Eco Wave Power (EWP) has established EW Portugal – Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal.
This move should enable EWP to commence official licensing procedures for its planned 20MW wave energy project in Portugal.
This is part of the company’s concession deal with the Port Authority of Leixões, APDL.
Inna Braverman , founder and CEO of Eco Wave Power, said:
“The European wave energy market is expected to reach a rapid growth and Portugal is taking a leadership role in this development.
“With Portugal’s forward-thinking policies, we see tremendous potential to develop wave energy projects in the country and are very pleased to become part of Portugal’s renewable energy community”.
In November 2017, the government of Portugal approved the Industrial Strategy for Ocean Renewable Energies (EI-ERO).
The objective is to create a competitive and innovative industrial export cluster for ocean renewable energies, such as wave energy.
Portugal estimates that there is a potential to install 3-4GW of wave power capacity in the country alone.
It also believes that ocean renewable energies have the potential to supply 25 per cent of its annual power consumption.
In addition, the sector could generate €254 million in investment, as well as 1,500 new jobs.
The law firm PLMJ took care of the opening procedures of the subsidiary.
PLMJ will also take responsibility for handling the licensing procedures for Eco Wave Power’s planned wave energy development in Portugal.
Joana Brandão, Managing Associate of PLMJ said:
“Impact investing has come about because of the need to respond to two challenges.
Firstly, to find innovative solutions to the social and environmental challenges of our time.
Secondly, to respond to the changing preferences of the millennial generation for sustainable companies with a sense of purpose.
This generation today represents 35% of the labour market and will be the largest holder of wealth in the coming decades.
We believe that Eco Wave Power provides a response to both challenges and are proud to be assisting the company with its first steps in Portugal.”