During the reporting period, Eco Wave Power prepared a feasibility report which included a market feasibility report, a technical feasibility report, planning for the construction and operation of a commercial wave energy power station in Gibraltar, and a risk assessment analysis for the project.
The market feasibility included an assessment of trends in the broader renewable energy field and in the wave energy field, a refinement of the company’s business model, an assessment of the company’s value chain and customer segmentation, and a refinement of the company’s market entry pathway.
The technical feasibility study, included an assessment of the available locations in Gibraltar for the construction of a commercial-scale wave energy power station, a review of the wave data from the selected location and it’s comparison with operational production data from the company’s current wave energy array in Gibraltar for the creation of a power matrix, and the preparation of an electricity forecast model for the planned commercial station in Gibraltar.
The planning for the construction of the power station included, the preparation of an initial bill of materials (BOM), a cost-benefit Analysis and the preparation of an initial work plan and time-line for the construction of the planned station.
In addition, a risk assessment analysis was undertaken in order to mitigate potential risks to the planned project. The outcomes of which were incorporated into project planning.
This report enabled EWP to perform a detailed site analysis, production forecast, initial planning and risk analysis, while also addressing issues concerning market size and penetration. The study also showcased the viability of the expansion of the EWP power station.
