Israel's Electric Authority Sets Feed-in Tariff for Eco Wave Power’s EWP-EDF One Project

Eco Wave Power Global AB is pleased to announce that the Israeli Electric Authority (IEA) has set an official Feed-in Tariff (“FIT”) for the Company’s newly-installed wave energy pilot project (“EWP-EDF One Project”) at the Port of Jaffa in Tel Aviv, Israel. 

With the FIT in place, the Israeli Electric Company (IEC) commenced operations to officially connect the EWP-EDF One wave energy project to Israel’s energy grid. Once connected, the EWP-EDF One Project will represent the first time in the country’s history that electricity produced by the power of waves will be transmitted to Israel’s national electric grid.

The EWP-EDF One Project is executed in collaboration with and co-funding from EDF Renewables IL and the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” 

“The official start of grid connection for our EWP-EDF One Project is a moment that we have been waiting for, as it represents an important milestone for our company and our country,” said Inna Braverman, Eco Wave Power’s Founder and CEO. “Eco Wave Power is committed to making a positive change in the world, and we can’t wait to turn the switch on at the EWP-EDF One Project at the Port of Jaffa.”

In July 2022, Eco Wave Power announced that it commenced real conditions test runs on the EWP-EDF One Project to examine the operation of the mechanical and hydraulic subsystems of the project. The floaters were lowered into the water for the first time, and the successful testing puts Eco Wave Power one step closer to full operation of the power station.

Additionally, Eco Wave Power will soon commence installation on its first U.S. location of its wave energy technology at AltaSea at the Port of Los Angeles. Furthermore, the Company holds concession agreements for commercial installations in Spain, Portugal, and other locations, completing the Company’s growing 327.7 MW project pipeline.