Eco Wave Power Pays First Installment of Grid Connection Fee for 1MW Project in Porto, Portugal, Marking Major Progress Toward Wave Energy Integration
Porto, Portugal--(Newsfile Corp. - May 28, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE), a leading onshore wave energy technology company, is pleased to announce a key milestone in the development of its first 1MW wave energy power station in the City of Porto, Portugal.
Eco Wave Power has successfully paid the first installment - representing 50% of the grid connection fee - for the planned 1MW station, marking significant progress in the project's implementation.
[ This image cannot be displayed. Please visit the source: https://images.newsfilecorp.com/files/11247/253645_af08bdbfb43e982a_001.jpg ]
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11247/253645_af08bdbfb43e982a_001full.jpg
This payment was made to E-REDES, the Portuguese electricity distribution system operator responsible for managing and operating the national distribution grid and ensuring secure and efficient access for producers and consumers alike.
Alongside the payment, Eco Wave Power officially communicated its Acceptance of the Connection Conditions for the public grid in relation to the UPP/5089 power plant, under application reference PL 900000079210. This acceptance refers to the connection conditions to the Public Service Electricity Grid (RESP), as communicated by E-REDES in a formal letter dated November 27, 2024.
By this communication, Eco Wave Power expressly agrees to all conditions and technical specifications outlined in the E-REDES letter and its accompanying documentation, thereby enabling the continued development and future integration of the project into Portugal's renewable energy ecosystem.
Additionally, Eco Wave Power has informed E-REDES of a tentative grid-connection date scheduled for 2026, pending final permitting, construction, and regulatory procedures.
This important step underscores Eco Wave Power's commitment to accelerating the deployment of reliable and innovative wave energy solutions in new markets and aligns with Portugal's national objectives to increase the share of renewables in its energy mix.
Eco Wave Power's project in Portugal represents a cornerstone of the Company's European growth strategy and marks its first megawatt-scale deployment in the region. Located at the City of Porto this 1MW implementation is the first phase of a 20MW concession agreement signed with APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A).
The project's trajectory accelerated in March 2024, when Eco Wave Power received the final permit (TURH) from APDL, clearing the way for physical works to begin. Demonstrating its commitment, the Company also issued a performance bond, ensuring the project's completion within a two-year timeframe. In August 2024, CEO Inna Braverman and the Company's engineering team officially launched the project with a visit to 'The Gallery', a unique tunnel located beneath the breakwater that will host the wave energy conversion unit. The site is also set to become the world's first underwater wave energy museum and education center, opening its doors to the public in the future.
In February 2025, Eco Wave Power began key infrastructure enhancements at 'The Gallery' to prepare it for both equipment installation and eventual public access. These upgrades included removing accumulated sand and debris, reinforcing structural elements by replacing doors and windows, and implementing waterproofing measures to ensure ideal operational conditions.
To support efficient execution, Eco Wave Power appointed Juan José Gómez as Power Station Manager, bringing with him a wealth of experience in renewable energy operations. The Company also engaged MOQ Engineering, a leading Portuguese engineering firm, to conduct final design work and load calculations using advanced tools such as Building Information Modeling (BIM) and parametric design. This collaboration reinforces Eco Wave Power's commitment to delivering a safe, effective, and cutting-edge energy solution.
Legal guidance is being provided by PLMJ, one of Portugal's leading law firms, with Joana Brandão advising Eco Wave Power since 2020. These local partners ensure a resilient, community-rooted project ecosystem.
'Portugal is not only a global leader in renewable energy—it is now leading the way in wave energy commercialization,' said Inna Braverman, Founder and CEO of Eco Wave Power. 'By securing grid connection for our first 1MW station, we are turning vision into reality. This is more than an infrastructure milestone—it's a signal that wave energy is moving from concept to contribution. Together with our incredible partners in Portugal, we are building a new era of clean, predictable power sourced directly from the ocean.'
Strategically situated along the Atlantic coast, Portugal offers some of the highest wave energy potential in Europe, coupled with a forward-looking regulatory framework that actively supports marine renewable innovations. The country has committed to sourcing 85% of its electricity from renewables by 2030 - up from 61% in 2023 - making it a natural partner for Eco Wave Power's patented onshore wave energy technology.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.
Committed to fighting climate change, Eco Wave Power operates the world's first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as 'Pioneering Technology.'
The Company is expanding globally with projects planned in Los Angeles, Taiwan, India, and Portugal, adding to a robust pipeline of 404.7 MW. Supported by prestigious organizations such as the European Union Regional Development Fund, Innovate UK, and Horizon 2020, Eco Wave Power was also honored with the United Nations' Global Climate Action Award.
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at www.ecowavepower.com.
Information on or accessible through the websites mentioned above does not form part of this press release.
For more information, please contact: [email protected].
