Eco Wave Power has established EW Portugal – Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal.
The strategic decision will allow Eco Wave Power to start official licensing procedures for its planned 20MW wave energy project in Portugal as part of the newly signed concession agreement with Leixões’ Port Authority, APDL.
“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.”nna Braverman, founder and CEO of Eco Wave Power.
In November 2017, Portugal’s government approved the Industrial Strategy for Ocean Renewable Energies (EI-ERO), with the goal of developing a sustainable and advanced industrial export cluster for renewable ocean energies, such as wave energy.
The Government of Portugal estimates that 3-4 GW of wave power capacity can be installed in Portugal alone, and ocean renewable energies have the potential to supply 25 percent of Portugal’s annual power demand, while the sector could produce an investment of €254 million, €280 million of gross value added, trade of €119 million and 1,500 new jobs.
The opening procedures of the subsidiary were handled by the law firm PLMJ, which will also be responsible for managing the licensing procedures for the proposed wave energy production of Eco Wave Power in Portugal.
“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 labor 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.”Joana Brandão, managing associate of PLMJ.