Eco Wave launches MW-scale wave project in Portugal

Onshore wave energy technology company Eco Wave Power Global AB (NASDAQ:WAVE) announced on Monday it has officially launched its first MW-scale wave energy project in Portugal.

Located in the city of Porto, the new project is part of a 20-MW Concession Agreement with local port authority APDL. Eco Wave plans to gradually expand the project to the whole installed capacity.

The announcement comes after a meeting between Eco Wave's head Inna Braverman, and its engineering team, and an official site visit with APDL, and other relevant stakeholders for the MW-scale scheme.

In March 2024, the company received the final approval necessary for the commencement of construction works on the project within a two-year period.

Overall, Portugal aims to generate 85% of its annual electricity production from renewable sources by 2030, Eco Wave noted.

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