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Associated Press
28-05-2025
- Business
- Associated Press
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: ] To view an enhanced version of this graphic, please visit: 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 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, 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
Yahoo
28-05-2025
- Business
- Yahoo
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. To view an enhanced version of this graphic, please visit: 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 Information on or accessible through the websites mentioned above does not form part of this press release. For more information, please contact: info@ 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, 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. 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Associated Press
12-05-2025
- Business
- Associated Press
Eco Wave Power to Participate in Ladenburg Thalmann Innovation EXPO25 on May 21, 2025
Eco Wave Power to Spotlight U.S. Market Momentum and Investment Opportunities in Renewable Ocean Energy STOCKHOLM, SWEDEN - May 12, 2025 ( NEWMEDIAWIRE ) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ('Eco Wave Power' or the 'Company'), a leader in onshore wave energy technology, is pleased to announce participation in the Ladenburg Thalmann Innovation EXPO25, to be held on May 21, 2025, at Convene, 101 Park Avenue, New York, NY. Inna Braverman, Founder and CEO of Eco Wave Power, is scheduled to present key updates on the Company's existing and upcoming projects, including: Inna Braverman's presentation will take place on Wednesday, May 21st, 2025, at 3:30 PM EST. Throughout the conference, Inna Braverman will also be available for investor meetings to discuss Eco Wave Power's growth strategy and technological advancements in the wave energy sector. The Ladenburg Thalmann Innovation EXPO25 is a premier event bringing together a diverse group of innovative companies and institutional investors for a full day of presentations, one-on-one meetings, and networking opportunities. The conference will feature approximately 50 technology companies that leverage AI in innovative and breakthrough ways. Participating companies will present their business strategies and innovations through three dedicated presentation tracks and demonstrate their products live in the 'Ladenburg Expo format.' Organized by Ladenburg Thalmann with marketing support from B2i Digital, Inc., the EXPO25 provides a unique platform for companies to engage directly with institutional and high-net-worth investors, public company executives, and industry professionals. 'Eco Wave Power is uniquely positioned at the intersection of innovation and implementation. With projects underway in the U.S., Europe and Asia, we are actively expanding our footprint to new high-potential markets. The Ladenburg Innovation EXPO25 gives us a prime opportunity to engage with investors, who are looking for the next breakthrough in cleantech,' said Inna Braverman, Founder and CEO of Eco Wave Power. 'Ladenburg Thalmann is committed to building valuable connections between innovative companies and discerning investors,' said Mark Green, Managing Director, Investment Banking at Ladenburg Thalmann. 'As the Marketing Partner, B2i Digital is focused on helping companies participating in the Ladenburg EXPO25 maximize their exposure to the investment community before, during and after the event,' said David Shapiro, CEO of B2i Digital, Inc. 'Ladenburg Thalmann has carefully curated the presenting companies to include only the highest caliber disruptors in the technology and AI space. Our investors will value the insights they share.' The Ladenburg Innovation EXPO25 will include presentations, product demonstrations, and one-on-one meetings. Attendees will have multiple opportunities to connect throughout the day, with breakfast, a buffet lunch, and all-day refreshments provided. For more information about the Ladenburg Thalmann Innovation EXPO25, visit: About Eco Wave Power Global AB (publ) Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity. Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a 'Pioneering Technology.' Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, and Portugal, adding to its impressive project pipeline totaling 404.7 MW. The company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was 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 Information on, or accessible through, the websites mentioned above does not form part of this press release. For more information, please contact the company at: [email protected] Forward Looking Statements Certain matters discussed in this press release constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, and other U.S. federal securities laws. