Eco Wave Power signs MOU with MSMART Future Technology Company in Vietnam
- November 3, 2020
- Posted by: Lyn Wilson
- Category: Companies, Engineering, Research Papers, Technology & Innovation, Tenders and Contracts, Water Issues, Asia
Eco Wave Power (EWPG Holding AB; ECOWVE) a publicly traded wave energy developer headquartered in Stockholm, has announced the signing of an MOU with MSMART Future Technology, as the basis for the development of a 50MW wave energy array in Vietnam.
ECOWVE and MSMART Future Technology will collaborate to execute the studies in phases. In phase one an in-depth feasibility study will be carried out by the Eco Wave Power engineering team. The site where the study will be performed will be selected within an area of Vietnam. Phase one study will include the installation of a wave measurement buoy, for collection of the site’s wave climate.
Once satisfactory results have been accomplished by the two parties their objective is to establish a Joint Venture company in Vietnam for the development of a 50MW wave energy array.
CEO of Eco Wave Power Inna Braverman said:
“We look forward to demonstrating our solution together with MSMART Future technology in Vietnam, which will support Vietnam’s plan to increase its renewable energy sources, while reducing GHG emission by 8% by 2030.”
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.
Nguyen Quang Vinh, CEO of MSMART Future Technology commented:
“The partnership with Eco Wave Power is a compelling fit that accelerates our strategy to expand the MSMART Future Technology’s portfolio towards wave energy. Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market.”
MSMART Future technology is a subsidiary of Star Team, which is an alliance investment company, formed to optimize the human and financial resources of its member companies as well as a strategic investment consultant for international partners in Vietnam.