PHI Group has signed a new Memorandum of Understanding (MoU) to broaden the scope of cooperation with AQuarius Power and provide land-based renewable wave energy to Europe.
PHI and AQuarius will form a joint venture company which will have the exclusive right to sublicense, sell, build, own and/or operate the AQuarius wave energy systems in Eastern Europe and the European Region on an exclusive basis.
PHI Group and AQuarius plan to build the first system in Romania in the coming months, PHI Group informed.
AQuarius wave energy system is a land-based wave energy system that uses a combination of gravity and “buoyancy” found within the interaction between air and water to produce power that can be used to generate electricity and/or produce potable water.
The system, which can be built turn-key within 6 months of obtaining permits, has an operating life of over 60 years.
Robert Schuster, Founder and CEO of AQuarius, said, “Along with the current renewable energy project in Yen Bai Province, Vietnam that we are working on together with PHI Group, we are delighted to broaden our scope of collaboration and bring this amazing technology to Romania and the European Region. We are confident that our affordable baseload wave energy will provide superior solutions to the global growing renewable energy needs.”
Horace Horumba, President of PHI Group – Eastern Europe, said, “We are pleased to engage in such opportunity, whereby Romania is our stepping stone in the European Union. Along with incredible legislative and financial structured support from the European Union for renewable based technologies we firmly believe that we have carved a niche in a growing market.”
Monica Ducu, CFO of PHI Group – Eastern Europe, added, “Introduction of Aquarius system in the European Union is an excellent opportunity as a whole, as it reflects the pioneer spirit of the European Union for renewable sustainable options. Romania is one of the first EU countries which has met the renewable energy commitments to the EU and furthermore, human resources capacity available locally will assure support towards forward-looking expansions throughout the European Union.”