Eco Wave Power Named Finalist in the EDF Pulse Awards

Rhea-AI Summary

Eco Wave Power Global AB (NASDAQ: WAVE), a leading onshore wave energy developer, has been selected as a finalist for the 2024 EDF Pulse Awards, competing in the category of developing a profitable decentralized energy system. The company's innovative technology for generating clean electricity from ocean and sea waves was chosen as one of 13 finalists out of 144 entrants.

This recognition comes alongside Eco Wave Power's collaboration with EDF Renewables IL on the EWP-EDF One project in Israel, which has a 100KW installed capacity and was recently connected to the national electrical grid. The project marks the first time in Israel's history that wave-generated electricity is being sent to the national grid.

Finalists will present to the EDF Executive Committee on July 17, 2024, with winners announced the following day. The EDF Pulse awards offer support to startups in research, proof of concept, and professional development.

Positive

• Selected as finalist for 2024 EDF Pulse Awards out of 144 entrants
• Collaboration with EDF Renewables IL on 100KW wave energy project in Israel
• First-ever connection of wave-generated electricity to Israel's national grid
• Potential for additional support in research and development if awarded

Negative

• None.

EDF's Annual Competition Highlights Companies Offering Effective Innovations to Reach Carbon Neutrality Faster

PARIS, July 16, 2024 /PRNewswire/ -- Eco Wave Power Global AB (publ) (NASDAQ Capital Market: WAVE), a leading, publicly-traded onshore wave energy developer, is pleased to announce that it has been selected as a finalist for the 2024 EDF Pulse Awards 10th edition, competing in the category of developing a profitable decentralized energy system.

Eco Wave Power developed an innovative, patented, cost-efficient technology for generation of clean electricity from ocean and sea waves, and was chosen as one of 13 finalists (out of 144 entrants) for this year's award, for its innovation in meeting the growing need for energy self-sufficiency at various scales.

Finalists for the EDF Pulse awards will present to the EDF Executive Committee July 17, 2024, with winners announced July 18, 2024. Since 2014, the EDF Pulse awards judges have reviewed more than 2,450 applicants and offered direct support to more than 96 startups, with 35 winners overall. Pulse award winners will be awarded tailor-made support in further research, proof of concept, professional development and other forms of aid.

Competition organizer EDF (Électricité de France) is a multinational electric utility company, a global integrated energy company and the largest renewable energy producer in Europe. The EDF Pulse awards represent its drive to field further innovations in the energy industry with the goal of creating a carbon neutral future.

This significant recognition comes in parallel with the productive collaboration between Eco Wave Power and EDF Renewables IL (a subsidiary of Électricité de France), which jointly own and operate a wave energy pilot project in Israel (the EWP-EDF One project).

The EWP-EDF One Project was co-funded by EDF Renewable IL (who owns 50% of the project), and by the Israeli Ministry of Energy, which recognized the Eco Wave Power technology as a pioneering technology. The project has 100KW installed capacity and consists of 10 floaters.

In August 2023, the power station was officially connected to the Israeli national electrical grid, marking the first time in the history of Israel that electricity produced by the power of the waves is being sent to the national electrical grid of the country.

Since then, the EWP-EDF One project has proceeded to full system calibration, to be followed by a ceremonial "plugging in" event to be held in November 2024 to commemorate this historic achievement.

"We are proud to see our vision of sustainable wave energy becoming a reality," said Eco Wave Power Founder and Chief Executive Officer Inna Braverman. "I am grateful to the EDF Renewables IL team, the Israeli Energy Ministry, the Atarim Group (which manages and develops the Tel-Aviv Jaffa coastline), and my entire team at Eco Wave Power who worked tirelessly to take this project from an idea to a new source of clean energy."

"We believe this is just the start for wave energy and we are excited for this station to serve as a catalyst for many more projects across the globe. We are also very proud to be chosen by EDF as one of the finalists for the 2024 Pulse Award. Being considered for an award like this represents an incredible breakthrough and recognition that Eco Wave Power is achieving in the wave energy sector," Braverman continued.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company completed construction of and received all approvals for its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as "Pioneering Technology." The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history. Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.

Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power 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 the company at:
info@ecowavepower.com
+97235094017

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. 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, 2023, filed with the SEC on March 28, 2024, 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.

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FAQ

What is Eco Wave Power's stock symbol?

Eco Wave Power Global AB's stock symbol is WAVE, traded on the NASDAQ Capital Market.

When will the winners of the 2024 EDF Pulse Awards be announced?

The winners of the 2024 EDF Pulse Awards will be announced on July 18, 2024.

What is the capacity of Eco Wave Power's EWP-EDF One project in Israel?

The EWP-EDF One project in Israel has a 100KW installed capacity and consists of 10 floaters.

When was the EWP-EDF One project connected to Israel's national electrical grid?

The EWP-EDF One project was officially connected to Israel's national electrical grid in August 2023.