Under the terms of the MoU, the parties would work to promote a pilot plant in China based on Eco Wave Power technology and explore the possibilities of offshore application of Eco Wave Power technology.
The parties also plan to collaborate in the preparation and submission of joint written submissions to various state and municipal entities of the People’s Republic of China. In addition, CIMC OEI intends to introduce Eco Wave Power to potential customers and support negotiations with existing CIMC OEI customers and ports in China, for the purpose of commercializing the technology. CIMC OEI will also provide engineering services to the selected projects. The duration of the MOU is two years and may be extended by the parties.
Liu Dahui, Chief Engineer at CIMC OEI, said, “The collaboration between Eco Wave Power and CIMC OEI is in line with our pioneering vision of implementing innovative renewable energy sources in the People’s Republic of China. Since 2017, we have been studying the possibility of collaboration with offshore wave energy developers. However, after extensive market research, we have decided to promote the collaboration with Eco Wave Power, which we see as a promising new direction for the industry.
Inna Braverman, Founder and CEO of Eco Wave Power said: “Yantai CIMC Raffles Offshore Limited (‘CIMC Raffles’) has delivered over 100 offshore and marine equipment, including 11 semi-submersible deepwater drilling rigs, which represents 80% of the units delivered by China and 25% of the market share in the world. With this type of market diffusion capabilities, coupled with CIMC’s innovation approach, we believe that collaboration with CIMC Raffles can significantly strengthen Eco Wave Power’s penetration strategy in innovative markets, with levels high energy demand, while strengthening CIMC’s portfolio of innovative solutions. . “