Eco Wave Power Strengthens Management - Appoints New Vice President of Engineering to Accelerate Execution of the Company's Projects in the USA, Taiwan and Portugal

Rhea-AI Summary

Eco Wave Power (Nasdaq: WAVE) has appointed Ran Atias as Vice President of Engineering, effective immediately. Atias, who holds an MBA and B.Sc. in Mechanical Engineering, brings over 10 years of experience in managing complex projects across automotive, defence, and robotics industries. The company currently has two grid-connected projects in Gibraltar and Israel, with three more under development in the Port of Los Angeles (co-invested by Shell MRE), Taiwan, and Portugal. Atias will oversee all engineering functions to accelerate project delivery timelines and support the company's commercialization strategy.

Positive

• Strategic expansion with three new projects under development in USA, Taiwan, and Portugal
• Partnership with major energy company Shell MRE for Port of Los Angeles project
• Successfully completed two grid-connected projects in Gibraltar and Israel

Negative

• None.

Eco Wave Power Appoints Ran Atias as VP of Engineering - Atias Brings Vast Tech Leadership, Aiming to Drive Innovation and Accelerate Projects Delivery

TEL AVIV, Israel, Nov. 4, 2024 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy technology company announced today the appointment of Ran Atias as Vice President of Engineering for the Eco Wave Power Group.

Mr. Atias will begin his employment immediately and will be based in Eco Wave Power's headquarters in Tel Aviv, Israel. 

Mr. Atias holds an MBA and a B.Sc. in Mechanical Engineering from Ben-Gurion University and joins Eco Wave Power with a broad experience in the management of high-complexity mega projects, driving research and development, and managing diverse engineering teams. With more than 10 years of engineering experience, Ran has demonstrated success in product scaling across a variety of industries, including the automotive, defence and robotics industries. 

Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, stated: "Ran brings an agile spirit to product and engineering teams. I believe that by challenging the status quo, he will be able to increase engineering efficiency and accelerate project delivery timelines. This will enable Eco Wave Power to execute more projects faster, which will drive the Company's worldwide growth."

"Thus far, Eco Wave Power has executed two grid connected projects (in Gibraltar and in Israel, in Collaboration with EDF Renewables IL) and is currently moving forward with its third, fourth and fifth projects in parallel. We have officially kicked-off the development and implementation of our first U.S.-based project in the Port of Los Angeles (with co-investment from Shell MRE), Taiwan (as part of a sale agreement entered with I-Ke International Ocean Energy Co.) and in Portugal (our first commercial project). As we plan to add more projects into our execution plans in the upcoming months and enhance the Company's revenues, I believe that Ran will have a strategic value in achieving the Company's goals," added Ms. Braverman.

Mr Atias stated: "What attracted me to Eco Wave Power was the ability to transform the entire renewable energy industry. I am excited to join Eco Wave Power's leadership team and leading its engineering team to contribute to Eco Wave Power's success as the Company progresses to the next phase of its commercialization strategy."

Mr. Atias will oversee all aspects of the Company's engineering functions to facilitate alignment with its broader goals and objectives. He will be responsible for expanding the Company's strategic technology development and implementation.

This strategic addition to its executive team underscores Eco Wave Power's unwavering commitment to driving innovation and leadership within the wave energy industry, while accelerating the delivery of projects.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy 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 owns and operates a grid connected wave energy project in Israel, with co-investment from EDF Renewables IL and the Israeli Energy Ministry, which recognized Eco Wave Power's technology as "Pioneering Technology." The Israeli wave energy project marks the first grid-connected wave energy system in Israel's history.

Eco Wave Power will soon commence the installation of its third and fourth wave energy projects, in the Port of Los Angeles, and in Portugal. The Company also holds a total projects pipeline of 404.7 MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program and was honoured with 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

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 potential benefits that Mr. Atias will bring to the Company and his strategic value in achieving the Company's goals, the Company's plans to add more projects into its execution plans in the upcoming months and enhance the Company's revenues. 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.

For more information, please contact the Company at:
info@ecowavepower.com
+97235094017

This information was brought to you by Cision http://news.cision.com.

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SOURCE EWPG Holding AB (publ)

FAQ

What new projects is Eco Wave Power (WAVE) currently developing?

Eco Wave Power is currently developing three new projects: one in the Port of Los Angeles (USA) with Shell MRE co-investment, one in Taiwan through I-Ke International Ocean Energy Co., and their first commercial project in Portugal.

How many grid-connected projects has Eco Wave Power (WAVE) completed?

Eco Wave Power has completed two grid-connected projects: one in Gibraltar and another in Israel in collaboration with EDF Renewables IL.

Who is the new Vice President of Engineering at Eco Wave Power (WAVE)?

Ran Atias has been appointed as the new Vice President of Engineering at Eco Wave Power. He holds an MBA and B.Sc. in Mechanical Engineering from Ben-Gurion University and has over 10 years of engineering experience in automotive, defence, and robotics industries.