STOCKHOLM, October 26, 2020 / PRNewswire / – Swedish wave energy company Eco Wave Power (EWPG Holding AB; ECOWVE) is developing new software for real-time production verification. In addition to ensuring production efficiency, it also enables timely maintenance of wave power plants.
The company’s R&D and engineering department used an in-depth analysis of the global wave energy industry and saw a strong need for the possibility of real-time production verification, which will have a significant impact. on the possibility for the wave energy sector to obtain debt financing and also an impact on maintenance processes, including minimization of costs and duration.
The research that followed focused on the development of a computer system connected to wave measurement technology on the one hand and to the wave energy conversion unit on the other. The objective will be to provide a complete and rapid live report of the current state of efficiency of the production of each wave energy module in a wave power plant.
The result will be the Smart Wave Power Verification (WPV) preventative-predictive and corrective software. The software can speed up the verification of the efficiency of different subsystems of wave power generation technologies, as well as instantly detect failures of wave power modules.
The Eco Wave Power engineering team is currently working to finalize the development of the Wave Power Verification (WPV) project, which will get its first test launch in the EWP-EDF One project, funded by the Israeli Ministry of Energy and EDF Renewables IL.
Inna Braverman, Founder and CEO of Eco Wave Power said, âWith this software, Eco Wave Power will put an end to some of the problems prevalent in the wave energy industry – which significantly affect marketing efforts – by verifying production , while predicting failures. As soon as we finalize the development of the software, we will add it to our product portfolio and position Eco Wave Power not only as a technology provider, but also as a global leader in proprietary software for business growth. industry as a whole. plan to release the software for use by third parties, such as other wave energy developers, as well as relevant research institutes and leading universities, through unique license agreements. convinced that clean electricity generation from waves is an important segment in the fight against climate change and look forward to contributing to the rapid development and commercialization of the sector. “
About EWPG Holding AB (SE0012569663)
EWPG Holding AB (publ) (“Eco Wave Power”) is a leading onshore wave energy technology company that has developed patented, intelligent and cost-effective technology to transform ocean and sea waves. sea ââin green electricity. Eco Wave Power’s mission is to help fight climate change by enabling the commercial production of electricity from sea and ocean waves.
EWP is recognized as “pioneering technology” by that of Israel Ministry of Energy and has been labeled “Efficient Solution” by the Solar Impulse Foundation. In addition, the EWP project in Gibraltar received funding from the European Union Regional Development Fund and the European Commission’s HORIZON2020 framework program. The company was also recently recognized by the United Nations by receiving the “Climate Action Award”, which was presented to it during COP25 in Madrid, Spain.
Eco Wave Power (ECOWVE) shares are traded on the Nasdaq First North Growth market.
The FNCA is the Approved Advisor of the company (+46 8-528 00 399, [emailÂ protected]).
Learn more about Eco Wave Power on: www.ecowavepower.com
Press images and other media are available for download via the following link: https://www.ecowavepower.com/gallery/photos/.
For more information please contact:
Inna Braverman, CEO
Andreas Kihlblom, Chief Financial Officer
+46 (0) 8 420 026 94
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SOURCE EWPG Holding AB (published)