Eco Wave Power Reaches Key Milestone in Portuguese Wave Energy Project, Paving the Way for a 2026 Launch and Global Expansion
Eco Wave Power (NASDAQ: WAVE) has engaged MOQ Engineering to perform final design and load calculations for its wave energy project in Porto, Portugal, targeting a 2026 launch. The project is part of a 20 MW Concession Agreement with APDL and will include an underwater wave energy museum and education centre.
MOQ's work, scheduled for completion by February 2025, focuses on civil engineering design and load calculations for the floaters, important components of the wave energy conversion system. Following MOQ's completion, Eco Wave Power will submit the execution project to APDL for approval before proceeding to floater production.
The project aligns with Portugal's goal to generate 85% of electricity from renewable sources by 2030. The company is also advancing projects in Taiwan and the Port of Los Angeles, with plans to announce additional global initiatives.
Eco Wave Power (NASDAQ: WAVE) ha incaricato MOQ Engineering di realizzare il progetto finale e i calcoli di carico per il suo progetto di energia dalle onde a Porto, in Portogallo, con l'obiettivo di lanciarlo nel 2026. Il progetto fa parte di un Accordo di Concessione da 20 MW con APDL e includerà un museo sottomarino dedicato all'energia dalle onde e un centro educativo.
Il lavoro di MOQ, previsto per essere completato entro febbraio 2025, si concentra sulla progettazione ingegneristica civile e sui calcoli di carico per i galleggianti, componenti essenziali del sistema di conversione dell'energia dalle onde. Al termine del lavoro di MOQ, Eco Wave Power presenterà il progetto esecutivo ad APDL per l'approvazione prima di procedere con la produzione dei galleggianti.
Il progetto è in linea con l'obiettivo del Portogallo di generare l'85% dell'elettricità da fonti rinnovabili entro il 2030. L'azienda sta inoltre portando avanti progetti a Taiwan e nel porto di Los Angeles, con piani per annunciare ulteriori iniziative globali.
Eco Wave Power (NASDAQ: WAVE) ha contratado a MOQ Engineering para realizar el diseño final y los cálculos de carga para su proyecto de energía de olas en Oporto, Portugal, con el objetivo de lanzarlo en 2026. El proyecto es parte de un Acuerdo de Concesión de 20 MW con APDL e incluirá un museo submarino de energía de olas y un centro educativo.
El trabajo de MOQ, programado para finalizar en febrero de 2025, se centra en el diseño de ingeniería civil y los cálculos de carga para los flotadores, componentes importantes del sistema de conversión de energía de olas. Tras la finalización del trabajo de MOQ, Eco Wave Power presentará el proyecto executivo a APDL para su aprobación antes de avanzar hacia la producción de flotadores.
El proyecto se alinea con el objetivo de Portugal de generar el 85% de la electricidad a partir de fuentes renovables para 2030. La empresa también está avanzando en proyectos en Taiwán y en el puerto de Los Ángeles, con planes de anunciar iniciativas globales adicionales.
에코 웨이브 파워 (NASDAQ: WAVE)는 포르투갈 포르투의 파도 에너지 프로젝트를 위한 최종 설계 및 하중 계산을 수행하기 위해 MOQ 엔지니어링을 고용했습니다. 이 프로젝트는 2026년 출시를 목표로 하고 있으며, 20 MW 양허 계약의 일환으로 APDL과 협력하고, 수중 파도 에너지 박물관 및 교육 센터를 포함할 것입니다.
MOQ의 작업은 2025년 2월까지 완료될 예정이며, 파도 에너지 변환 시스템의 중요한 구성 요소인 플로터의 토목 공학 설계 및 하중 계산에 중점을 두고 있습니다. MOQ의 작업이 완료된 후, 에코 웨이브 파워는 플로터 생산에 착수하기 전에 APDL에 실행 프로젝트를 제출하여 승인을 받을 것입니다.
이 프로젝트는 포르투갈의 2030년까지 85%의 전기를 재생 가능 자원에서 생산하는 목표와 일치합니다. 회사는 대만과 로스앤젤레스 항에서도 프로젝트를 진행 중이며, 추가적인 글로벌 이니셔티브를 발표할 계획입니다.
Eco Wave Power (NASDAQ: WAVE) a engagé MOQ Engineering pour réaliser la conception finale et les calculs de charge de son projet d'énergie des vagues à Porto, au Portugal, visant un lancement en 2026. Le projet fait partie d'un Accord de concession de 20 MW avec APDL et comprendra un musée sous-marin dédié à l'énergie des vagues et un centre éducatif.
Le travail de MOQ, dont l'achèvement est prévu pour février 2025, se concentre sur la conception en ingénierie civile et les calculs de charge pour les flotteurs, composants essentiels du système de conversion d'énergie des vagues. Après l'achèvement de MOQ, Eco Wave Power soumettra le projet d'exécution à APDL pour approbation avant de procéder à la production des flotteurs.
Le projet est en ligne avec l'objectif du Portugal de générer 85 % de son électricité à partir de sources renouvelables d'ici 2030. L'entreprise avance également des projets à Taïwan et dans le port de Los Angeles, avec des plans d'annoncer des initiatives globales supplémentaires.
Eco Wave Power (NASDAQ: WAVE) hat MOQ Engineering beauftragt, das endgültige Design und die Lastberechnungen für sein Wellenenergieprojekt in Porto, Portugal, durchzuführen, mit dem Ziel, es 2026 zu starten. Das Projekt ist Teil eines 20 MW Konzessionsvertrags mit APDL und wird ein Unterwassermuseum für Wellenenergie und ein Bildungszentrum umfassen.
