WAVE ENERGY CONVERTER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market News

Recent Developments:

• In January 2022, Ocean Power Technologies announced its collaboration with Eco Wave Power to work on a number of projects, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets Moreover, cooperative solutions can be created for Eco Wave Power's applicable projects by combining the offshore and onshore technologies of each company, as well as OPT's offshore engineering and recently acquired robotics skills. Ocean Power Technologies (OPT) is a U.S. publicly owned renewable energy company that provides electric power and communications solutions, services, and related technologies for remote offshore applications. The company's PowerBuoy wave energy conversion technology is theoretically scalable to hundreds of megawatts. OPT has been involved in several large PowerBuoy projects around the world, including a 19-megawatt wave power station in Australia and a successful deployment in Scotland.
• Eco Wave Power (EWP) is an Israeli company that has developed an innovative technology to generate clean electricity from ocean and sea waves.
• In December 2021, Carnegie Clean Energy was awarded a contract by EuropeWave PCP with a funding amount of US$ 20 million. Subject to contract signing, Carnegie Clean energy has been granted USD 294 thousand for phase 1 to provide a CETO tank testing campaign and a CETO concept design for sites in Scotland and the Basque Country. Phase 1 commenced on January 3, 2022, and will last for seven months. Carnegie Clean Energy is an Australian technology company focused on the development and commercialization of its CETO technology, which captures energy from ocean waves and converts it into electricity. The company is listed on the Australian Securities Exchange (ASX) under the ticker symbol CCE and on the US OTC market under the ticker symbol CWGYF
• In October 2021, Carnegie and Hewlett Packard Enterprise Company (HPE) had signed a collaboration agreement under which the parties will collaborate on a project to develop a reinforcement learning-based controller for CETO wave energy technology