"Spain is a strategic market for the expansion of Eco Wave Power operations"

Eco Wave Power’s technology uses floats that extract energy from waves and converts their upward and downward movements into a clean energy generation process

Inna Braverman (CEO and co-founder) worked as a translator in a renewable energy company, developing her passion for clean electricity from waves. David Leb (co-founder) is a serial entrepreneur with a number of successful exits and real estate investments. One of these investments was a surf hotel in Panama. During a hotel refurbishment there, he observed the power of the waves and thought, "there must be something better to do with the power of the waves than water sports". Inna and David met by chance at a social event where they discovered they shared the same passion: wave energy. That is how Eco Wave Power was born.

The company is now part of the ICEX-Invest in Spain's Rising UP in Spain programme, focused on attracting foreign entrepreneurs who want to establish themselves and grow in Spain. The selected startups receive resources to develop their business in Spain. El Referente talked to the founders of Eco Wave about their establishment in Spain, their goals for 2022, their technology, etc.

What made you want to settle in Spain?
Spain is an ideal location for wave energy projects, and thus for the establishment of Eco Wave Power.

Spain established the National Integrated Energy and Climate Plan for 2030 that, among other measures, establishes a 74% share of renewable energy in the electricity industry, in line with a trajectory towards a 100% renewable electricity industry by 2050. The country has developed a huge renewable energy industry and provides extensive support for innovative sustainable projects.

In addition to the country's support for renewable energies, Spain has around 28 state-owned ports and many other marinas and marine infrastructure where Eco Wave Power technology could be installed along the more than 8000 km of coastline.

What role has ICEX's Rising UP in Spain played in this incursion?
Rising Up in Spain contributed greatly to Eco Wave Power by helping us to enter the Spanish market and:

1. Providing legal advice to help understand the process for developing wave energy projects in Spain.

2. Facilitating introductions with partners and potential customers of interest to our company.

3. Enabling high visibility within the Spanish market through the Demo Day and various events and initiatives.

Spain is a strategic market for the expansion of Eco Wave Power's operations and the fact that our company has participated in Rising Up in Spain has allowed us to continue implementing the projects we have in our portfolio in this market, as well as including additional projects.

Why is it important to have this kind of support when entering a market?
The support provided by Rising Up in Spain has been extremely helpful for us to enter the Spanish market efficiently.

If you're a foreign company and don't have a major network in Spain, or knowledge of the market, the process can be challenging.

Rising UP in Spain has made it simpler for us to discuss potential collaborations with the right people without even having to fly to Spain. They also provide mentors with experience in the market and information on the Spanish energy market. It's also a great chance for us to participate in events and initiatives allowing validation and visibility in Spain.

What potential does Spain have for this type of technology that you've created?
Spain has huge potential for the deployment of wave energy projects along its more than 8,000 kilometres of coastline.

According to the Association of Renewable Energy Companies (APPA), Spain could cover 20% of its electricity consumption  with wave energy alone. Ocean Energy Europe has estimated that Europe could generate 188 GW of energy by 2050, which is 10% of the region's electricity needs.

The installation of Eco Wave Power technology, which converts sea and ocean waves into renewable energy, represents a great opportunity for Spain to meet its goal of achieving Net Zero by 2050 and 100% electrification of ports with renewable sources by 2030. .

What are your plans for 2022?
The company's main goal for 2022 is to move towards marketing and rapid growth, continuing with the implementation of our projects in Israel and Portugal; we also want to consolidate the projects we have in the pipeline in Spain and elsewhere in the world.

Source: El Referente
Read the full interview:https://elreferente.es/entrevistas/eco-wave-power-olas-energia-limpia/

Photo: Eco Wave Power