Pioneering Israeli wave energy company attracts global attention

The Israeli company Eco Wave Power has garnered significant international attention for its innovative ocean wave energy technology.

Last month, Eco Wave Power ($WAVE) launched a demonstration project at Jaffa Port in Tel Aviv, where its headquarters are located, in collaboration with its partner, EDF Renewables Israel.

The company is also preparing to establish similar demonstration projects in Los Angeles and Taiwan, with plans for a large-scale rollout in Portugal.

Eco Wave Power is not the first energy wave business. However, most previous wave energy projects have failed due to high costs and the need to deploy the technologies at sea, according to Eco Wave Power founder and CEO Inna Braverman.

“They have struggled to deploy because of the price and survivability,” she assessed.

By contrast, the technology offered by Eco Wave Power is designed to be used near the shore alongside pre-existing infrastructure such as piers, jetties and breakwaters. This makes the company’s technology more sustainable and financially viable, according to Braverman.

In November, the company CEO emphasized the importance of launching the State of Israel's first wave energy technology project.

“The launch of Israel’s first wave energy power plant is more than just a technological achievement – it’s a powerful statement about the future we envision. This project at Jaffa Port represents a historic milestone in the global renewable energy journey, proving that sea waves can be a viable, clean, and consistent source of electricity,” Braverman stated.

“We are proud to collaborate with EDF Renewables IL, Tel Aviv-Yafo Municipality, and [the Atarim Group, which manages the Tel Aviv-Yafo coastline,] to place Israel at the forefront of wave energy innovation. Together, we are creating a new wave of possibilities in the fight against climate change.” 

Several dignitaries attended the opening of the project in Jaffa Port including Israeli President Isaac Herzog, Tel Aviv Mayor Ron Huldai and Environmental Protection Minister Idit Silman.

Braverman told The Times of Israel that Eco Wave Power has ambitious plans to construct the world’s first commercial-scale wave power facility in Porto, Portugal. Once it is operational, the 20-megawatt project will be able to provide electricity for approximately 20,000 households.

Remarkably, even countries without diplomatic ties to Israel, such as Iran, Qatar, and Saudi Arabia, have reportedly expressed interest in the company’s pioneering green energy solutions.

While Eco Wave Power is developing technologies for wide international applications, it is simultaneously committed to improving the energy situation at home for Israeli citizens.

In April 2023, the company announced it had signed a power purchase agreement with Israel's National Electric Company to link the wave-energy power plant to the Israeli electric grid.