of a pilot wave energy plant in China and the exploration of offshore applications.
Eco Wave Power’s technology would be used in the pilot.
The parties also intend to collaborate on the preparation and submission of joint written submissions to different Chinese state and local bodies.
CIMC OEI will also present Eco Wave Power to new clients and assist in technology commercialization talks with existing clients and ports in China.
It will also provide engineering services for a limited number of projects.
The MoU has a two-year duration, which can be extended by the parties.
“The partnership between Eco Wave Power and CIMC OEI is in keeping with our pioneering vision for the deployment of novel renewable energy sources in the People’s Republic of China,” said CIMC OEI head engineer Liu Dahui.
“We’ve been looking into the prospect of collaborating with offshore wave energy providers since 2017.”
“However, after conducting extensive market research, we have chosen to encourage partnership with Eco Wave Power, which we believe is a potential new route for the sector.”
“Yantai CIMC Raffles Offshore Limited has delivered more than 100 offshore and marine equipment, including 11 deep-water semi-submersible drilling rigs, accounting for 80 percent of units delivered by China and 25 percent of the global market share,” said Eco Wave Power founder and CEO Inna Braverman.
“We believe that the collaboration with CIMC Raffles will 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, with this kind of market spread capabilities, coupled with CIMC’s approach to innovation.”