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Eco Wave Power Global AB (publ) (WAVE) is an innovative wave power developer headquartered in Israel and listed on Nasdaq Capital Market. The company is known for its proprietary, patented technology that converts ocean and sea waves into clean electricity. Eco Wave Power's mission is to combat climate change by providing commercial wave energy solutions that are environmentally and economically viable.
Established after extensive conceptualization and planning, Eco Wave Power stands out with proprietary technology that utilizes point absorber floating devices, or floaters, installed on existing marine structures. This technology has been recognized by Frost & Sullivan with the Product Innovation Award in 2012 for addressing significant challenges in the wave energy sector.
The company has a geographical presence in Israel, the USA, and Mexico. Its latest achievements include the completion of the grid-connected EWP-EDF One project in the Port of Jaffa, Israel, with a 100KW installed capacity. This project marks the first time in Israeli history that wave-generated electricity has been sent to the national grid.
Eco Wave Power is also expanding its footprint in the United States, with a pilot station at AltaSea in the Port of Los Angeles. This project is poised to become the first onshore wave energy pilot station in the U.S., aligning with California's legislative push for wave and tidal energy evaluation.
Furthermore, the company has a strong financial foundation, bolstered by funding from the European Union Regional Development Fund, Innovate UK, and the European Commission's Horizon 2020 framework program. Recently, Eco Wave Power was awarded a £1.5 million grant as part of a consortium to develop a pilot microgrid project for a remote island in Thailand.
Eco Wave Power continues to secure strategic partnerships and commercial agreements, underscored by its recent collaboration with a major energy company to conduct feasibility studies for commercial onshore wave energy stations globally. The company’s projects pipeline totals 404.7 MW, including forthcoming installations in Portugal and other European locations.
In addition to its technological advancements, Eco Wave Power’s leadership is actively engaged in global initiatives. CEO Inna Braverman has been recognized for her contributions to clean energy and will be featured in a UN interactive art exhibition celebrating women leaders driving progress towards the Sustainable Development Goals (SDGs).
With a robust project pipeline, strategic partnerships, and innovative technology, Eco Wave Power is positioned to be a key player in the renewable energy market, contributing significantly to the global shift towards sustainable energy solutions.
Eco Wave Power Global AB (WAVE) announced the delivery of its first floaters and supporting structures for the grid-connected EWP-EDF One project at Jaffa Port, Israel. This milestone signifies substantial progress toward the installation of the first wave energy array, with installation expected to begin later this month. The project aims to generate electricity by Q3 2022 and will consist of 10 floaters connected to a conversion unit. The innovative onshore delivery method enhances efficiency compared to traditional offshore installations.
Eco Wave Power Global AB (WAVE) announced its transition to Vator Securities as its new Certified Adviser, effective January 1, 2022. The company is recognized for its innovative wave energy technology and has received several accolades, including being labeled as a "Pioneering Technology" by the Israeli Ministry of Energy. Eco Wave Power focuses on producing green electricity from ocean waves, aiming to combat climate change. This change in advisers is set to benefit the company as it continues its mission, supported by funding from the EU and recognition from the United Nations.
Eco Wave Power Global AB (WAVE) reported its interim financial results for the nine months ending September 30, 2021. Revenues increased to SEK 0.26 million from SEK 0 in 2020, attributed to feasibility study services in Asia. However, operating losses widened to SEK 17.9 million, up from SEK 10.5 million in the previous year. Net loss increased to SEK 14.9 million, and cash reserves stood at SEK 140.9 million. The company is advancing its projects pipeline, including collaborations with the Israeli Navy and developments in Portugal.
Eco Wave Power Global AB (Nasdaq: WAVE) has appointed Mr. Avi Waller as Chief Operating Officer, effective immediately. Waller brings over 20 years of experience in engineering and operational roles, previously serving as CEO of A. Adiran Engineering & Agencies Ltd. He aims to enhance the company's operations as part of its mission to promote green energy. Eco Wave Power specializes in converting ocean waves into electricity and has received recognition and funding for its innovative solutions.
Eco Wave Power Global announced a Memorandum of Understanding (MOU) with CIMC Offshore Engineering Institute to collaborate on a pilot plant for wave energy technology in China. The partnership aims to promote Eco Wave Power's technology, facilitate introductions to potential clients, and enhance negotiations for commercialization. The MOU, valid for two years, highlights Eco Wave Power's commitment to renewable energy and innovation in high-demand markets, leveraging CIMC OEI's engineering expertise and market presence in offshore marine structures.
Eco Wave Power Global AB (WAVE) has entered a collaboration with Lesico Ltd. to produce 8 floaters for the EWP EDF One project in Israel. This project, co-funded by the Israeli Ministry of Energy, involves the installation of ten floaters with a 100 kW capacity. Eco Wave Power has completed initial works and will leverage Lesico's expertise to ensure high-quality production within 51 working days. This partnership may lead to further collaboration on additional projects as both companies aim to advance renewable energy solutions.
Eco Wave Power Global AB (WAVE) released its interim report for the six months ending June 30, 2021. The company generated revenues of SEK 0.26 million ($31,000) from feasibility studies, compared to SEK 0 in 2020. However, operating loss increased to SEK -10.8 million ($-1.29 million) due to heightened R&D and administrative expenses. The net loss rose to SEK -10.4 million ($-1.24 million) with a loss per share of SEK -0.3. Cash reserves stood at SEK 77 million ($9.04 million). The company secured multiple grants, expanded operations in Portugal, and commenced projects in Brazil and Israel.
Eco Wave Power Global AB reported a significant milestone with its subsidiary, EW Portugal, receiving a 1MW installation and grid connection permit from the Portuguese Directorate-General for Energy and Geology. This approval is essential for the installation of a pilot project at the Barra do Douro breakwater in Porto, Portugal. This project represents the first stage of a 20MW Concession Agreement aimed at enhancing wave energy capacity in Portugal, contributing to the country's 2030 renewable energy goals.
Eco Wave Power Global AB (WAVE) has signed a collaboration agreement with the Israeli Navy to explore the feasibility of deploying its wave energy technology at Navy bases. The project will involve the procurement and installation of wave measuring systems to gather data on wave conditions. After analyzing this data, the parties will assess the potential for using Eco Wave Power's technology for clean electricity generation at the bases. This partnership could lead to future contracts with military facilities globally, enhancing Eco Wave Power's market presence in renewable energy.
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