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates' and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is making forward-looking statements when it discusses being at the intersection of innovation and implementation, the Company actively expanding its footprint to new high-potential markets, and the possibility of a breakthrough in cleantech These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on management's current estimates and projections, future results, or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see Risk Factors as described in Eco Wave Power's Annual Report on Form 20-F filed with the SEC, which is available on the SEC's website, About Ladenburg Thalmann Ladenburg Thalmann is a US middle market diversified financial services firm headquartered in New York and engaged in investment banking, focusing on fundraising, buyside & sellside M&A, high-yield debt, and private equity access for public and private companies. The firm also provides equity research, institutional sales and trading, independent brokerage, advisory services, trust services, and asset management. Together with its parent, Osaic, Ladenburg Thalmann has over 12,000 financial advisors in the US, managing over $650 billion in client assets. Ladenburg is a member of NYSE, NYSE American, FINRA, all other principal exchanges, and SIPC. Securities are offered through Ladenburg Thalmann & Co. Inc. broker-dealer, and advisory services are offered through Ladenburg Thalmann Asset Management ('LTAM'), an SEC registered investment advisor. Ladenburg Thalmann Contact: Mark Green [email protected] 800.995.5267 About B2i Digital, Inc. B2i Digital, Inc. leverages the latest digital marketing technologies to tell a company's story to retail investors, institutional investors, and research analysts. B2i Digital creates robust profiles for companies on its platform, and launches targeted digital marketing campaigns to bring the most relevant investors to each company based on its sector, stage, and overall company story. B2i Digital was founded in 2021 by David Shapiro, previously the Chief Marketing Officer and an investment banker at Maxim Group LLC. David was also one of the founders of Maxim's investor awareness platform, B2i Digital Contact Information: David Shapiro Chief Executive Officer B2i Digital, Inc. 212.579.4844 Office [email protected]
Associated Press
08-05-2025
- Business
- Associated Press
Eco Wave Power Reports Q1 2025 Results and Accelerates Global Wave Energy Project Deployment Across Four Continents
Net Loss Decreased by 4.2%; Final License Secured for Los Angeles Project, Floaters Construction Underway, Expansion into Asian Markets, and Progress in Portugal's First MW-Scale Project Stockholm, Sweden--(Newsfile Corp. - May 8, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ('Eco Wave Power' or the 'Company'), a leading onshore wave energy technology company, is pleased to report its financial results as of and for the three months ended March 31, 2025, and provide a corporate update. Management Commentary In the first quarter of 2025, Eco Wave Power achieved several significant milestones, demonstrating our commitment to growth and resilience. We continued to prioritize cost efficiency, successfully reducing our net loss by 4.2% in comparison to Q1, 2024. We have also accelerated design and construction activities for our wave energy projects in Portugal and Los Angeles, leading to a moderate increase in operating expenses, which was offset fully by the increase of net financing income. By the end of the third quarter, we maintained a strong financial position with $8.8 million in cash and short-term bank deposits. During this time, we successfully achieved the following key milestones: United States: Eco Wave Power Secures Final Permit and Begins Construction Phase for First U.S. Wave Energy Project In March 2025, Eco Wave Power received the final regulatory clearance required to commence construction of its first U.S. wave energy project. The Port of Los Angeles granted Revocable Permit 25-05 to the Company, authorizing the construction and demonstration of Eco Wave Power's innovative wave energy technology at Berth 70 in San Pedro, California. The permit, approved and executed on behalf of Executive Director Eugene D. Seroka, follows the federal Nationwide Permit 52 for Water-Based Renewable Energy Generation Pilot Projects, issued by the U.S. Army Corps of Engineers in November 2024. With all necessary permits secured, Eco Wave Power has now entered the implementation phase. In April 2025, the Company signed a manufacturing agreement with All-Ways Metal, Inc., a woman-owned business based in California, for the production of wave energy floaters - key components of Eco Wave Power's proprietary conversion system. The floaters will be manufactured locally and are scheduled for delivery within 70 days. Once delivered, they will be installed and connected to the existing infrastructure at Municipal Pier One in the Port of Los Angeles, marking the official launch of the Company's first U.S. proof-of-concept project. The pilot project, developed in collaboration with AltaSea and Shell Marine Renewable Energy ('Shell MRE'), represents a major milestone in advancing marine-based clean energy solutions. The installation will include up to eight floaters mounted on the piles of an existing concrete wharf, connected to a land-based energy conversion unit housed in two 20-foot shipping containers. With the conversion unit already shipped and on-site, the project remains on track for construction completion by the end of Q2 2025. Executed under a Pilot Test Agreement with Shell MRE, the project underscores Eco Wave Power's commitment to innovation, local partnerships, and ESG leadership. By engaging a California-based woman-owned manufacturer, the Company not only supports regional economic development but also reinforces its sustainable supply chain strategy. Europe: Eco Wave Power Submits Final Execution Plan and Initiates Infrastructure Preparation for First MW-Scale Project in Portugal Eco Wave Power continues to advance its first megawatt-scale wave energy project in Porto, Portugal, under