EverHydro Corporation has entered into an agreement with OceanPixel to develop and implement ocean renewable energy projects in Zamboanga, Philippines.
Through this agreement, Everhydro and OceanPixel commit to the first project to build an offshore renewable power plant in Zamboanga with tidal in-stream energy as the main component.
The agreement sets forth the arrangements for collaboration and covers pre-development, procurement, and implementation of the project.
The two companies have conducted initial site studies and identified potential areas with good tidal energy resource.
Both companies are soon to enter a separate collaboration agreement with Gigawave Corporation, a renewable energy project development company based in Zamboanga, which will secure the Renewable Energy Service Contract for the identified sites.
The value of investments for the development phase of the project is about USD 500,000.