Wave energy developer, Eco Wave Power has announced the signing of an MOU with MSMART Future Technology, as the basis for the development of a 50 MW wave energy array in Vietnam. The collaboration between the two companies will span two phases.
Courtesy of Eco Wave Power
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 50 MW 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 percent by 2030” said Inna Braverman, CEO of Eco Wave Power.
Nguyen Quang Vinh, CEO of MSMART Future Technology, added that the partnership with Eco Wave Power is a compelling fit that accelerates the company’s strategy to expand the MSMART Future Technology’s portfolio towards wave energy and that the company is committed to applying Eco Wave Power’s disruptive technology to bring innovative wave energy into the Vietnamese market.