a 20MW concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. ('APDL'). In January 2025, the Company appointed MOQ Engineering, a leading Portuguese engineering firm, to complete the civil engineering design and load calculations for the floaters - critical components of Eco Wave Power's proprietary wave energy conversion system. By March 2025, the finalized engineering plans were delivered, enabling Eco Wave Power to submit its comprehensive Execution Plan to APDL. That same month, the Company's VP of Engineering conducted an on-site visit to assess the project area and engage with local suppliers specializing in hydraulic works and metal structures. Parallel contractor visits were held at the designated site to support the project's early-stage implementation. Once APDL approves the Execution Plan, Eco Wave Power will move forward with equipment procurement and begin station installation. The project is expected to become operational in 2026, representing a major step in Eco Wave Power's strategic expansion across Europe. Asia: Eco Wave Power Enters Asian Market with Strategic Partnerships in India and Taiwan In a major step toward expanding into the Asian renewable energy sector, Eco Wave Power announced its first collaborations in India and Taiwan - two high-potential markets with significant coastlines and strong government support for clean energy innovation. In February 2025, Eco Wave Power signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL), a Fortune 500, government-owned energy company with a market capitalization of approximately $12 billion. The MoU outlines a joint initiative to explore wave energy projects in India, beginning with a Site-Assessment Study. Following the Site Assessment, the Company plans to deploy a pilot project at BPCL's Mumbai Oil Terminal. Under the terms of the agreement, BPCL will manage regulatory approvals, permits, and land use permissions, while Eco Wave Power will contribute its wave energy conversion technology, conduct site-specific research, and optimize power generation performance. The agreement was signed by Mr. Chandrasekhar N, Head of R&D at BPCL, and Ms. Inna Braverman, Founder and CEO of Eco Wave Power, in the presence of Honorable Minister Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas. This collaboration directly aligns with the Indian Ministry of New and Renewable Energy's strategic focus on harnessing ocean energy, which has an estimated untapped potential of 40,000 MW along the Indian coastline. According to recent updates from BPCL, Eco Wave Power is expected to receive a formal purchase order during Q2 2025. In Taiwan, Eco Wave Power signed a landmark agreement with I-Ke International Ocean Energy Co. ('I-Ke'), a subsidiary of Lian Tat Company, a prominent maritime engineering firm. The agreement marks Eco Wave Power's first sale of its wave energy technology in Taiwan and calls for I-Ke to locally manufacture the floaters based on Eco Wave Power's patented design. I-Ke will also purchase a turnkey 100KW conversion unit, comprising hydraulic, electric, and automated control systems. I-Ke will be responsible for the production of floaters and other onshore components, as well as obtaining all necessary local permits and licenses. Following the agreement signing, Eco Wave Power CEO Inna Braverman visited the proposed project site with I-Ke's business development and project teams to review technical and logistical plans. The visit was joined by local port authorities, who expressed strong support for the initiative, which they view as a key step toward integrating wave energy into Taiwan's broader renewable energy strategy. Eco Wave Power has already completed the first milestones of the agreement, including the delivery of detailed production drawings for the floaters. According to I-Ke's recent update, the next key steps include securing the official land use designation by I-Ke for the proposed site, with full contract execution between I-Ke and the site owner anticipated by July 2025. Israel: EWP-EDF One Demonstrates Strong Performance and Sets 2025 R&D Goals for Commercialization Eco Wave Power marked a historic achievement with the official inauguration of the EWP-EDF One project at the Port of Jaffa in December 2024. This milestone established the first grid-connected wave energy installation in Israel, supplying clean electricity to the national grid under a Power Purchase Agreement with the Israeli Electric Corporation. Recognized by Israel's Ministry of Energy as a 'Pioneering Technology,' the site serves as a vital R&D platform for advancing Eco Wave Power's proprietary system. In the first quarter of 2025, the EWP-EDF One project reported zero downtime, highlighting the system's operational reliability. During Q1, the Company also conducted successful testing with 10 floaters in wave heights of 1.5 to 2 meters, demonstrating an average power output of 13% of installed capacity, validating consistent performance in moderate wave conditions. The peak energy production was 40Kw. These results support projections that scaling the system could proportionally increase output - to 26% with 20 floaters and 39% with 30 floaters. For the next phase of development in 2025, the Company will focus on reducing the cost of floater construction and installation - a key step toward enabling cost-efficient commercial deployment. Eco Wave Power Establishes Advisory Board and Appoints Hilary E. Ackermann as Inaugural Member In March 2025, Eco Wave Power announced