Eni said that the agreement could help combine the expertise of the companies to transform the Inertial Sea Wave Energy Converter (ISWEC) pilot project into a project on an industrial scale for immediate application and use.

ISWEC is claimed to be a new system that can convert energy generated by waves into electricity. The pilot project was installed by Eni at its Ravenna offshore site in Italy. According to Eni, the pilot project has shown that the constraints that have limited the diffusion of wave energy conversion technology can be overcome.

Wave power is claimed to significantly contribute not only to the decarbonization processes, but can also act as a sustainable support for reliable electricity generation systems, and diversification of renewable sources.

Under the terms of the agreement, the Italian company will share its findings from the ISWEC pilot project with the joint working group. The pilot project, which was built in collaboration with Politecnico di Torino and the Wave for Energy spin-off, will share the technological, industrial and commercial expertise with the group, besides sharing information on technological elements used at its offshore plant.

Eni CEO Claudio Descalzi said: “Today’s agreement is an important step forward towards building a new production system for renewable energy generated by wave power. This deal is part of our strategic decarbonization plan and stems from Eni’s focus on research, development and the application of new technologies aimed not only at making traditional operating processes more efficient, but also at driving us to create new business segments in the energy sector.

“Collaborating with three exceptional Italian companies like CDP, Terna and Fincantieri will enable us to pool distinct skills that each company already possesses and help accelerate the development process of this technology. Our ultimate goal is to explore together the potential for projects to be launched on a grand scale, including abroad.”