Publicly traded wave energy developer, Eco Wave Power (Stock Symbol: ECOWVE), 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.
The collaboration between the parties shall be executed in milestones. In the first phase, the Eco Wave Power engineering team, will perform an in-depth feasibility study, at the selected site in Vietnam.
The study will include the installation of a wave measurement buoy, for collection of the site’s wave climate.
Once studies are completed to the satisfaction of the parties, they will work towards the establishment of a Joint Venture company in Vietnam for the development of a 50MW wave energy array.
“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” says Inna Braverman, CEO of Eco Wave Power. “
“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” Says Nguyen Quang Vinh, CEO of MSMART Future Technology.