Eco Wave Power (EWP) and Ocean Power Technologies (OPT) have signed an agreement to work together using their complementary technologies and skills to accelerate wave energy projects.

The two companies will collaborate on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets, EWP said.

Joint solutions can be developed utilizing each company’s respective offshore and onshore technologies and leveraging OPT’s offshore engineering and newly acquired robotics capabilities in EWP’s applicable projects, the company added

Eco Wave Power founder and chief executive officer Inna Braverman said: “This is an exciting time for the wave energy industry, when two complementary offshore and onshore technologies decide to work together by combining their resources and expertise to enhance the global implementation of projects utilizing their technologies.

“I believe this collaboration will open the door to cross-industry knowledge sharing, as we understand that we are working towards the same goal.

“Our goal is to create positive impact by adding wave energy to the global renewable energy mix to address climate change.”

Ocean Power Technologies president and chief executive officer Philipp Stratmann said: “OPT strives to be a leading provider of offshore data and power solutions and is constantly innovating to achieve this goal.

“We welcome the chance to incorporate our offshore engineering, deployment, and strategic consulting services with clean and complementary technologies.

“OPT’s knowledge and understanding of the offshore environment combined with Eco Wave Power’s track record of near-shore wave energy conversion (WEC) installations present opportunities to unlock the power in waves.”