the formation of its Advisory Board and the appointment of its first member, Hilary E. Ackermann. A highly respected figure in energy sustainability and risk management, Ms. Ackermann brings decades of strategic leadership to the Company. Since 2018, she has served on the Board of Directors of Vistra Energy, where she chairs the Sustainability and Risk Committee and serves on the Generation and Safety Oversight Committee. Ms. Ackermann's extensive background spans senior leadership roles at major financial institutions and board governance across leading energy and financial entities. From 2008 to 2011, she was Chief Risk Officer of Goldman Sachs Bank USA, following a career at Goldman Sachs that began in 1985. Prior to that, she held key roles in credit and risk management at Swiss Bank Corporation (now UBS). Her board experience also includes serving on the private Board and Audit Committee of Credit Suisse Holdings (USA), Inc. (2017-2022), where she chaired the Risk Committee. She currently serves on the private board and audit committee of several Hartford investment funds and chairs their Risk and Compliance Committee. Ms. Ackermann has also served on the public board of Apollo Investment Corporation (now known as MidCap Financial Investment Corporation) as a member of the Audit Committee. She was recognized in the 2020 NACD Directorship 100 as one of the most influential boardroom leaders and named one of WomenInc.'s Most Influential Corporate Board Directors in 2018. With this appointment, Eco Wave Power enhances its leadership capabilities and strategic oversight as it accelerates the commercialization of wave energy technologies. The newly formed Advisory Board will provide non-governing, high-level guidance to support the Company's growth, innovation, and global impact. CEO commentary: Dear Shareholders, The first quarter of 2025 marked an exciting period of forward momentum for Eco Wave Power as we took meaningful strides toward commercializing our proprietary wave energy technology on a global scale. With operations now underway in four regions and several major project milestones achieved, we are solidifying our role as a frontrunner in the transition to reliable, renewable ocean energy. From a financial perspective, we continued to prioritize operational discipline, achieving a 4.2% reduction in net loss compared to Q1 2024. While we increased investments in project development and engineering, this was fully balanced by higher net financing income, enabling us to maintain a strong cash position of $8.8 million at quarter's end. In the United States, we achieved a major breakthrough by securing the final permit required for our first U.S. wave energy pilot project in the Port of Los Angeles. With approvals in place, we have commenced the local manufacturing of floaters in partnership with a California-based woman-owned business. The production of floaters is progressing according to plan and remains on track for completion by the end of Q2. This milestone not only marks our entry into the American renewable energy market, but also reflects our commitment to local engagement, sustainability, and gender-inclusive innovation. In Europe, we are advancing our first megawatt-scale project in Portugal, having submitted our final execution plan and initiated on-site infrastructure preparations. This project represents a significant expansion of our presence in the region and is positioned to serve as a model for future scale-up of wave energy generation along the European coastline. We are also proud to have announced our entry into Asia, forming promising new partnerships in India and Taiwan. In India, our Memorandum of Understanding with Bharat Petroleum Corporation Limited sets the stage for a pilot installation at BPCL's Mumbai Oil Terminal, supported by government endorsement and regulatory backing. In Taiwan, our first pilot sale agreement was executed with I-Ke International Ocean Energy Co. These partnerships highlight the growing global demand for our technology and pave the way for regional manufacturing hubs and deployment pipelines. Closer to home, our EWP-EDF One project in Israel demonstrated strong performance in Q1, with zero downtime and consistent energy generation in waves above 0.7 meters. The system achieved an average power output of 13% of installed capacity in moderate wave conditions, with peak production reaching 40KW. Encouragingly, the data supports the scalability of the system, and our engineering team is now focused on optimizing floater costs and streamlining installation processes to facilitate broader commercialization. To support our strategic roadmap, we were pleased to announce the formation of the Eco Wave Power Advisory Board and the appointment of our first member, Hilary E. Ackermann. With decades of experience in energy, sustainability, and risk management, Ms. Ackermann brings invaluable insight that will help guide the Company as we move from pilot to global deployment. In closing, I want to thank you - our valued shareholders - for your continued trust and belief in our mission. Our team remains steadfast in delivering sustainable, affordable wave energy solutions that can serve communities around the world. We look forward to building on our progress in the months ahead and updating you further as we continue to execute on our vision. First Quarter 2025 Financial Overview Conference Call and Webcast Information The Chief Executive Officer of Eco Wave Power, Inna Braverman and the Company's Chief Financial Officer, Aharon Yehuda, will host a conference call to discuss the financial results and outlook on Monday, May 12, 2025, at 9:00 AM Eastern time. A replay will be available by telephone approximately four hours after the call's completion until Monday, May 26, 2025. