7/01/20- Stockholm, Sweden — Pursuant to the engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-4345) for the deployment of the grid connection works of the EWP-EDF One wave energy project, today, Eco Wave Power (EWPG Holding AB, Stock Symbol: ECOWVE) is pleased to announce that it officially commenced the grid connection works in the Port of Jaffa, Israel.
The grid connection works are performed in two parts, as they include different routes within the port. The first part is performed by the infrastructure subcontractor YEHIMOVITZ SUISSA LTD, in the shipyard area of the Port of Jaffa, and will be completed by the end of January. Once these works are finalized the company will move forward to the second part of the grid connection route, which will be span across the warehouse area of the port. The works consist of removing the upper layer of asphalt in the dedicated grid connection route and preparing the tunnels necessary for the electric cables.
“We are entering 2021 in full force, ready to push hard for the opening of our second grid connected project, while developing additional projects in our projects pipeline.” said Inna Braverman, CEO of Eco Wave Power.
The Eco Wave Power cable system will span approximately 170 meters of underground cables. Due to the onshore nature of the Eco Wave Power technology, the grid connection works will be straightforward and will not involve any cable laying on the seabed, which are known to be extremely expensive and complex. In addition, the cable length will be significantly shorter and more cost-efficient than cables used for offshore energy projects.This highlights the significant advantages of the EWP onshore technology, in comparison with offshore solutions.The EWP-EDF one project is executed in collaboration with EDF Renewables IL and co-funding from the Israeli Energy Ministry.
About EWPG Holding AB (SE0012569663)
EWPG Holding AB (publ) (“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 sea and ocean waves.
EWP is recognized as a “Pioneering Technology” by the Israel’s Ministry of Energy and was labelled 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 from the European Commission’s HORIZON2020 framework program. The company is also recognized by the United Nations in receiving the “Climate Action Award”.
The Eco Wave Power share (ECOWVE) is traded on Nasdaq First North Growth Market.
FNCA is the company’s Certified Advisor (+46 8-528 00 399, firstname.lastname@example.org).
Read more about Eco Wave Power at: www.ecowavepower.com
For more information, please contact:
Inna Braverman, CEO
Aharon Yehuda, CFO