Welcome to our dedicated page for Eco Wave Power Global AB (publ) American Depositary Shares news (Ticker: WAVE), a resource for investors and traders seeking the latest updates and insights on Eco Wave Power Global AB (publ) American Depositary Shares stock.
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.
On April 21, 2023, Eco Wave Power Global AB (Nasdaq: WAVE) hosted former California Governor Arnold Schwarzenegger at its power station located at AltaSea in the Port of Los Angeles. This power station is regarded as the first-ever onshore wave energy installation in the U.S. and is set to become fully operational soon. CEO Inna Braverman showcased the company's innovative technology which converts ocean waves into renewable energy. They discussed the significant wave energy potential in California, which can potentially power 13 million homes. The visit coincided with Eco Wave Power's recent announcement of launching a U.S.-based subsidiary and plans to expand operations. The company currently has a 407.7 MW pipeline of projects worldwide, emphasizing its goal to contribute to sustainable energy solutions.
On April 18, 2023, Eco Wave Power (NASDAQ: WAVE) announced the opening of its first U.S. subsidiary in New York City as part of its strategy to expand within the U.S. renewable energy market. This establishment aims to support Eco Wave's innovative wave energy technology, which has the potential to supply up to 66% of the nation’s energy needs from its extensive coastline. Following its public listing in 2021, the company has garnered legislative support for wave energy initiatives in states like New Jersey and California. Significant federal backing, including $128 billion from the Inflation Reduction Act, further positions Eco Wave to capitalize on this growing sector. Currently, the company is advancing a project pipeline of 404.7 MW globally.
Eco Wave Power Global AB (NASDAQ: WAVE) has signed a Power Purchase Agreement with the Israeli National Electric Company for its EWP-EDF One Project in Tel Aviv. This landmark deal allows for the first wave-generated electricity to be connected to Israel's national grid, marking a significant milestone in renewable energy in the country.
Following a successful grid synchronization approval, the IEC will conduct its own tests before final connection. Eco Wave Power is also expanding operations in the U.S. and holds agreements for installations in Europe, totaling a project pipeline of 404.7 MW.
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