The companies will transform the pilot project Inertial Sea Wave Energy Converter (ISWEC) into an industrial scale power station
Italian energy company Eni has joined forces with CDP, Fincantieri and Terna to establish a new company for the development and manufacturing of wave-energy power plants.
Under the new agreement, the companies will transform the pilot project Inertial Sea Wave Energy Converter (ISWEC) into an industrial scale power station, for immediate application and use.
ISWEC is an innovative system that converts energy generated by waves into electricity.
The project to be undertaken by the partners will be developed in two phases, with the first phase involving the development of a business model and defining a deployment plan for Italy.
First industrial installation of ISWEC will be at Eni’s Prezioso platform
The phase will also see the first industrial installation of ISWEC at Eni’s Prezioso platform in the Strait of Sicily, in the coast of Gela, with a launch scheduled for the second half of 2020.
In the second phase, the companies will work on the creation of the new company, and define a plan for the production and development of activities.
Eni’s CEO Claudio Descalzi said: “This agreement fits perfectly in our strategic plan for decarbonisation and applies to Eni’s remarkable experience in both offshore activities and the management of highly complex projects.
“The collaboration with three Italian excellences like CDP, Terna and Fincantieri, will allow to make available an outstanding asset of know-how and therefore accelerate the industrialisation process of this technology, unlike other similar projects”.
Under the partnership, CDP will promote the project by focusing on managing the institutional relations with national and local establishments.
Additionally, it will evaluate economical and financial profiles and appropriate financial support to the energy produced within the project.
Fincantieri will provide its industrial and technical shipbuilding skills for the development and deployment of the industrial application.
Terna will offer its know-how in innovation, technology and research applied in electric engineering to develop the first full scale industrial application of wave-energy power plants.