Four European companies Eni, CDP, Fincantieri and Terna have signed an agreement to form a new company for the construction of wave-energy power plants in Italy. The agreement was signed by the CEOs of the companies in the presence of Italian Prime Minister Giuseppe Conte.

Prior to this, the companies signed a non-binding agreement in April 2019. The companies will launch the initial phase of a joint project that will focus on Inertial Sea Wave Energy Converter (ISWEC), a system that has been designed to transform energy generated by waves into electricity and transmit it to the industrial-scale power station.

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Eni 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.

“On the basis of those skills, we set up and installed the first industrial application of ISWEC in record time for this sector. The collaboration with the three Italian companies 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.”

In the first phase of the project, the companies will focus on the development of a business model and define a deployment plan for Italy.

This phase will see the first industrial installation of ISWEC at Eni’s Prezioso platform located in the Strait of Sicily, in the Gela offshore, and is expected to be launched in the second half of 2020.

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During the second phase, the companies will work towards the formal establishment of the new company and will devise a plan for the production and development of activities, starting with the implementation at Italy’s minor islands initially and abroad at a later stage.

Under the new partnership, CDP will be responsible for promoting the project by managing the institutional relations with national and local establishments, while Fincantieri has agreed to offer its industrial and technical shipbuilding skills to develop a first ‘full scale’ industrial application.

FinallyTerna will apply its technical and industrial knowledge about electric engineering on the industrial application and its integration with the power grid.