Eco Wave Power Signs MoU with CIMC for Deployment of Wave Energy Tech in China

Monday, October 11, 2021

CIMC Offshore Engineering Institute (CIMC OEI) has signed a memorandum of understanding with wave energy technology company Eco Wave Power.

CIMC OEI is an engineering company that designs and builds offshore marine structures such as offshore drilling rigs, Floating Production Storage and Offloading (FPSO), special purpose vessels, offshore renewable energy, and ocean farming facilities. 

According to the terms of the MOU, the parties would work towards the promotion of a pilot plant in China based on Eco Wave Power’s technology and explore possibilities for offshore application of the Eco Wave Power technology. 

CIMC OEI and Eco Wave Power also plan to collaborate on preparing and submitting written joint submissions to various state and municipal entities in China. 

Further, CIMC OEI’s plans to introduce Eco Wave Power to potential clients and support negotiations with CIMC OEI’s existent clients and ports within China, for the purpose of technology commercialization. CIMC OEI will also provide engineering services to selected projects. The term of the MOU is for two years, and it 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 for the implementation of innovative renewable energy sources in the People’s Republic of China. Since 2017, we have been examining the possibility of collaboration with offshore wave energy developers. However, after thorough market research, we have decided to promote collaboration with Eco Wave Power, which we view as a promising new direction for the industry.”

Inna Braverman, founder, and CEI of Eco Wave Power said: “Yantai CIMC Raffles Offshore Limited (“CIMC Raffles”) has delivered more than 100 offshore and marine equipment, including 11 deep-water semi-submersible drilling rigs, which accounts for 80% of units delivered by China and 25% of the market share around the world. With this kind of market spread capabilities, coupled with CIMC’s approach for innovation, we believe that the collaboration with CIMC Raffles may significantly reinforce Eco Wave Power’s penetration strategy to innovative markets, with high levels of energy demand, while also reinforcing CIMC’s portfolio of innovative solutions.”

Eco Wave Power specializes in onshore/nearshore wave energy technology. It installs its systems in the onshore and nearshore environment and attaches them to marine structures, such as breakwaters. Read more on how its system works.

Categories: Renewable Energy Engineering Activity Asia Renewables Wave Power

Related Stories

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

DOF Secures Moorings Hook-Up Job in Asia Pacific

Floating Offshore Wind Test Center Planned for Japan

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Sapura Energy Rebrands to Vantris Energy

CNOOC Finds Oil and Gas in South China Sea

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com