Publicly traded wave energy developer, Eco Wave Power, announces today the signing of an MOU with MSMART Future Technology, as the basis for the development of a 50MW wave energy array in Vietnam.

The collaboration between the parties shall be executed in milestones. In the first phase, the Eco Wave Power engineering team, will perform an in-depth feasibility study, at the selected site in Vietnam. The study will include the installation of a wave measurement buoy, for collection of the site’s wave climate. Once studies are completed to the satisfaction of the parties, they will work towards the establishment of a Joint Venture company in Vietnam for the development of a 50MW wave energy array. For further information see the IDTechEx report on Wave, Tidal and Hydro Power 1W-10MW 2018-2038.

“We look forward to demonstrating our solution together with MSMART Future technology in Vietnam, which will support Vietnam’s plan to increase its’ renewable energy sources, while reducing GHG emission by 8% by 2030,” says Inna Braverman, CEO of Eco Wave Power.

“The partnership with Eco Wave Power is a compelling fit that accelerates our strategy to expand the MSMART Future Technology’s portfolio towards wave energy. Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market,” Says Nguyen Quang Vinh, CEO of MSMART Future Technology.

About EWPG Holding AB

EWPG Holding AB is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from sea and ocean waves. EWP is recognized as a “Pioneering Technology” by Israel’s Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. Furthermore, EWP’s project in Gibraltar has received funding from the European Union Regional Development Fund and from the European Commission‘s HORIZON2020 framework program. The company was also recently recognized by the United Nations in receiving the “Climate Action Award”, which was granted to the company during COP25 in Madrid, Spain.

The Eco Wave Power share (ECOWVE) is traded on Nasdaq First North Growth Market.

FNCA is the company’s Certified Advisor (+46 8-528 00 399, info@fnca.se).

or more information, please contact:

Inna Braverman, CEO

+97235094017

Andreas Kihlblom, CFO

+46 (0)8 420 026 94

About MSMART Future Technology

Msmart Future Technology Co Ltd is a company specializing in the import and distribution of exclusive production of smart technology products. MSMART Future technology is a subsidiary of Star Team, which is an alliance investment company, formed to optimize the human and financial resources of its member companies as well as a strategic investment consultant for international partners in Vietnam, which develop business in the Vietnam market, as well as international markets, and has partners such as Neste Oil, Walmart and others.

Source: Cision

Top image: Eco Wave Power

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