New Focus for Wave Energy: Eco Wave Power Signed MOU with Ocean University of China

TEL AVIV, Israel, November 14, 2012 /PRNewswire/ --

A senior delegation from the Governmentally-owned Ocean University of China arrived in Israel and signed MOU with Eco Wave Power.

The MOU between EWP and OUC is meant to lead to the implementation of Eco Wave Power's unique technology across a wide-range of wave-prone regions in China.

     (Photo: http://photos.prnewswire.com/prnh/20121114/574075 )

According to the terms of the agreement, The Ocean University will secure full funding for EWP's first commercial scale project, and conduct the related R&D works, with its state of the art facilities.

This is a great Opportunity for EWP and OUC, as both organizations are known to be leaders in their field of expertise.

The Ocean University of China is under the direct administration of the State Ministry of Education and was defined by the Central Government as one of the 13 national key comprehensive universities in China. During the 10^th "Five Year Plan", OUC was ranked first among the marine-related institutions in terms of number of projects undertaken including the national project 973 and 863 with funds granted by the National Natural Science Foundation of China. Moreover, OUC has been awarded a prize in natural science, two prizes for science progress, and 54 prizes at provincial and ministerial levels.

Eco Wave Power is the first and only wave energy company to ever win the Frost & Sullivan Product Award for developing and implementing an all-round solution for reliable and cost-efficient energy harvesting from waves. During the year of 2012, EWP presented significant progress by constructing its small scale power plant (checked and approved by the Hydro Mechanic Institute in Kiev), As well as a Medium-Scale Power plant which is implemented in the Black Sea, producing 10KW.

EWP has advanced technical capabilities, and a strong financial backing, which will enable the company to become a dominant player in the ocean energy market.

"The cooperation between EWP and OUC was made possible thanks to the Road Show to China that was organized by MATIMOP - The Israeli Industry Center for R&D and the Office of the Chief Scientist at the Ministry of Trade and Labor," said David Leb, the founder of Eco Wave Power.

Ms. Merav Tapiero, the Program Manager of the Israel-China Industrial R&D Cooperation Framework at MATIMOP, elaborated that: "A delegation of Seven Israeli companies was chosen to participate in a clean energy Road Show to China, during mid September. Eco Wave Power, which specializes in wave energy generation, was one of the companies that took part in this activity organized by MATIMOP (on behalf of the chief Scientist office in the Trade & Labor Ministry). The Road Show took place in Beijing, Tianjin, Changzhou and Jinan. During which, the Israeli Companies met Chinese companies for the purpose of establishing technological and industrial collaboration. The uniqueness of Eco Wave Power is in its innovative idea to develop and implement different floaters shapes for every location of implementation. Moreover, as opposed to offshore wave energy solutions, Eco Wave Power came up with an energy conversion system that is located outside of the water, thereby improving reliability.  We welcome the agreement between Eco Wave Power and the OceanUniversity of China, and wish Eco Wave Power good luck in the promotion of its technology."

The EWP technology is especially suitable for implementation in China as it has 18,000 km of coastline, and at least 6000 islands. In addition, according to the CEC (China's Electricity Council) the country will face power supply shortages this year due to a shortage of coal. The CEC estimates that the power shortages will reach 40 million kilowatts in 2012, compared with only 30 million kilowatts shortage in 2011.

Eco Wave Power's ocean energy power plants will be a perfect and cost-efficient solution to China's energy difficulties.

For further information, please contact Mr. David Leb, Founder and CEO of Eco Wave Power Ltd, Tel: +972-54-321-9276, email address:   [email protected], or visit our web-site at http://www.ecowavepower.com

SOURCE Eco Wave Power