Consortium including Eco Wave Power, Toshiba, Hitachi Energy, and UK Universities Secure £1.5 Million Grant to Develop Wave-Powered Microgrid for Island in Thailand

Rhea-AI Summary

Eco Wave Power Global (Nasdaq: WAVE) has secured a £1.5 million grant as part of a consortium to design a pilot microgrid project for a remote island in Thailand. The project aims to develop onshore Wave Energy Converters to provide clean, affordable, and accessible energy to low-income residents in islands. The consortium includes Toshiba, Aquatera, Hitachi, and teams from various universities. The project will develop new technologies such as predictive control systems, radar systems, AI-based load and generation prediction systems, and wireless energy management systems. The project also aims to commercialize novel technologies and customize WECs for islands and microgrid applications. The Provincial Electricity Authority of Thailand will act as the microgrid operator on the island, providing inexpensive electricity tariffs for residents.

Insights

Energy Market Analyst

An assessment of Eco Wave Power Global's recent grant acquisition reveals significant potential for industry disruption within the renewable energy sector. The grant, allocated for the development of onshore Wave Energy Converters (WECs), underscores a strategic pivot towards clean energy solutions that are both cost-effective and environmentally sustainable. This development aligns with global trends emphasizing renewable energy adoption to mitigate climate change impacts.

The inclusion of established entities like Toshiba and Hitachi in the consortium, along with academic institutions, signals a collaborative approach that could accelerate technological advancements and commercial viability. The project's emphasis on AI-based systems and predictive controls for optimizing energy output could set new industry standards for efficiency and reliability in wave energy conversion, potentially affecting future investment in the sector.

For stakeholders, the short-term benefits include positioning EWP as a leader in wave energy technology, potentially increasing its market value. Long-term implications suggest a scalable model for remote and island communities worldwide, addressing energy accessibility and affordability issues. However, the technology's success hinges on overcoming challenges such as integration with existing grid infrastructures and proving long-term operational reliability.

Renewable Energy Technology Expert

The technological innovations proposed, such as novel predictive control systems and a radar system for wave height forecasting, represent a leap forward in the operational efficiency of WECs. The predictive capabilities could lead to a more consistent energy supply, reducing the unpredictability associated with wave energy. Additionally, the development of a wireless, distributed energy management system could circumvent the need for costly lithium-ion battery storage, overcoming a significant barrier to the adoption of renewable energy sources.

These advancements could result in a lower levelized cost of energy, making wave power a more competitive alternative to traditional energy sources. The project's success could catalyze further research and development, leading to increased investor interest in wave energy as a commercially viable renewable energy source.

Sustainable Development Analyst

The grant-funded project's focus on providing affordable and clean energy to low-income residents of remote islands aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 7: Affordable and Clean Energy. By reducing the reliance on diesel generators, which are costly and environmentally harmful, the project could contribute significantly to reducing greenhouse gas emissions in the region.

Moreover, the involvement of the Provincial Electricity Authority of Thailand in minimizing capital costs and maintenance for residents could serve as a model for public-private partnerships in sustainable development. The potential replication of this model in other Southeast Asian countries could stimulate regional economic growth while enhancing energy security and sustainability.

Innovate UK's Energy Catalyst Program Grant to Fund the Development of EWP Onshore Wave Energy Converters to Supply Power to Remote Island

TEL AVIV, Israel, Feb. 8, 2024 /PRNewswire/ -- Eco Wave Power Global (Nasdaq: WAVE) ("Eco Wave Power" or the "Company" or "EWP"), a leading, publicly traded onshore wave energy company, is pleased to announce that  it has won a £1.5 million grant (the "Grant") as part of a consortium led by Toshiba (U.K.) and Aquatera (U.K.) to design a pilot microgrid project for a remote island in Thailand.

The £1.5 million grant is part of Innovate UK's Energy Catalyst program Round 10, which supports U.K. and international businesses and organizations in developing market-focused technologies that provide clean, affordable and accessible energy.. 

The consortium is led by Toshiba Europe Limited  ("Toshiba") ,  Aquatera Ltd ("Aquatera") and also includes Hitachi Energy Ltd. ("Hitachi") and teams from the University of Manchester, the University of Exeter, the Asian Institute of Technology ("AIT"), and the Queen Mary University of London ("QMUL"). The consortium will utilize the onshore Wave Energy Converters (WECs) developed by EWP and implement advanced technology developed by the corporate partners and the university teams.

