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

Eco Wave Power Global AB (WAVE) is progressing its wave energy initiatives in New Jersey, with plans for a pilot project to enhance renewable energy sources in the state. During a ceremony on January 20, Assemblyman Robert J. Karabinchak expressed intent to introduce legislation promoting wave energy. A site visit occurred on March 11 to assess locations for potential deployment. A discussion involving Eco Wave Power and other marine energy firms is scheduled for March 17, aimed at integrating wave energy into New Jersey's Energy Master Plan, potentially leading to job creation and economic growth.

Eco Wave Power Global AB (WAVE) announced its sponsorship of Israeli athletes Vanessa Allouche and Ulfat Haider in the Sahraouiya "Women Challenge for Solidarity" competition in Morocco, held from February 26 to March 5, 2022. This event features 80 participants from Europe and Africa and promotes female empowerment and peace. Funds won will support the Jaffa Institute, aiding disadvantaged children in Israel. Eco Wave Power aims to advance clean energy solutions while fostering community support.

Eco Wave Power Global AB (Nasdaq: WAVE) plans to relocate its energy conversion unit from Gibraltar to AltaSea in Los Angeles following a successful overhaul. This decision comes as Eco Wave Power seeks to expand its presence in the U.S. market, bolstered by nearly six years of operations in Gibraltar, where it achieved over 49,632 grid connection hours. The company reduced its operational costs significantly from 18% to 3.2% of Capex between 2017 and 2021. Eco Wave Power is preparing for future projects, including a pilot at AltaSea, and enhancing its technology for compliance with U.S. standards.

Eco Wave Power Global AB (WAVE) reported its Q4 and full-year 2021 financial results, showing a net loss reduction to SEK -4.6 million from SEK -6.7 million year-over-year. However, operating loss increased to SEK -7.7 million from SEK -6.2 million. The company generated revenues of SEK 0.26 million from feasibility studies in Asia, marking a positive shift from zero revenues in 2020. As of December 31, 2021, cash equivalents stood at SEK 132 million. CEO Inna Braverman emphasized growth potential, with projects advancing in Israel and Portugal, and plans for expansion into the US market.

Eco Wave Power Global AB (publ) plans to apply for delisting from Nasdaq First North Growth Market to focus on its Nasdaq U.S. listing, where it has had American Depositary Shares (ADSs) trading since July 2021. The formal delisting application will be submitted no earlier than three months from now. The decision is driven by the higher liquidity of shares on Nasdaq U.S. Shareholders can convert their common shares into ADSs free of charge for 90 days following the delisting application. Further information will be provided post-initiation of the delisting process.

Eco Wave Power Global AB (WAVE) announced the completion of floaters for the EWP-EDF One Project and the commencement of installation at the Port of Jaffa, Israel. The project involves 10 floaters and a conversion unit, with electricity generation aimed for the third quarter of this year. The installation is notable for its cost-effective land-based method, reducing reliance on offshore vessels. The CEO emphasized the project's significance for wave energy in Israel and the potential for commercial rollout of their technology. Tests are expected to conclude by the end of Q2 2022.

Eco Wave Power Global AB (WAVE) will release its financial results for Q4 and full year 2021 on February 28, 2022, after U.S. market close. CEO Inna Braverman will present the results in a live webcast on March 1, 2022, at 10:00 a.m. ET. The company's technology converts ocean waves into green electricity, contributing to climate change efforts. Eco Wave Power has received recognition from various organizations, including the Israeli Ministry of Energy. Its shares are traded on Nasdaq First North and Nasdaq Capital Market.

Eco Wave Power Global AB has completed the grid connection route works for its EWP-EDF One wave energy project in the Port of Jaffa, Israel. The project involves two parts, with the second part finalized by the Israeli subcontractor Ken Hator Construction and Engineering. This comprehensive route spans approximately 170 meters and requires connection to the electrical grid by the Israel Electric Corporation. Eco Wave Power highlights the cost-effectiveness of its onshore technology compared to offshore solutions, emphasizing reduced complexity and expenses.

Eco Wave Power Global AB (WAVE) recently celebrated its listing on the Nasdaq with a bell ringing ceremony. Assemblyman Robert J. Karabinchak voiced plans to introduce legislation promoting wave energy in New Jersey, aiming to integrate it into the state's Energy Master Plan. This initiative could position New Jersey as a pioneer in commercial wave energy in the U.S. Karabinchak emphasized that clean energy is crucial for economic growth and job creation, aligning with ambitious state goals for renewable energy by 2025 and 2050.