Global wave and tidal energy market set for ‘significant growth’ by 2034

Eco Wave progresses several wave energy projects

Eco Wave Power Global AB, a wave energy technology company, recaped several 2024 project milestones in its annual report issued on March 3, 2025.

Offshore Israel: Eco Wave Power inaugurated the EWP-EDF One wave energy project at the Port of Jaffa. The company says the project is the first wave energy project in the history of Israel supplying clean energy to the country’s national grid under a power purchase agreement with the Israeli National Electric Co. Eco Wave Power says this project serves as a testbed for advancing its technology. So far, the pilot project has achieved 24/7 operation in the last week of December 2024; 78% operational uptime in November 2024, with near-zero downtime since May 2024; and operation expenses in line with target of below 4% of the capex annually.

The company plans to conduct R&D in 2025 to refine the wave energy formula that underpins its energy generation targets. The formula, specifically tailored to Eco Wave Power’s technology, will be regularly updated based on operational data. 

Offshore Portugal: Eco Wave Power progressed its first megawatt-scale wave energy project in Porto, Portugal, part of a 20-MW concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL). 

The company also engaged MOQ Engineering to finalize the civil engineering design and load calculations for the project’s floaters, a key component of Eco Wave Power’s technology.

Additionally, Eco Wave Power launched critical infrastructure enhancements at The Gallery, an existing breakwater tunnel that will house its energy conversion equipment and be transformed into a public wave energy museum and educational center. 

Once the final designs are completed by MOQ Engineering in early 2025, Eco Wave Power will submit the full execution plan to APDL. Planned completion of the first 1-MW system is expected during 2026.

Offshore Taiwan: In Taiwan, Eco Wave Power signed a first wave energy project sale agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Co., a maritime engineering company. Under the agreement, I-Ke will locally manufacture the floaters based on Eco Wave Power’s design and purchase a turnkey 100-KW conversion unit from Eco Wave Power, which includes hydraulic, electric and automated control components.

I-Ke will oversee the project’s local components, including the production of floaters, hydraulic cylinders and all other components of the technology, which are located on the seaside of the marine structure. Additionally, I-Ke is responsible for securing permits, land use approvals and other necessary licenses. By supporting local manufacturing and installation, I-Ke aims to position Taiwan as a regional hub for wave energy technology and lay the groundwork for broader deployment in the Asia-Pacific region.

Since the signing of the agreement, Eco Wave Power has created detailed production sketches for the floaters to be installed in Taiwan.

Offshore India: In February 2025, Eco Wave Power signed a non-binding memorandum of understanding with Bharat Petroleum Corp. Ltd. (BPCL), a government-owned oil and gas company, to jointly develop wave energy projects offshore India, beginning with a feasibility study. 

The first phase after the feasibility study will include the deployment of a 100-KW pilot project at BPCL’s Mumbai Oil Terminal. BPCL will oversee regulatory approvals, permits and land use consent, while Eco Wave Power says it will provide its wave energy converter technology, conduct research and optimize power generation efficiency.

Eco Wave Power added that the collaboration aligns with India’s Ministry of New and Renewable Energy’s recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country’s coastline.