Eco Wave Power Global AB (publ) American Depositary Shares - WAVE STOCK NEWS

Eco Wave Power (Nasdaq: WAVE) reported its H1 2024 financial results and provided a corporate update. Key highlights include:

1. Operational improvements at the EWP-EDF One Project in Israel, with downtime decreasing from 4% to 0% and energy generation improving by 17%.

2. Strategic co-investment agreement with Shell for the first U.S. project at the Port of Los Angeles.

3. Kickoff of the first MW-scale project in Porto, Portugal.

4. Support for the Marine Energy Technologies Acceleration Act in the U.S., potentially providing $1 billion for marine energy advancement.

5. Approval for ADS repurchase program to enhance shareholder value.

Financial results show a 1.6% decrease in operating expenses compared to H1 2023, with $7.48 million in cash and short-term deposits at the end of the period.

Eco Wave Power Global AB (NASDAQ: WAVE) has received approval from the Swedish Financial Supervisory Authority (SFSA) to repurchase up to 10% of its American Depositary Shares (ADS). This decision follows the company's request submitted on December 21, 2023, and aligns with the shareholders' approval at the 2024 Annual General Meeting. The buyback program aims to improve the company's capital structure and enhance shareholder value.

Key points of the authorization include:

• Repurchases to Nasdaq Capital Market or other regulated markets
• Authorization valid until the 2025 annual general meeting
• Repurchase price must be within the range of highest purchase and lowest selling price
• Payment for ADS to be made in cash

CEO Inna Braverman expressed excitement about proceeding with the buyback, emphasizing its potential to drive greater shareholder value and improve the company's investment value.

Eco Wave Power Global AB (NASDAQ: WAVE) has officially launched its first MW-scale wave energy project in Porto, Portugal. This project is part of a 20 MW concession agreement with APDL and will feature a first-of-its-kind underwater wave energy museum. The company's engineering team conducted a site visit to the breakwater and the room underneath, where the energy conversion equipment will be installed. Local subcontractors and manufacturers were met to select preferred entities for project execution.

The project aligns with Portugal's renewable energy goals, aiming to generate 85% of annual electricity production from renewable sources by 2030. Eco Wave Power received final approval for construction in March 2024 and issued a performance bond to APDL, committing to complete the project within two years.

Representatives Nanette Barragán and Suzanne Bonamici have introduced the Marine Energy Technologies Acceleration Act, proposing a $1 billion investment to advance marine energy commercialization. The legislation aims to fund demonstration projects, research, resource mapping, workforce development, and streamline permitting processes through the Department of Energy's Waterpower Technologies Office.

This initiative aligns with Eco Wave Power's (NASDAQ: WAVE) upcoming wave energy demonstration project with Shell MRE at the Port of Los Angeles. The company's CEO, Inna Braverman, praised the legislation, highlighting wave energy's potential in meeting U.S. renewable energy targets and promoting economic growth through the blue economy.

Eco Wave Power Global AB (NASDAQ: WAVE) has won the prestigious 2024 EDF Pulse Award in the category of 'Developing a Profitable Decentralized Energy System'. The award was presented by Luc Rémont, CEO of EDF, at a ceremony in EDF's Pavilion, built in partnership with the Paris 2024 Olympic Games.

This recognition comes alongside Eco Wave Power's collaboration with EDF Renewables Israel on the EWP-EDF One Project, Israel's first grid-connected wave energy project. The project, co-funded by EDF Renewables IL and the Israeli Ministry of Energy, successfully connected to the national grid in 2023.

Eco Wave Power's innovative technology harnesses wave energy through systems attached to existing port infrastructure, offering a promising solution for renewable energy generation.

Eco Wave Power Global AB (NASDAQ: WAVE), a leading onshore wave energy developer, has been selected as a finalist for the 2024 EDF Pulse Awards, competing in the category of developing a profitable decentralized energy system. The company's innovative technology for generating clean electricity from ocean and sea waves was chosen as one of 13 finalists out of 144 entrants.

This recognition comes alongside Eco Wave Power's collaboration with EDF Renewables IL on the EWP-EDF One project in Israel, which has a 100KW installed capacity and was recently connected to the national electrical grid. The project marks the first time in Israel's history that wave-generated electricity is being sent to the national grid.

Finalists will present to the EDF Executive Committee on July 17, 2024, with winners announced the following day. The EDF Pulse awards offer support to startups in research, proof of concept, and professional development.

Eco Wave Power Global (Nasdaq: WAVE) will participate in the Spring MicroCap Rodeo Conference in New York on June 6th, 2024. Inna Braverman, Founder and CEO, will present the company's operational results, upcoming projects in Los Angeles and Portugal, and new strategic partnerships and revenue streams. The presentation is scheduled for 2:30 PM ET and will be webcast live. Management will also hold one-on-one meetings with approved investors. More information and registration details are available on the conference website.

The shareholders of Eco Wave Power Global (Nasdaq: WAVE) are notified to attend the annual general meeting on June 27, 2024, at Setterwalls Advokatbyrå's offices, Stockholm. Registration opens 30 minutes before the AGM. To participate, shareholders must be registered with Euroclear Sweden AB by June 18, 2024, and notify their attendance by June 20, 2024. Postal voting is available. Key proposals include no dividend for 2023, amendments to share capital limits, authorizations for share issuance and repurchase, and changes to the 2020/2024:B warrant program to include Inna Braverman and David Leb. The board proposes re-election of current directors and PriceWaterhouseCoopers AB as auditors.

Eco Wave Power (Nasdaq: WAVE), an onshore wave energy technology company, announced its Q1 financial results for 2024. The company reported a 3.5% decrease in operating expenses and ended the quarter with $7.96 million in cash and short-term bank deposits. Notable milestones include progress in projects in Israel, the U.S., and Portugal. In Israel, the EWP-EDF One project showed improved energy generation and reduced downtime. In the U.S., a co-investment agreement and licensing progress for a project in the Port of Los Angeles were highlighted. In Portugal, final approvals for a commercial-size project in Porto were secured. Despite no revenues for Q1, expenses were reduced in R&D and sales, with a slight increase in general and administrative costs. The net loss was $527,000, similar to the previous year. Plans to enhance cash flow include expanding engineering and sales teams and exploring further U.S. market opportunities.