Eni, CDP, Fincantieri, Terna in Wave Power Pact

Italian oil group Eni is joining forces with compatriot shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.

The Chief Executive Officers of the companies have 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 knowledge 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.