Die Arbeiten von MOQ, die bis Februar 2025 abgeschlossen sein sollen, konzentrieren sich auf das Bauingenieurwesen und die Lastberechnungen für die Schwimmer, wichtige Komponenten des Wellenenergieumwandlungssystems. Nach Abschluss der Arbeiten von MOQ wird Eco Wave Power das Ausführungsprojekt zur Genehmigung an APDL einreichen, bevor die Produktion der Schwimmer fortgesetzt wird.
Das Projekt stimmt mit dem Ziel Portugals überein, bis 2030 85 % des Stroms aus erneuerbaren Quellen zu erzeugen. Das Unternehmen verfolgt auch Projekte in Taiwan und im Hafen von Los Angeles und plant, zusätzliche globale Initiativen anzukündigen.
- Secured 20 MW Concession Agreement for Porto project
- Project development on track for 2026 launch
- Geographic expansion with confirmed projects in Taiwan and Los Angeles
- Alignment with Portugal's renewable energy goals provides regulatory support
- None.
Insights
The engagement of MOQ Engineering for the Porto wave energy project marks a strategic advancement in Eco Wave Power's commercialization journey. The 20 MW concession agreement with APDL represents a
The Portuguese market selection is particularly shrewd - Portugal's commitment to
The planned February 2025 completion of engineering work positions WAVE for production phase initiation by Q2 2025, suggesting initial revenue generation could begin by late 2026. The global expansion strategy, particularly into Taiwan and Los Angeles, indicates a clear path to market scaling, though investors should note that wave energy technology remains in early commercial stages with associated execution risks.
The collaboration with MOQ Engineering represents a critical technical milestone. The focus on detailed load calculations for the floaters is fundamental - these components must withstand extreme maritime conditions while maintaining optimal energy conversion efficiency. MOQ's expertise in Building Information Modeling (BIM) and parametric design suggests a sophisticated engineering approach that could enhance system reliability and performance.
The decision to house the energy conversion equipment in "The Gallery" underneath the breakwater is technically advantageous. This protected location should reduce maintenance requirements and extend equipment lifespan compared to exposed installations. The underwater museum concept, while novel, doesn't compromise the technical integrity of the installation.
The phased approach - moving from engineering design to APDL approval before component production - demonstrates sound project management and risk mitigation. This methodical progression increases the likelihood of successful implementation and could serve as a blueprint for future installations globally.
The project is a part of a 20 MW Concession Agreement entered into with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL), which is located in the city of
The collaboration with MOQ will focus on delivering the final civil engineering design and detailed load calculations for the floaters, which are key components of Eco Wave Power's innovative wave energy conversion system. These calculations and designs will be ensuring the safe and efficient installation of the floaters on the marine structure at the project site. This phase of work is scheduled for completion by February 2025.
Upon completion of MOQ's scope of work, Eco Wave Power will submit the full execution project, including all finalized engineering and technical specifications, to APDL. The approval of the execution project by APDL will mark the transition to the next phase of the project: the production of the floaters and accompanying structural components.
The first MW-scale wave energy project in
Eco Wave Power is also advancing additional projects globally, including upcoming initiatives in
Inna Braverman, CEO of Eco Wave Power, commented:
"This collaboration with MOQ Engineering represents significant progress in the development of our Portuguese project. Their expertise in engineering and design ensures that we are meeting the highest safety and operational standards. With their work on track for completion this February, we are steadily moving closer to the production phase and the realization of our goal to make wave energy an integral part of
Manuel Cardoso, Partner of MOQ Engineering, commented:
"We are honored to partner with Eco Wave Power on this innovative wave energy project. At MOQ, we pride ourselves on delivering engineering solutions that align with the highest standards of safety, efficiency, and sustainability. This project reflects our commitment to leveraging advanced technologies like building information modelling (BIM) and parametric design to optimize results while contributing to
About MOQ Engineering
MOQ Engineering is a leading Portuguese firm specializing in structural and civil engineering solutions. With a strong foundation in technical expertise and a forward-thinking approach, MOQ has rapidly become a trusted partner for projects across
At the heart of MOQ's mission lies a balance between engineering excellence and sustainability. The company delivers innovative and precise designs that meet modern infrastructure challenges while reducing environmental impact. By employing advanced technologies such as Building Information Modelling (BIM), parametric design, and scripting, MOQ optimizes designs for safety, efficiency, and minimal waste, ensuring the highest standards in every project.
MOQ's expertise spans the entire project lifecycle, from conceptual design and detailed calculations to on-site technical support. The team's commitment to quality, integrity, and precision ensures that all solutions are not only sustainable but also practical and buildable, addressing the complexities of today's infrastructure needs.
Sustainability is deeply embedded in every decision MOQ makes. Recognizing the critical role engineering plays in combating climate change, the firm prioritizes low-carbon, environmentally conscious solutions that contribute to a greener future. At the same time, MOQ's expertise of structural and civil engineering ensures reliable and innovative designs that stand the test of time.
By harmonizing engineering expertise with sustainability, MOQ Engineering delivers projects that are both cutting-edge and responsible. Learn more about MOQ's vision and achievements at www.moq.pt.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.
Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in
Expanding globally, Eco Wave Power is preparing to install projects at the Port of
The Company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Info@ecowavepower.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the
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FAQ
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