Eco Wave Power Secures Final Permit for Pioneering Wave Energy Project in the Port of Los Angeles

Rhea-AI Summary

Eco Wave Power (NASDAQ: WAVE) has secured the final permit (Revocable Permit 25-05) from the Port of Los Angeles for its wave energy project at Berth 70 in San Pedro, California. The permit, approved on March 27, 2025, follows a federal Nationwide Permit from the U.S. Army Corps of Engineers received in November 2024.

The pilot project, co-funded by Shell Marine Renewable Energy, will utilize approximately 10,396 square feet of land and 2,016 square feet of water area. The installation will include up to eight wave energy floaters on existing concrete wharf piles, connected to an energy conversion unit housed in two 20-foot shipping containers.

The project, developed in partnership with AltaSea, is expected to be completed within 2-3 months, by the end of Q2 2025. According to the U.S. Department of Energy's National Renewable Energy Laboratory, wave energy has the potential to generate over 1,400 terawatt-hours annually, enough to power approximately 130 million homes.

Insights

Renewable Energy Expert

The final regulatory approval for Eco Wave Power's Los Angeles port project represents a significant milestone in the commercialization of wave energy technology. This permit eliminates the last regulatory barrier for the company's first U.S. installation, allowing construction to begin immediately with completion expected within 2-3 months.

What makes this development particularly notable is the strategic partnership with Shell Marine Renewable Energy as co-funder. Having a major energy back this pilot provides important industry validation for wave energy technology. The partnership with AltaSea further strengthens the project's positioning within the emerging blue economy ecosystem.

From a technical perspective, Eco Wave Power's approach of mounting floaters on existing marine structures (concrete wharf piles) demonstrates their differentiated onshore methodology. This approach potentially offers advantages in maintenance accessibility and grid connectivity compared to fully offshore wave systems.

The 2-3 month construction timeline creates a clear near-term catalyst, with project completion expected by Q2 2025. If successful, this demonstration could accelerate the company's U.S. expansion, leveraging the Department of Energy's estimated 1,400 TWh annual wave energy potential – a massive addressable market compared to WAVE's current $42.8M market capitalization.

Financial Analyst

The regulatory approval secured by Eco Wave Power represents a critical de-risking event that significantly improves the company's commercial prospects in the U.S. market. For a company with a $42.8 million market capitalization, establishing a foothold in the world's largest economy with Shell's backing represents disproportionate potential upside.

This development contains several elements investors should note:

• The partnership with Shell provides both financial resources and industry credibility that could accelerate adoption
• The clear timeline (2-3 months to completion) creates a defined catalyst moment for potential value reassessment
• All necessary components are already on-site, reducing execution risk
• The project advances through a multitiered partnership structure (Eco Wave Power, Shell, AltaSea, Port of LA) that distributes costs while maximizing potential exposure

While financial details of the Shell co-funding arrangement weren't disclosed, securing a major energy company as a partner suggests the technology has passed significant due diligence. The permit's approval eliminates regulatory uncertainty, which is particularly valuable in California's complex environmental regulatory landscape.

For a company with Eco Wave Power's size, successful completion of this project could serve as a significant validation point, potentially opening pathways to larger installations and commercial contracts. The project's location at a high-profile port further increases visibility to potential commercial partners and investors.

Los Angeles, California--(Newsfile Corp. - March 31, 2025) - Eco Wave Power (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a leading onshore wave energy technology company, is pleased to announce that it has been granted Revocable Permit 25-05 by the Port of Los Angeles for the construction and demonstration of its innovative wave energy technology at Berth 70 in San Pedro, California. The permit was approved and executed on behalf of the Executive Director, Eugene D. Seroka on March 27, 2025.

Inna Braverman, Terry Tamminen, and Arnold Schwarzenegger in a visit to Eco Wave Power's pilot in LA

To view an enhanced version of this graphic, please visit:
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This permit is the final approval required for Eco Wave Power to commence construction of its pilot project, following it receiving a federal Nationwide Permit (NWP) 52 for Water-Based Renewable Energy Generation Pilot Projects granted by the U.S. Army Corps of Engineers in November 2024. With all necessary permits secured, the Company is set to move forward with implementation, which is expected to be completed within 2-3 months.

The pilot project, co-funded by Shell Marine Renewable Energy ("Shell MRE"), marks a significant milestone in advancing clean energy solutions by utilizing wave power to generate electricity. Under the permit, Eco Wave Power is authorized to utilize approximately 10,396 square feet of land and 2,016 square feet of water area for the installation and operation of its cutting-edge wave energy conversion system.

The project, developed in partnership with AltaSea at the Port of Los Angeles, will involve installing up to eight wave energy floaters on the piles of an existing concrete wharf structure at Municipal Pier One. An energy conversion unit, consisting of two 20-foot shipping containers, will be placed on the wharf deck and connected to the floaters. With the conversion unit already shipped and located on-site, Eco Wave Power plans to complete installation by the end of the second quarter of 2025.

"This permit represents a major step forward for Eco Wave Power's expansion into the U.S. market," said Inna Braverman, CEO of Eco Wave Power. "We are excited to collaborate with the Port of Los Angeles, AltaSea, and Shell MRE to bring our innovative, sustainable energy technology to one of the most significant ports in the country."

Terry Tamminen, CEO of AltaSea, added: "At AltaSea, we are dedicated to fostering cutting-edge solutions for the blue economy, and Eco Wave Power's innovative technology is a prime example of that commitment. We are thrilled to support this project as it sets the stage for wave energy's viability in the U.S."

The U.S. Department of Energy's National Renewable Energy Laboratory estimates that wave energy has the potential to generate over 1,400 terawatt-hours per year-enough to power approximately 130 million homes. This pilot project is a crucial step toward the commercialization of wave energy as a reliable and clean source of renewable power, further strengthening Eco Wave Power's position as a leader in the industry.

Eco Wave Power remains dedicated to driving forward the global transition to clean energy by pioneering wave power technology. This pilot project is expected to serve as a model for future large-scale wave energy installations across the United States and beyond.

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 totalling 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 honoured 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 the company at: info@ecowavepower.com

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 Company's prospective implementation and timeline of its pilot project; the belief that this pilot project marks a significant milestone in advancing clean energy solutions; the prospective implementation schedule; the belief that this permit represents a major step forward for the Company's expansion into the U.S. market; the belief that the Company's technology fosters a cutting-edge solution for the blue economy; the belief that that wave energy has the potential to generate over 1,400 terawatt-hours per year; that this pilot project is a crucial step toward the commercialization of wave energy as a reliable and clean source of renewable power, further strengthening the Company's position as a leader in the industry; and that this pilot project is expected to serve as a model for future large-scale wave energy installations. 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/246700

FAQ

When will Eco Wave Power (WAVE) complete its Port of Los Angeles wave energy project?

The project is expected to be completed by the end of Q2 2025, with an estimated installation timeline of 2-3 months.

What is the size and scope of WAVE's Port of Los Angeles installation?

The project will utilize 10,396 square feet of land, 2,016 square feet of water area, and include up to eight wave energy floaters with two 20-foot shipping containers for energy conversion.

Which major partners are involved in WAVE's Port of Los Angeles project?

The project is co-funded by Shell Marine Renewable Energy and developed in partnership with AltaSea at the Port of Los Angeles.

What permits has WAVE secured for its Port of Los Angeles wave energy project?

WAVE has secured Revocable Permit 25-05 from the Port of Los Angeles and a federal Nationwide Permit (NWP) 52 from the U.S. Army Corps of Engineers.