Eco Wave Power Signs U.S. Manufacturing Agreement to Launch First-Ever Wave Energy Project in the Port of Los Angeles
Eco Wave Power (NASDAQ: WAVE) has signed a manufacturing agreement with All-Ways Metal, Inc., a California-based woman-owned business, to produce floaters for its first U.S. wave energy project at the Port of Los Angeles. The floaters, a key component of Eco Wave Power's wave energy conversion technology, will be delivered within 70 days and installed at Municipal Pier One.
The project, co-developed with Shell Marine Renewable Energy (Shell MRE), has received final licensing approval from the Port of Los Angeles and federal permit from the U.S. Army Corps of Engineers in November 2024. This proof-of-concept installation represents a significant milestone in combining public and private investment in renewable energy infrastructure.
The initiative is being executed under a Pilot Test Agreement with Shell MRE and aims to serve as a scalable model for future wave energy deployments along the U.S. coastline and globally. The local manufacturing approach is expected to accelerate project timelines and support local job creation.
Eco Wave Power (NASDAQ: WAVE) ha firmato un accordo di produzione con All-Ways Metal, Inc., un'azienda californiana di proprietà femminile, per realizzare i galleggianti destinati al suo primo progetto di energia dalle onde negli Stati Uniti, presso il Porto di Los Angeles. I galleggianti, componente fondamentale della tecnologia di conversione dell'energia ondosa di Eco Wave Power, saranno consegnati entro 70 giorni e installati al Municipal Pier One.
Il progetto, sviluppato congiuntamente con Shell Marine Renewable Energy (Shell MRE), ha ottenuto l'approvazione finale delle licenze dal Porto di Los Angeles e il permesso federale dall'U.S. Army Corps of Engineers a novembre 2024. Questa installazione dimostrativa rappresenta una tappa importante nell'integrazione di investimenti pubblici e privati nelle infrastrutture per le energie rinnovabili.
L'iniziativa viene realizzata nell'ambito di un Accordo di Prova Pilota con Shell MRE e punta a diventare un modello scalabile per future installazioni di energia dalle onde lungo la costa statunitense e a livello globale. La produzione locale dovrebbe accelerare i tempi del progetto e favorire la creazione di posti di lavoro sul territorio.
Eco Wave Power (NASDAQ: WAVE) ha firmado un acuerdo de fabricación con All-Ways Metal, Inc., una empresa californiana propiedad de mujeres, para producir flotadores para su primer proyecto de energía undimotriz en Estados Unidos, ubicado en el Puerto de Los Ángeles. Los flotadores, componente clave de la tecnología de conversión de energía de las olas de Eco Wave Power, serán entregados en un plazo de 70 días e instalados en el Municipal Pier One.
El proyecto, co-desarrollado con Shell Marine Renewable Energy (Shell MRE), ha recibido la aprobación final de licencias por parte del Puerto de Los Ángeles y el permiso federal del Cuerpo de Ingenieros del Ejército de EE.UU. en noviembre de 2024. Esta instalación piloto representa un hito significativo en la combinación de inversión pública y privada en infraestructura de energías renovables.
La iniciativa se está ejecutando bajo un Acuerdo de Prueba Piloto con Shell MRE y pretende servir como un modelo escalable para futuras implementaciones de energía undimotriz a lo largo de la costa estadounidense y a nivel mundial. El enfoque de fabricación local se espera que acelere los plazos del proyecto y apoye la creación de empleo local.
Eco Wave Power (NASDAQ: WAVE)는 캘리포니아에 기반을 둔 여성 소유 기업인 All-Ways Metal, Inc.와 제조 계약을 체결하여 로스앤젤레스 항구에서 진행되는 미국 내 첫 파력 에너지 프로젝트를 위한 플로터를 생산합니다. 플로터는 Eco Wave Power의 파력 에너지 변환 기술의 핵심 부품으로, 70일 이내에 납품되어 Municipal Pier One에 설치될 예정입니다.
이 프로젝트는 Shell Marine Renewable Energy (Shell MRE)와 공동 개발되었으며, 2024년 11월 로스앤젤레스 항구의 최종 허가와 미 육군 공병대의 연방 허가를 받았습니다. 이 개념 증명 설치는 재생 에너지 인프라에 대한 공공 및 민간 투자 결합의 중요한 이정표입니다.
본 사업은 Shell MRE와의 파일럿 테스트 계약 하에 진행되며, 미국 해안과 전 세계에서 향후 파력 에너지 배치를 위한 확장 가능한 모델로서 역할을 목표로 합니다. 현지 제조 방식을 통해 프로젝트 일정이 단축되고 지역 일자리 창출에 기여할 것으로 기대됩니다.
