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Bringing wave power to a cost competitive level and commercial scale

Periodic Reporting for period 1 - Wave Scale (Bringing wave power to a cost competitive level and commercial scale)

Okres sprawozdawczy: 2019-05-01 do 2019-07-31

According to recent estimates 1.6 billion people — one-fourth of the world’s population — currently lives without electricity. It has been estimated that developing countries spend as much as $40 to $60 billion annually on electricity systems while approximately 40% of the population in these countries remains without electricity. In addition, Energy use and generation is one of the leading sources of environmental degradation worldwide, especially, in developing countries. The disruption of natural ecosystems and the pollution caused by energy use and production has the potential to irreversibly damage our global environment.
Therefore, there is a clear need by governments and private energy corporations to develop and utilize new cheaper, and less environmentally harmful sources of energy production.

Our oceans and seas are a vast source of renewable energy, which according to estimates can produce twice the amount of electricity that the world produces today. Moreover, most of the world’s population is currently living on the coastline and with this type of population distribution, the need for wave energy is undeniable.
Eco Wave Power developed a unique onshore/near-shore wave energy technology. The EWP innovative technology enabled the company to become a pioneer in the wave energy field by operating the only grid-connected wave energy floaters array in the world in Gibraltar, which is operational in accordance with a Power Purchase Agreement.
The objective of the report is the creation of a practical plan for the expansion of the operational power station in Gibraltar to a MW scale. The project will be the first commercial wave farm and will be a significant step forward in the commercialization of wave energy.
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.
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.
The report prepared has shown that EWP’s technology is ready for commercial implementation and has prepared the initial detailed layer for the execution of the first MW scale wave farm. The successful execution of the project will allow Eco Wave Power to begin effectively commercializing its proprietary technology and to commence the development of similar wave energy projects in compatible coastal countries worldwide.
Once a commercial wave farm is executed, it will serve as a significant scientific development and breakthrough for the wave energy field as it will prove that wave energy can be implemented at commercial levels.
More than half of the world's population lives within 100KMs of the coastline, therefore, the utilization of wave energy on a large scale, can potentially reduce the adverse effects of electricity production from fossil fuels and expand the global energy supply.

Furthermore, wave energy has the potential to be a leading renewable energy source and the development of the wave energy field will create an innovative industry, coupled with new work-places.

In addition, wave energy can contribute significantly to developing coastal countries. There is a direct link between energy poverty and financial poverty and the implementation of wave energy will be able to assist these countries in their development.

As to Gibraltar, Eco Wave Power’s planned commercial wave energy power station will allow the citizens of the country to directly benefit from the clean electricity to be generated from the waves. The project will also assist Gibraltar in increasing its generation from renewable energy sources and further meeting the EU renewable energy goals. This will be coupled with jobs creation in the country for the construction, operation and maintenance of the power station.
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