Monday 14 December 2015

Wave energy developer receives EU funding

A wave energy developer has received an EU grant to build a power station in Gibraltar.

The European Commission will fund 30% of the total construction costs.

During the first phase, Israeli firm Eco Wave Power (EWP) will build a 100KW power station.

In the second phase the power plant will be expanded to 5MW - which will provide up to 15% of Gibraltar's electricity needs, EWP claims.

EWP's technology works by using uniquely shaped buoys which rise and fall with the motion of the ocean. They harvest constant energy which is produced by waves, “driving a hydraulic piston to deliver high kinetic pressure to an onshore generator which generates electricity”, the company said.

Mr. David leb, Founder and CEO, said: "We are very grateful and excited with the opportunity to build our wave energy power plant in Gibraltar with the assistance from the EU. Wave energy is a growing industry and the financial contribution made by the EU is very significant and shows positive progress in the right direction."

The company raised $2 million (£1.3m) of funds to build a pipeline earlier this year.