Eco Wave Power (NASDAQ: WAVE) a signé un accord de fabrication avec All-Ways Metal, Inc., une entreprise californienne détenue par des femmes, pour produire des flotteurs destinés à son premier projet d'énergie des vagues aux États-Unis, au port de Los Angeles. Les flotteurs, composant clé de la technologie de conversion de l'énergie des vagues d'Eco Wave Power, seront livrés sous 70 jours et installés au Municipal Pier One.
Le projet, co-développé avec Shell Marine Renewable Energy (Shell MRE), a reçu l'approbation finale des licences du port de Los Angeles ainsi que le permis fédéral du U.S. Army Corps of Engineers en novembre 2024. Cette installation pilote représente une étape importante dans la combinaison des investissements publics et privés dans les infrastructures d'énergie renouvelable.
L'initiative est menée dans le cadre d'un accord de test pilote avec Shell MRE et vise à servir de modèle évolutif pour les futures installations d'énergie des vagues le long des côtes américaines et dans le monde. L'approche de fabrication locale devrait accélérer les délais du projet et soutenir la création d'emplois locaux.
Eco Wave Power (NASDAQ: WAVE) hat eine Fertigungsvereinbarung mit All-Ways Metal, Inc., einem frauengeführten Unternehmen aus Kalifornien, unterzeichnet, um Schwimmer für sein erstes US-Wellenenergieprojekt im Hafen von Los Angeles herzustellen. Die Schwimmer, ein wesentlicher Bestandteil der Wellenenergiewandlungstechnologie von Eco Wave Power, werden innerhalb von 70 Tagen geliefert und am Municipal Pier One installiert.
Das Projekt, das gemeinsam mit Shell Marine Renewable Energy (Shell MRE) entwickelt wurde, hat im November 2024 die endgültige Lizenzgenehmigung vom Hafen von Los Angeles sowie die Bundesgenehmigung vom U.S. Army Corps of Engineers erhalten. Diese Machbarkeitsstudien-Installation stellt einen bedeutenden Meilenstein bei der Kombination von öffentlichen und privaten Investitionen in erneuerbare Energieinfrastruktur dar.
Die Initiative wird im Rahmen einer Pilot-Testvereinbarung mit Shell MRE durchgeführt und soll als skalierbares Modell für zukünftige Wellenenergieeinsätze entlang der US-Küste und weltweit dienen. Der lokale Fertigungsansatz soll die Projektzeitpläne beschleunigen und die Schaffung von Arbeitsplätzen vor Ort unterstützen.
- Strategic partnership with Shell Marine Renewable Energy adds credibility and support from a global energy leader
- All necessary regulatory approvals secured for project implementation
- Local manufacturing approach reduces supply chain risks and lead times
- Project serves as scalable model for future U.S. coastal deployments
- First-time proof-of-concept installation carries execution risks
- 70-day manufacturing timeline may face potential delays
Insights
Eco Wave Power's first U.S. project marks significant market entry with Shell partnership and full regulatory approval, demonstrating commercial advancement in wave energy technology.
Eco Wave Power's manufacturing agreement with All-Ways Metal represents a critical implementation milestone for wave energy in the United States. This first-ever U.S. installation transitions the company from planning to execution in what could become an important new market for their technology. The company has methodically secured all necessary regulatory approvals—both from the Port of Los Angeles and the U.S. Army Corps of Engineers—removing key bureaucratic barriers that have historically challenged marine energy deployments.
The co-development with Shell Marine Renewable Energy provides substantial industry validation. Shell's participation signals growing interest from major energy players in wave energy technology, which has traditionally struggled to attract support from established energy companies. This partnership structure could potentially accelerate pathways to commercialization through Shell's extensive energy network.
The 70-day production timeline for the floaters indicates confidence in the technology's readiness and design maturity. By manufacturing locally through a California-based firm, Eco Wave Power has optimized their supply chain to accelerate deployment while mitigating potential logistics complications. The strategic selection of the Port of Los Angeles for this proof-of-concept provides high visibility in a major commercial hub, creating an ideal showcase for the technology's potential.
While this remains a demonstration project rather than full commercial deployment, it establishes the critical foundation necessary for potential expansion throughout North America. The project's successful implementation will generate operational data and performance metrics essential for attracting additional deployments and investment in this emerging renewable energy sector.
Manufacturing agreement accelerates U.S. market entry for Eco Wave Power, with Shell partnership and regulatory approvals enhancing commercial prospects for this small-cap renewable company.
This manufacturing agreement signals Eco Wave Power's transition from regulatory preparation to actual implementation in the strategically important U.S. market. For a company with a market capitalization of approximately $32.7 million, securing this first U.S. installation represents a disproportionately significant milestone, as each successful project deployment carries outsized importance for investor confidence and market validation.
