The Chief Executive Officers of Cassa depositi e prestiti, Fabrizio Palermo, of Fincantieri, Giuseppe Bono, of Terna, Luigi Ferraris, and of Eni, Claudio Descalzi, signed a non-binding agreement today at the Eni headquarters in the EUR district of Rome to develop and build wave power stations on an industrial scale.
Rome, 19 April 2019 – The Chief Executive Officers of Cassa depositi e prestiti, Fabrizio Palermo, of Fincantieri, Giuseppe Bono, of Terna, Luigi Ferraris, and of Eni, Claudio Descalzi, signed a non-binding agreement today at the Eni headquarters in the EUR district of Rome to develop and build wave power stations on an industrial scale.
The agreement seeks to combine the expertise of the collective 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 the innovative system that converts energy generated by waves into electricity. Eni installed the project at its Ravenna offshore site.Under the terms of the agreement, Eni will share its findings from the ISWEC plant pilot project with the joint working group. The ISWEC built in collaboration with the Politecnico di Torino and the Wave for Energy spin-off, will share its technological, industrial and commercial expertise with the group, in addition to sharing information on the logistical and technological elements used at its offshore plant. Claudio Descalzi, CEO of Eni, commented: “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.
The innovative properties of the ISWEC system have demonstrated that the constraints that have so far limited the diffusion of this wave energy conversion technology can now be overcome.
Wave power stations will be able to make a significant contribution not only to decarbonisation processes both off and onshore, but also they can act as a sustainable support for the reliability of electricity production systems in general, as well as diversification of renewables sources.
The present Understanding could be subject to subsequent binding actions that the parties involved will define according to the applicable law, included that which regulates operations among related parties.