- Eco Wave Power (WAVE, Financial) has paid 50% of the grid connection fee for its 1MW wave energy project in Porto, Portugal.
- The project is part of a larger 20MW concession agreement with APDL, targeting grid connection by 2026.
- This installation will include "The Gallery," serving as both a power station and the world's first underwater wave energy museum.
Eco Wave Power Global AB (NASDAQ:WAVE) has achieved a significant milestone by paying 50% of the grid connection fee for their upcoming 1MW wave energy project in Porto, Portugal. This step underscores the company's commitment and marks considerable progress in the development of the project. The payment was made to E-REDES, the Portuguese electricity distribution system operator, solidifying Eco Wave Power's acceptance of the connection conditions for the UPP/5089 power plant.
The 1MW project is only the first phase of a more extensive 20MW concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A (APDL). The grid connection is scheduled for 2026, pending the completion of final permitting, construction, and regulatory procedures. Notably, the installation will be situated in "The Gallery," a unique underwater tunnel that will house the world's first underwater wave energy museum, enhancing both its educational and commercial value.
Portugal's strategic location along Europe's Atlantic coast offers high wave energy potential, aligning with the country's renewable energy goals. Portugal plans to increase its energy sourced from renewables to 85% by 2030, up from 61% in 2023, making it a suitable partner for Eco Wave Power's pioneering onshore wave energy technology.
Eco Wave Power has also made significant strides in project implementation, including infrastructure upgrades at "The Gallery" and the appointment of Juan José Gómez as Power Station Manager. The company is collaborating with MOQ Engineering for the final design and load calculations, ensuring a robust and effective energy solution tailored to Portugal's regulatory framework.
