Eco Wave secures FIT for wave energy pilot in Israel

Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) has secured a feed-in-tariff (FIT) for its EWP-EDF One wave energy pilot station it recently installed at the Port of Jaffa in Tel Aviv, Israel.

The Israeli Electric Authority (IEA) set the official FIT, which will incorporate a base production price and an added premium for mitigating pollution, Eco Wave said on Tuesday.

The latest milestone will enable the Israeli Electric Company (IEC) to officially start connecting the EWP-EDF One wave energy floaters to the domestic grid. Once connected, the device will be the first in Israel’s history to feed wave power to the grid, added Eco Wave.

“The official start of grid connection for our EWP-EDF One Project is a moment that we have been waiting for, as it represents an important milestone for our company and our country,” said Inna Braverman, Eco Wave Power’s Founder and CEO. “Eco Wave Power is committed to making a positive change in the world, and we can’t wait to turn the switch on at the EWP-EDF One Project at the Port of Jaffa.”

Eco Wave executed the EWP-EDF One project in collaboration with EDF Renewables IL, part of French utility Electricite de France SA (EPA:EDF), which also provided co-funding.

In July this year, Eco Wave lowered the EWP-EDF One floaters to the water and tested the device in real conditions. Once it wraps up all the works, including the grid connection, the company will celebrate the official launch of the power station, it said.

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