California's Final SB 605 July 2025 Report Highlights Eco Wave Power's Port of Los Angeles Pilot as State Advances Marine Energy Commercialization
Rhea-AI Summary
Eco Wave Power (NASDAQ: WAVE) announced that its Port of Los Angeles wave energy pilot is specifically cited in California’s Final SB 605 Consultant Report on sea space analysis for wave and tidal energy, prepared for the California Energy Commission and published in July 2025.
The report, completing SB 605 Phase 2, uses Eco Wave Power’s AltaSea installation as an example of existing marine energy development and potential future deployment opportunities. Eco Wave Power notes that its onshore, infrastructure-based technology aligns with California’s goals to minimize environmental impacts and permitting complexity as the state evaluates pathways for marine energy commercialization.
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News Market Reaction – WAVE
In the Jul 16 session, WAVE gained 0.57%, reflecting a mild positive market reaction. Argus tracked a trough of -9.0% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 29 | Financing closed | Neutral | -3.4% | Closed $4.0M registered direct financing with single strategic institutional investor. |
| Jun 25 | Registered offering | Positive | +10.0% | Announced $4.0M registered direct offering priced at premium with attached warrants. |
| Jun 25 | AI recognition | Positive | +10.0% | NVIDIA corporate blog highlighted Eco Wave Power’s AI-powered wave energy technology. |
| Jun 24 | AI feature | Positive | +2.1% | NVIDIA blog detailed use of AI infrastructure and digital twins for wave energy. |
| Jun 23 | AI feature | Positive | +0.0% | NVIDIA highlighted Eco Wave Power’s AI infrastructure and digital twins for data centers. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent AI-visibility and premium-priced financing headlines produced mixed 24-hour moves, ranging from flat to +9.98% gains and a -3.39% decline after deal closing.
Key Terms
nationwide permit regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Final Consultant Report represented the culmination of SB 605 Phase 2, a comprehensive statewide assessment evaluating suitable deployment areas, electrical infrastructure, environmental considerations, monitoring strategies, and commercialization pathways for wave and tidal energy projects. The report was developed in coordination with the California Coastal Commission, California Department of Fish and Wildlife, Ocean Protection Council, State Lands Commission, California Native American Tribes, commercial and recreational fishing communities, environmental organizations, marine energy developers, and other stakeholders.
The completion of the SB 605 process represented one of the most comprehensive state-led evaluations of marine renewable energy undertaken in
Notably,
Earlier this year, Eco Wave Power successfully submitted its final project completion report to Shell International Exploration and Production Inc., fulfilling all contractual milestones under the 2024 Pilot Test Agreement. The Company also recently submitted the report to AltaSea and the Port of
Unlike many marine energy technologies designed for offshore deployment, Eco Wave Power's patented technology is installed on existing man-made coastal infrastructure, including breakwaters, jetties, piers, and port structures, eliminating the need for offshore seabed installation. By utilizing existing coastal infrastructure, the Company's approach has the potential to reduce permitting complexity while minimizing environmental impacts and ocean-use conflicts, objectives that align closely with
Beyond
"The completion of
"The completion of
SB 605 directed the California Energy Commission to evaluate the feasibility, costs, and benefits of wave and tidal energy and to identify suitable sea space, mitigation measures, monitoring strategies, transmission considerations, workforce needs, and investment priorities. Together with the previously completed feasibility assessment, the SB 605 reports are intended to inform recommendations to the Governor and California Legislature regarding future legislative and executive actions supporting the development of marine renewable energy technologies, infrastructure, and facilities in
For additional information regarding
https://efiling.energy.ca.gov/Lists/DocketLog.aspx?docketnumber=24-SB-605
About Eco Wave Power Global AB (publ)
Eco Wave Power Global (NASDAQ: WAVE) is a pioneering onshore wave energy company that converts ocean and sea waves into clean, reliable, and cost-efficient electricity using its patented technology. By generating renewable power directly from existing coastal infrastructure such as breakwaters, jetties, and piers, Eco Wave Power enables sustainable electricity production in close proximity to coastal cities, ports, and energy-intensive infrastructure.
As global electricity demand continues to rise, driven in part by the rapid growth of artificial intelligence, data centers, and digital infrastructure, Eco Wave Power is positioning its technology as a scalable, nearshore renewable energy solution capable of supporting next-generation power needs.
With a mission to accelerate the global transition to renewable energy while supporting the next generation of digital and industrial infrastructure, Eco Wave Power developed and operates Israel's first grid-connected wave energy power station, recognized as a "Pioneering Technology" by the Israeli Ministry of Energy and co-funded by EDF Power Solutions. In the United States, the Company recently launched the first-ever onshore wave energy pilot station at the Port of Los Angeles, in collaboration with Shell Marine Renewable Energy.
Eco Wave Power is expanding globally with projects planned in Portugal, Taiwan, and India, representing a project pipeline of 404.7 MW. The Company has received international recognition and support from organizations including the European Union Regional Development Fund, Innovate UK, and the EU Horizon 2020 program, and was honored with the United Nations Global Climate Action Award.
Eco Wave Power's American Depositary Shares (ADSs) are traded on the Nasdaq Capital Market under the ticker symbol "WAVE."
For more information, please visit:
www.ecowavepower.com
Press inquiries:
info@ecowavepower.com
Note: Information available on or through the websites mentioned herein does not form part of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company (NASDAQ: WAVE) is using forward-looking statements in this press release when it discusses its belief that California is creating a constructive environment for marine energy commercialization, its belief that its growing portfolio of operational and advanced-stage projects positions Eco Wave Power among the world's most experienced wave energy developers, its belief that its infrastructure-based approach has the potential to reduce permitting complexity while minimizing environmental impacts, and its plans to support California's clean energy transition through ongoing and future activities. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading "Risk Factors" in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2025 filed with the SEC on March 12, 2026, which is available on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
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SOURCE Eco Wave Power Global AB (publ)