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 June 2, 2022, Inna Braverman, CEO of Eco Wave Power (WAVE), presented at the Israel-Greece Conference, discussing innovative wave energy technology. She highlighted plans for a 1 MW project in Halki, Greece, aiming for a 100% renewable energy status. The project is co-funded by the EU's NESOI program. Braverman emphasized that wave energy could supply 10% of Europe's electricity by 2050 and outlined future projects in Israel and the U.S. Eco Wave Power is recognized for its pioneering technology, contributing to climate change solutions.
Eco Wave Power Global AB (Nasdaq: WAVE) has called its annual general meeting to be held on June 30, 2022, with postal voting as the only method for participation. Shareholders must register by June 21, 2022, and submit votes by June 29, 2022. The agenda includes the approval of financial statements, election of board members, and authorizations for share capital increases. Notably, no dividend will be paid for 2021, and amendments to warrant terms are proposed. Details will be confirmed post-AGM.
Eco Wave Power Global AB (WAVE) reported its financial results for Q1 2022, with revenues of SEK 0.24 million (USD 26,000), down from SEK 0.26 million (USD 31,000) in Q1 2021. Operating loss increased to SEK 8.4 million (USD 890,000) compared to SEK 4.5 million (USD 530,000) in the previous year. Net loss for the period rose to SEK 6.7 million (USD 720,000), leading to a loss per share of SEK 0.15. The company has a cash balance of SEK 127.9 million (USD 13.8 million). Strategic projects are progressing in Israel, Los Angeles, Portugal, and Spain, with plans to connect its EWP-EDF One project to Israel's power grid.
Eco Wave Power Global AB has announced its delisting from the Nasdaq First North Growth Market, effective June 14, 2022. Following a formal application on May 25, 2022, its common shares will cease trading on June 13, 2022. From that date, only American Depositary Shares (ADSs) under the ticker WAVE will be listed on the Nasdaq Capital Market. Shareholders can convert common shares to ADSs free of charge until August 23, 2022. This move aims to streamline operations, reduce costs, and enhance liquidity for global shareholders.
Eco Wave Power Global AB (NASDAQ: WAVE, ECOWVE) announced its formal application for delisting from the Nasdaq First North Growth Market in Sweden, following its initial announcement on February 25, 2022. This transition aims to consolidate trading on the Nasdaq Capital Market in the U.S., which Eco Wave Power believes will enhance its corporate profile and improve liquidity. Shareholders can convert their common shares into American Depositary Shares (ADSs) free of charge for 90 days post-application.
Eco Wave Power Global AB (publ) (Nasdaq: WAVE) announced its participation in the H.C. Wainwright Global Investment Conference, taking place from May 23-26, 2022. CEO Inna Braverman will present virtually on May 24 at 7:00 a.m. ET. Additionally, one-on-one meetings with management are available on May 23 and 25. Eco Wave Power is a leader in clean energy, focusing on wave power technology. The company has received various recognitions, including funding from the EU and a Global Climate Action Award from the UN.
Eco Wave Power Global AB, a leader in wave energy technology, announced plans for a 2 MW wave energy project at Port Adriano, Mallorca, following a recent site visit by CEO Inna Braverman. This marks Eco Wave Power's first project in Spain, aiming to provide clean electricity for the marina. The initiative aligns with Spain's climate goals of 74% renewable energy by 2030. The project will start with a feasibility study, progressing to construction anticipated within 18 to 24 months. Port Adriano has expressed interest in investing in the project, which has a 20-year operational lifespan.
Eco Wave Power Global AB (publ) (Nasdaq: WAVE) announced a shift in its communication strategy, effective May 10, 2022, by providing information exclusively in English. This decision aims to cater to the growing interest from international investors outside of Sweden, especially after its recent listing on the Nasdaq Capital Market in the U.S. Eco Wave Power is recognized for its innovative onshore wave energy technology, contributing to clean electricity generation and combating climate change.
Eco Wave Power Global AB (publ) (Nasdaq: WAVE) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC. The report includes audited consolidated financial statements and is accessible on both the SEC's website and the Company's site. Eco Wave Power is recognized for its innovative technology in converting ocean waves into green energy, contributing to climate change efforts. The Company has received various recognitions and funding from reputable organizations, including the European Union and the United Nations.
Eco Wave Power has agreed with Port Adriano, Spain, to potentially construct a 2MW wave energy power plant. This initiative aims to enhance Eco Wave's European footprint and support Spain's renewable energy goals, targeting a 74% share of renewables in electricity generation by 2030. The project will take place in two stages, with Port Adriano having the right of first refusal for investment. Eco Wave Power is poised to play a significant role in transforming Spain's energy landscape, leveraging its extensive coastline for wave energy production.
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