On Thursday, Inna Braverman, CEO of Eco Wave Power Global AB (publ), a leader in the production of clean electricity from ocean and sea waves (Nasdaq: WAVE, Nasdaq First North: ECOWVE) (“Eco Wave Power” or the “Company”), visited Port Adriano on the island of Mallorca, Spain, a month after the Company signed an agreement to install an up to 2 megawatt (MW) wave energy project at the location. The installation will be the first application of Eco Wave Power’s wave energy technology in Spain and will produce clean electricity from waves to be used by Port Adriano, one of the most modern marinas in the Mediterranean and an exceptional base for superyachts.

During her visit, Braverman met with Antonio Zaforteza, CEO of OCIBAR (the company that owns and operates Port Adriano), and the Port engineering team to tour and discuss the logistics and implementation plan for the project. The Parties have agreed that the project will commence with a detailed feasibility study and project licensing, which the parties aspire to secure by the end of 2022.

Upon completion of such steps, Eco Wave Power will move forward to the detailed project planning phase to be followed by actual construction. The project’s construction timeline, from the moment that planning is fully completed, is expected to be between 18 to 24 months.

Eco Wave Power’s floaters will directly connect to the 500-meter breakwater at Port Adriano and to the nearby substations of the port.

The power plant is planned to be constructed and commissioned in two stages:
• the first stage is the construction of a plant of up to 1MW; and
• the second stage involves the construction, operation, and maintenance of the remaining capacity of the plant (2 MWs).

Port Adriano will have a right of first refusal to invest partially or fully in both stages of the project, and Eco Wave Power will have the right to combine the two stages of the project and execute the whole 2MW from the start.

“Eco Wave Power is proud to be a catalyst in Spain’s efforts for a more renewable future,” said Braverman. “There is tremendous opportunity in wave energy, and with Spain’s vast coastline, we are excited to help unlock such significant potential. We are also very pleased to do so specifically in Port Adriano, which is a pioneering and innovative port in Spain. I am grateful for the warm welcome and collaboration with everyone at Port Adriano and look forward to making our project a reality.”

In May 2021, Spain enacted its first climate law, committing the country to an electricity system where 74 percent of the country’s energy is generated by renewable energy sources by 2030, scaling to 100 percent by 2050. With approximately 8,000 kilometers (4,970 miles) of coastline, Spain can turn to wave energy to help reach those goals.

“Port Adriano has a goal of being in the forefront of innovation, while contributing its part for the fight against climate change. As a port that operates on the island of Mallorca, wave energy simply makes sense. We have the breakwater for the project and the necessary substations in proximity to the breakwater to enable an easy and efficient construction and connection to the grid,” said Zaforteza, whose company, OCIBAR, owns and operates Port Adriano. “We’re proud to be the future home of the first Eco Wave Power project in Spain.”

The 2MW project is expected to operate for an initial period of 20 years at Port Adriano. Eco Wave Power has additional near-future projects planned in Israel, Portugal and the United States.
Source: Eco Wave Power Global AB