Israel-based Eco Wave Power, a leading onshore wave energy developer, has initiated discussions with the Adani Group to establish a wave energy generation plant at Vizhinjam Port in Kerala. This collaboration aims to make Vizhinjam Port a hub for renewable energy. Inna Braverman, founder and CEO of the Nasdaq-listed firm, confirmed the talks with Adani Vizhinjam Port Private Limited (AVPP).
“We are in discussion with Adani Vizhinjam Port Private Limited for installing power floaters as they are building a new port where they want to make renewable energy,” Braverman said. The Vizhinjam port recently gained approval from the shipping ministry as India’s first transshipment port, marking a significant milestone in the country’s maritime infrastructure.
An Eco Wave Power official stated, “We are currently having discussions with AVPP surrounding the potential implementation of a wave energy project, initially utilising the 980 meters of breakwaters for a prototype and later potentially incorporating the existing 3,000 meters of breakwaters in subsequent project phases.” Each megawatt (MW) of installed capacity at the port site will require 270 linear meters of breakwater space.
Braverman highlighted the regulatory challenges faced by the wave energy sector, noting that building a power station takes about six months, but regulatory approval can take around three years. She also acknowledged past failures of wave energy projects in Australia, Portugal, and Europe due to offshore installation difficulties.
In August 2023, Eco Wave Power connected its station at the Port of Jaffa to Israel’s national power grid, becoming the first company to supply electricity generated from waves. The Jaffa station, with a 100 kilowatt (kW) capacity, can power around 100 homes at peak efficiency, supported by Israel’s Ministry of Energy and EDF Renewables IL. The cost of building a 1 MW wave energy plant is approximately $1.5 million, comparable to investments in wind and solar energy.
Founded in 2011, Eco Wave Power is also set to launch the first-ever US wave energy pilot in collaboration with Shell at AltaSea in the Port of Los Angeles. Additionally, the company received approval for the world’s first commercial-scale wave energy project in Porto, Portugal, with a 20 MW facility to supply electricity to 20,000 households. Eco Wave Power initially raised capital from venture capitalists and was listed on Nasdaq in July 2021. Currently, Braverman and David Leb own 26.5 percent and 26.7 percent shares in the company, respectively, with the remaining holdings owned by Alpha Capital, Pirveli Investments, and others.
The collaboration with Adani at Vizhinjam port represents a significant step forward in harnessing renewable wave energy in India, aligning with the global shift towards sustainable energy solutions.
