SACRAMENTO, Calif., May 1, 2023 /PRNewswire/ -- Inna Braverman, Founder and CEO of Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company"), submitted written testimony in support of California Senate Bill 605 - Wave and Tidal Energy -proposed by California State Senator Steve Padilla. Braverman's testimony was provided to both the Senate Energy, Utilities and Communications Committee and the Natural Resources and Water Committee in the past two weeks. SB 605 passed both committees unanimously, 15-0 and 10-0, respectively. The bill now heads to the Senate Appropriations Committee.
The legislative initiative seeks to create a framework for the development of wave energy in California and to establish a regulatory pathway for the construction and operation of wave energy projects in state waters. The bill would also require California's Energy Commission to develop a strategic plan for the deployment of wave and tidal technologies, infrastructure, and facilities. Further, it also notes that ocean energy represents the "third largest source of renewable energy and the largest source of underutilized renewable energy."
"Over 70 percent of the Earth's surface is covered by water, so it is no wonder we look to the ocean in our search for solutions to some of the world's most daunting challenges, such as climate change," said Braverman in her testimony. "According to the National Renewable Energy Laboratory (NREL) in California, the energy potential from the ocean is 140 TWh/year, which is the equivalent to the power needs of 13 million homes or 69% of California's 2019 net electricity generation."
SB 605 recognizes the vast potential and benefits that wave energy provides, saying that if developed and deployed at scale, wave and tidal energy can provide both economic and environmental benefits to the state and the nation. The bill has received support from a broad coalition of businesses, environmental organizations, and economic development groups, who realize the potential of wave energy to reduce greenhouse gas emissions, create jobs, and stimulate economic growth in coastal communities. SB 605 is a critical step towards unlocking the full potential of the emerging blue economy industry and establishing California as a leader in the development of clean, renewable energy.
"Wave energy implementation in California will not only have a positive impact on the wellbeing of local communities, in terms of health, but will also create significant employment opportunities. It is expected that ocean energy will create job opportunities in manufacturing, transportation, construction, and engineering." Braverman said.
Joining Braverman in testifying to the committees in support of the historic legislation was former CalEPA Secretary and current AltaSea President and CEO Terry Tamminen.
"We need to continue to innovate the policies, technologies, and financing of new clean, renewable energy sources for our state if we hope to achieve our ambitious goals for clean air and a climate-resilient economy," said Tamminen in his testimony. "This important measure would set California on the path towards becoming a global leader in ocean energy and developing this untapped source of clean, resilient, abundant, and renewable energy."
In January 2023, Eco Wave Power unveiled what is believed to be the first-ever onshore wave energy unit in the United States, at AltaSea's campus at the Port of Los Angeles. Last year, Eco Wave Power entered into an agreement with AltaSea to implement a first of its kind wave energy pilot at AltaSea's premises at the Port of Los Angeles. In just over a year, Eco Wave Power successfully modified, upgraded, and transported the conversion unit to Los Angeles. The project's timeline showcases another benefit of Eco Wave Power's patented technology – its ability to be easily transported and replicated to fit the energy needs of a country's coastline.
SB 605 is the second bill introduced focused on exploring wave energy technology introduced in the past year. In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey to add wave energy to New Jersey's energy master plan and provide funding for feasibility studies and pilot programs. The bill is currently in the State Senate Environment & Energy Committee and will be brought before the committee in the coming weeks.
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 is currently finalizing the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as "Pioneering Technology" and 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:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
jscott@vectisstrategies.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. 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, 2022 filed with the SEC, 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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