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 52476. The archived webcast will also be available on the investor relations section of the Company's website. About Eco Wave Power Global AB (publ) Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity. Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a 'Pioneering Technology.' Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, India and Portugal, adding to its impressive project pipeline totaling 404.7 MW. The Company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was 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 Information on, or accessible through, the websites mentioned above does not form part of this press release. For more information, please contact: Aharon Yehuda, CFO [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 its projections for the type of commercial sites it will focus on and run, the timing of the delivery of the wave energy floaters in California, the prospective commencement of the installation of the Port of Los Angeles project, the approval by ADPL of the Company's execution plan with respect to the site in Portugal and the prospective commencement of equipment procurement and station installation, the timing of the Portugal project becoming operational, the prospective development of wave energy projects in India in connection with the non-binding memorandum of understanding with BPCL, the prospective receipt of a formal purchase order from BPCL, the prospective roles of I-Ke and the Company in the Taiwanese wave energy project sale agreement and the belief that it marks a key step toward integrating wave energy as part of Taiwan's renewable energy landscape, the projections that scaling the EWP-EDF One project could proportionally increase output, our ability to reduce the cost of floater construction and installation of the EWP-EDF One project, our belief that the Portugal project is positioned to serve as a model for future scale-up of wave energy generation along the European coastline, our expectation that R&D expenses will materially increase in 2025, our expectation that sales and marketing expenses will materially increase in 2025, and our expectation that general and administrative expenses will materially increase. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will', or variations of such words, and similar references to future periods. 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, 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. Eco Wave Power Global AB (publ) CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) [This table cannot be displayed. Please visit the source.] Eco Wave Power Global AB (publ) CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited) [This table cannot be displayed. Please visit the source.] To view the source version of this press release, please visit
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23-04-2025
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EXCLUSIVE: Eco Wave Power Marks US Manufacturing Debut With Port Of Los Angeles Project
Eco Wave Power Global (NASDAQ:WAVE) today announced the signing of a manufacturing deal with All-Ways Metal, Inc., a woman-owned business based in California, to produce floaters for its innovative wave energy project in the Port of Los Angeles. The financial terms of the deal remain undisclosed. The floaters, which form a key component of Eco Wave Power's proprietary wave energy conversion technology, will be manufactured locally by All-Ways Metal and are scheduled for delivery within 70 days. Eco Wave Power 2024 Earnings: 22% Topline Growth, Narrows Operating Losses Once completed, the floaters will be installed and connected to the Municipal Pier One at the Port of Los Angeles, signifying the official launch of the company's U.S. project. This agreement follows Eco Wave Power's final licensing approval from the Port of Los Angeles earlier this month. It builds on the federal permit from the U.S. Army Corps of Engineers in November 2024. The company said these key regulatory milestones clear the way to implement the company's first U.S.-based wave energy system fully. Co-developed with Shell Marine Renewable Energy (Shell MRE), the project represents a convergence of public and private investment in next-generation renewable energy infrastructure. Once operational, the pilot installation will be a scalable model for future wave energy deployments along the U.S. coastline and globally, the company added. Eco Wave Power founder and CEO Inna Braverman said that by producing the floaters locally, Eco Wave Power was able to accelerate project timelines, support local job creation, and contribute to the emergence of a new sustainable energy industry in the U.S. In addition, by manufacturing the floaters locally, the company is shortening lead times and advancing ESG goals through a domestic supply chain. Price Action: WAVE stock closed lower by 6.83% at $5.73 Tuesday. Read Next:UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? ECO WAVE POWER GLOBAL (WAVE): Free Stock Analysis Report This article EXCLUSIVE: Eco Wave Power Marks US Manufacturing Debut With Port Of Los Angeles Project originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