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses: the expectation of the planned the 1MW station's integration into Portugal's renewable energy system; and the expected grid-connection date scheduled for 2026. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading 'Risk Factors' in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025, which is available on the on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253645
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
12 minutes ago
- New York Times
Trump Administration Live Updates: President and Musk Spar Over Policy Bill as Their Relationship Frays
As Germany's chancellor, Friedrich Merz, sat beside him watching in silence, President Trump compared Russia and Ukraine to two fighting children who needed to work out their differences for a while before anyone could intervene. 'Sometimes you see two young children fighting like crazy,' Mr. Trump said on Thursday in an Oval Office news conference. 'They hate each other, and they're fighting in a park, and you try and pull them apart. They don't want to be pulled. Sometimes you're better off letting them fight for a while and then pulling them apart.' 'And I gave that analogy to Putin yesterday,' Mr. Trump added. 'I said, 'President, maybe you have to keep fighting and suffering a lot, because both sides are suffering, before you pull them apart, before they're able to be pulled apart.'' Mr. Merz, who became Germany's chancellor last month, had come to Washington hoping to persuade Mr. Trump to play a more active role in defending Ukraine by bringing unrivaled U.S. power to the task of forcing Russia to end its invasion of its smaller neighbor. But he got a very different response. Mr. Trump essentially threw up his hands, saying that there was nothing the United States could do right now to bring the Russia-Ukraine war to an end. Mr. Trump repeatedly promised during the presidential campaign that he could make peace between the warring nations within 24 hours, but he now says he was being sarcastic. Four months into his second term, Mr. Trump is talking about the war as if he is a bystander. When a reporter asked him at Thursday's news conference whether he was going to put more sanctions on Russia, as he had previously threatened, Mr. Trump equivocated. He suggested he would know when the moment had arrived to pile on more pressure, but that it hadn't yet. He also suggested that Ukraine might come in for punishment. 'We'll be very, very, very tough, and it could be on both countries to be honest,' Mr. Trump said. 'You know, it takes two to tango.' The exchange was notable because Mr. Trump has said very little about the Russia-Ukraine war in recent weeks and almost nothing about Ukraine's stunning drone attack over the weekend against nuclear-capable bombers inside Russia. After calling Mr. Putin 'absolutely crazy' last month, Mr. Trump shifted his tone and said he wanted to give the Russian leader 'two weeks' to show signs of progress. He then dropped the timeline altogether in his statement on social media on Wednesday, instead simply relaying Mr. Putin's intent to retaliate against Ukraine as if he was a commentator without a stake in the outcome. Mr. Trump continued in that vein on Thursday, despite a plea from Mr. Merz to use American power to force Russia's retreat. Mr. Merz reminded the president that the anniversary of the D-Day operation was Friday, June 6, 'when the Americans once ended a war in Europe.' 'And I think this is in your hand, in specific, in ours,' Mr. Merz added. Mr. Trump interjected with a joke about the Nazis. 'That was not a pleasant day for you,' he said, referring to America's defeat of Adolf Hitler. Mr. Merz countered that, 'in the long run, Mr. President, this was the liberation of my country from Nazi dictatorship.' 'We know what we owe you,' he added, 'but this is the reason why I'm saying that America is, again, in a very strong position to do something on this war and ending this war.' Mr. Trump made no commitments. Instead, he boasted about the U.S. economy and military recruitment numbers under his leadership. And then he compared the war to children fighting, or a hockey game. 'They fight, fight, fight,' he said. 'Sometimes you let them fight for a little while. You see it in hockey. You see it in sports. The referees let them go for a couple of seconds. Let them go for a little while before you pull them apart.' Mr. Trump said he told Mr. Putin: 'Don't do it. You shouldn't do it. You should stop it.' But he did not seem confident that his words had any effect. In the president's telling, Mr. Putin replied that he had no choice but to attack based on Ukraine's strikes over the weekend, and, Mr. Trump added, 'it's probably not going to be pretty.' Zolan Kanno-Youngs contributed reporting.
Bloomberg
17 minutes ago
- Bloomberg
Germany's N26 Weighs New Funding Round That Allows Partial Exit
German digital bank N26 is considering a new funding round at a reduced valuation that could allow some of its existing investors including Coatue Management, Third Point and Dragoneer Investment to recoup part of their investment, people familiar with the matter said. The Series F funding round being contemplated by N26 would let the existing investors sell part of their stakes, according to the people. N26 has been discussing a structure that would allow them to roll over some of their holdings into the new round at a lower valuation, meaning they wouldn't get the 25% guaranteed return promised at their initial investment, the people said.
Bloomberg
22 minutes ago
- Bloomberg
Reform UK Chairman Zia Yusuf Quits in Blow to Nigel Farage
Zia Yusuf resigned as chairman of Reform UK after 11 months in the job, delivering a blow to its leader, Nigel Farage, who has promised to build and professionalize the insurgent party in a quest for power at the next general election. In a post on X, Yusuf said he no longer believed 'working to get a Reform government elected is a good use of my time.'