Eco Wave Power was selected by the parties as Eco Wave Power's WEC offers several competitive advantages including cost-efficiency, insurability, reliability, environmental friendliness, and a forecasted attractive levelized cost of energy for low-income residents in islands, in comparison to solar and diesel generators.

New technology to be developed as part of the project will include the development and deployment of:        

• novel and predictive control systems;
• a radar system to forecast wave heights to help avoid hazardous conditions and maximize WECs energy generation;
• a fully AI-based load and generation prediction system; and
• wireless, distributed energy management system to provide electricity without expensive lithium-ion batteries.

Professor Guang Li, of the University of Manchester, said: "This is a second grant from Innovate UK for the development and commercialization of the Eco Wave Power's technology. In our previous early-stage project, we have numerically demonstrated the efficacy of our advanced control technology that can improve the onshore WEC energy output by at least 40%. This project will enable us to continue our study in this area to further promote the technology readiness level and significantly enhance the WEC potential."

Dr Kamyar Mehran, the project investigator from QMUL, added, "I am excited to start our second phase of this project after our successful initial feasibility study. We would like to thank Innovate UK for the generous funding, which can pave the way for the commercialization of all novel technologies we have researched for years. I also believe with our great partners we can achieve all of our objectives in this project".

Inna Braverman, Founder and CEO of Eco Wave Power, commented: "We see this as a strong vote of confidence in Eco Wave Power and our pioneering technology and look forward to a productive collaboration with the team from Toshiba, Hitachi, Aquatera Queen Mary University of London, University of Manchester, The Asian Institute of Technology, the University of Exeter, and the Provincial Electricity Authority of Thailand. We are extremely grateful to Innovate UK for this Grant, as this project presents a unique opportunity for us to research a new technology application for our WEC, customized for islands and other micro grid applications, which are a significant target market for Eco Wave Power."

The Thai electrical state enterprise, the Provincial Electricity Authority (the "PEA"), will act as the microgrid operator on the island and minimize the capital cost of electricity to provide an electricity tariff, as inexpensive as monthly mobile charges, without incurring any asset ownership and maintenance costs for residents.

Aquatera, with its close collaboration with AIT, will be active in seeking further private and public investment for similar pilot projects in Thailand's islands and even neighboring Southeast Asian countries with excellent potential for wave energy pilots.

PEA officials said: "PEA is a leading organization in the region, which focuses on providing efficient, reliable electricity services, related business for developing the quality of life, and sustainability of economics and society."

About Eco Wave Power Global AB

Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company completed construction of and received all approvals for its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power's technology as "Pioneering Technology." The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history. Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles, and plans to move towards its first commercial installation in Portugal. In addition, the Company holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.

Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements when discussing the prospective utilization of EWP's WECs and advanced technology developed by the corporate entities in the consortium, including novel and predictive control systems, a radar system to forecast wave heights to help avoid hazardous conditions and maximize WECs energy generation, a fully AI-based load and generation prediction system, and wireless, distributed energy management system to provide electricity without expensive lithium-ion batteries, that this project will enable us to continue our study in this area to further promote the technology readiness level and significantly enhance the potential of WEC, the belief that the consortium can achieve all of its objectives in this project, the prospective involvement of PEA, and that Aquatera and AIT will be active in seeking further private and public investment for similar pilot projects. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading "Risk Factors" in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

For more information, visit: www.ecowavepower.com/about/who-are-we

Media Contact:

Erica Zeidenberg
Hot Tomato Marketing
erica@hottomato.net
925.518.8159

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FAQ

What grant has Eco Wave Power secured and for what purpose?

Eco Wave Power has secured a £1.5 million grant to design a pilot microgrid project for a remote island in Thailand, aiming to develop onshore Wave Energy Converters to provide clean, affordable, and accessible energy.

Who are the members of the consortium led by Toshiba and Aquatera?

The consortium includes Toshiba, Aquatera, Hitachi, and teams from the University of Manchester, the University of Exeter, the Asian Institute of Technology, and the Queen Mary University of London.

What new technologies will be developed as part of the project?

The project will develop new technologies such as predictive control systems, radar systems, AI-based load and generation prediction systems, and wireless energy management systems.

What is the role of the Provincial Electricity Authority of Thailand in the project?

The Provincial Electricity Authority will act as the microgrid operator on the island, providing inexpensive electricity tariffs for residents.

What is the aim of the project in terms of commercialization?

The project aims to commercialize novel technologies and customize WECs for islands and microgrid applications.