The decision to partner with All-Ways Metal for local manufacturing demonstrates operational pragmatism. By producing floaters in California, Eco Wave Power reduces logistics complexity and accelerates timelines—the 70-day delivery window provides investors with concrete expectations for project progression. This approach also aligns with domestic content preferences that increasingly influence U.S. energy infrastructure projects.
The partnership with Shell Marine Renewable Energy adds substantial credibility to this project. Shell's co-development role provides both technical validation and potential pathways to wider deployment through their extensive energy network. This relationship structure offers Eco Wave Power access to Shell's considerable resources and expertise—critical advantages for a smaller company seeking to establish technology credibility.
The systematic acquisition of all necessary permits—from the U.S. Army Corps of Engineers and Port of Los Angeles—demonstrates methodical execution that de-risks the project's implementation phase. While the announcement doesn't include specific capital expenditure figures, the clear regulatory progress and defined production schedule indicate disciplined project management.
This installation serves as a critical proof-of-concept that, if successful, positions Eco Wave Power to potentially capitalize on the vast U.S. coastline for future deployments. The commercial validation from this demonstration will be essential for transitioning from technological promise to revenue-generating installations.
Los Angeles, California--(Newsfile Corp. - April 23, 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 announce the signing of a manufacturing agreement with All-Ways Metal, Inc., a woman-owned business based in California, for the production of floaters for its innovative wave energy project in the Port of Los Angeles. This marks a major milestone in the development of Eco Wave Power's first-ever U.S. proof-of-concept installation.
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. 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 groundbreaking U.S. project.
Photo of the floaters from Eco Wave Power's Israeli project, for illustration purposes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11247/249477_c2e8d4ffa4fdfb7b_001full.jpg
This agreement follows Eco Wave Power's receipt of a final licensing approval from the Port of Los Angeles, which was granted earlier this month, and builds on the federal permit received from the U.S. Army Corps of Engineers in November 2024. These key regulatory milestones clear the way for full implementation of the Company's first U.S.-based wave energy system.
Co-developed with Shell Marine Renewable Energy (Shell MRE), the project represents a powerful convergence of public and private investment in next-generation renewable energy infrastructure. Once operational, the pilot installation will serve as a scalable model for future wave energy deployments along the U.S. coastline and globally.
"As we expand into the United States, we are proud to collaborate with All-Ways Metal, a highly respected and experienced woman-owned fabrication business," said Inna Braverman, Founder and CEO of Eco Wave Power. "By producing the floaters locally, we are not only accelerating project timelines but also supporting local job creation and contributing to the emergence of a new sustainable energy industry in the U.S."
"We are honored to partner with Eco Wave Power on this forward-thinking project," said Rachelle Pickens, CEO of All-Ways Metal, Inc. "For over four decades, we've built a reputation for delivering precision, reliability, and innovation—and we are excited to bring that expertise to the clean energy sector. Manufacturing the floaters right here in California aligns with our commitment to supporting local industry while contributing to a greener future."
This first U.S. installation serves as a strategic demonstration project, positioning Eco Wave Power to scale its wave energy technology across North America. Executed under a Pilot Test Agreement with Shell Marine Renewable Energy, the initiative benefits from the support of a globally recognized energy leader. In addition, by manufacturing the floaters locally through a woman-owned, California-based firm, the Company is shortening lead times, and advancing ESG goals through a domestic supply chain. With all necessary regulatory approvals secured—including permits from the Port of Los Angeles and the U.S. Army Corps of Engineers—the project is set for rapid implementation.
About All-Ways Metal, Inc.
Founded in 1983, All-Ways Metal, Inc. is a woman-owned business offering custom sheet metal fabrication and CNC machining to a wide range of industries, including aerospace, medical, transportation, and entertainment. Located in a 30,000 square foot facility in California, the company is known for its expertise, efficiency, and commitment to quality. All-Ways Metal continues to invest in state-of-the-art technology to meet and exceed customer expectations.
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 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 belief that the manufacturing agreement marks a major milestone in the development of the Company's U.S. proof-of-concept installation; the expected delivery, installation and connection of the floaters; the belief that the delivery of the floaters marks the official launch of the Company's U.S. project; the belief that this project represents a powerful convergence of public and private investment in next-generation renewable energy infrastructure and that the pilot installation will serve as a scalable model for future wave energy deployments along the U.S. coastline and globally; the belief that the Company is supporting local job creation and contributing to the emergence of a new sustainable energy industry in the U.S through this manufacturing agreement; the belief of All-Ways Metal, Inc that manufacturing the floaters in California aligns with its commitment to supporting local industry while contributing to a greener future; that this U.S. installation serves as a strategic demonstration project, positioning the Company to scale its wave energy technology across North America; that this manufacturing contract contributes to shortening lead times and advancing environmental and social governance goals through a domestic supply chain; and that with all necessary regulatory approvals secured, the project is set for rapid implementation. 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.
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FAQ
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