STOCKHOLM, Oct. 26, 2020 /PRNewswire/ -- Swedish wave energy company, Eco Wave Power (EWPG Holding AB; ECOWVE) , develops a new software for real-time production verification. In addition to guaranteeing production efficiency, it also allows for the timely maintenance of the wave energy power plants.
The company's R&D and engineering department used extensive analysis of the global wave energy industry and found a strong need for the possibility of real-time production verification, which shall have significant impact on the possibility of the wave energy sector to secure debt financing and also impact on maintenance processes, including cost minimisation and duration.
The ensuing research focused on developing a computer system connected to a wave measuring technology on the one side and to the wave energy conversion unit, on the other side. The aim of which will be to provide a complete and fast live report of the current efficiency status of production of each wave energy module in a wave energy power plant.
The result will be the preventative-predictive and corrective smart Wave Power Verification (WPV) software. The software can speed up efficiency verification of the different sub systems of wave energy generation technologies, as well as detect failures in wave modules instantly.
Eco Wave Power's team of engineers currently work to finalize the development of the WPV (Wave Power Verification) project, which will get its first trial launch in the EWP-EDF One project, which is financed by the Israeli Energy Ministry and EDF Renewables IL.
Inna Braverman, Founder and CEO of Eco Wave Power said: "With this software, Eco Wave Power will put an end to some of the prevailing problems in the wave energy industry - which significantly affect commercialization efforts - by verifying the production, while predicting the failures. As soon as we will finalize the software's development, we will add it to our product portfolio and position Eco Wave Power not only as a technology provider, but also as a world-leader in a proprietary software for the growth of the whole industry. We plan to release the software for use by third parties, such as other wave energy developers, as well as relevant research institutions and leading universities, through unique licensing agreements. We strongly believe that the production of clean electricity from the waves is an important segment for the fight against climate change and are looking forward to contribute to the sector's rapid development and commercialization."
About EWPG Holding AB (SE0012569663)
EWPG Holding AB (publ) ("Eco Wave Power") 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, firstname.lastname@example.org).
Read more about Eco Wave Power at: www.ecowavepower.com
Press images and other media material is available for download via the following link: https://www.ecowavepower.com/gallery/photos/.
For more information, please contact:
Inna Braverman, CEO
Andreas Kihlblom, CFO
+46 (0)8 420 026 94
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