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Eco Wave Power Announces Closing of $3.0 Million Registered Direct Offering to Accelerate Commercial-Scale Wave Energy Deployment

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Eco Wave Power (Nasdaq: WAVE) has closed a registered direct offering of 300,000 American Depositary Shares (ADSs) at $10.00 per ADS, raising $3.0 million in gross proceeds. Each ADS represents eight common shares. Maxim Group served as the sole placement agent.

The company plans to use the net proceeds to advance its projects, particularly its first commercial-scale wave energy installation in Portugal. The offering was made under an effective shelf registration statement declared effective by the SEC on December 6, 2023.

Eco Wave Power operates the first grid-connected wave energy system in Israel and is preparing installations at the Port of Los Angeles, Taiwan, and Portugal, with a total project pipeline of 404.7 MW.

Eco Wave Power (Nasdaq: WAVE) ha concluso un'offerta diretta registrata di 300.000 American Depositary Shares (ADS) a $10,00 per ADS, raccogliendo $3,0 milioni di proventi lordi. Ogni ADS rappresenta otto azioni ordinarie. Maxim Group ha agito come unico agente di collocamento.

L'azienda prevede di utilizzare i proventi netti per far progredire i suoi progetti, in particolare la sua prima installazione di energia dalle onde su scala commerciale in Portogallo. L'offerta è stata effettuata ai sensi di una dichiarazione di registrazione shelf efficace dichiarata valida dalla SEC il 6 dicembre 2023.

Eco Wave Power gestisce il primo sistema di energia dalle onde connesso alla rete in Israele e sta preparando installazioni presso il porto di Los Angeles, a Taiwan e in Portogallo, con un totale di progetti in pipeline di 404,7 MW.

Eco Wave Power (Nasdaq: WAVE) ha cerrado una oferta directa registrada de 300,000 American Depositary Shares (ADS) a $10.00 por ADS, recaudando $3.0 millones en ingresos brutos. Cada ADS representa ocho acciones comunes. Maxim Group actuó como agente exclusivo de colocación.

La empresa planea utilizar los ingresos netos para avanzar en sus proyectos, particularmente su primera instalación de energía de olas a escala comercial en Portugal. La oferta se realizó bajo una declaración de registro en estante efectiva declarada válida por la SEC el 6 de diciembre de 2023.

Eco Wave Power opera el primer sistema de energía de olas conectado a la red en Israel y está preparando instalaciones en el puerto de Los Ángeles, Taiwán y Portugal, con una capacidad total de proyecto de 404.7 MW.

에코 웨이브 파워 (Nasdaq: WAVE)는 300,000개의 미국 예탁주식(ADS)을 주당 $10.00에 등록된 직접 제안으로 마감하여 $3.0 백만의 총 수익을 올렸습니다. 각 ADS는 8개의 보통주를 나타냅니다. 맥심 그룹은 유일한 배치 에이전트로 활동했습니다.

회사는 순수익을 사용하여 프로젝트를 진행할 계획이며, 특히 포르투갈의 최초 상업 규모 파도 에너지 설치를 추진하고 있습니다. 이 제안은 2023년 12월 6일 SEC에 의해 유효하다고 선언된 유효한 선반 등록 명세서에 따라 이루어졌습니다.

에코 웨이브 파워는 이스라엘에 최초의 그리드 연결 파도 에너지 시스템을 운영하고 있으며, 로스앤젤레스 항구, 대만 및 포르투갈에 설치를 준비하고 있으며, 총 프로젝트 파이프라인은 404.7 MW입니다.

Eco Wave Power (Nasdaq: WAVE) a clôturé une offre directe enregistrée de 300 000 American Depositary Shares (ADS) à 10,00 $ par ADS, levant ainsi 3,0 millions $ de produits bruts. Chaque ADS représente huit actions ordinaires. Maxim Group a agi en tant qu'agent de placement exclusif.

La société prévoit d'utiliser les produits nets pour faire avancer ses projets, en particulier sa première installation d'énergie marémotrice à échelle commerciale au Portugal. L'offre a été réalisée dans le cadre d'une déclaration d'enregistrement en étagère effective déclarée valide par la SEC le 6 décembre 2023.

Eco Wave Power exploite le premier système d'énergie marémotrice connecté au réseau en Israël et prépare des installations au port de Los Angeles, à Taïwan et au Portugal, avec un pipeline de projets total de 404,7 MW.

Eco Wave Power (Nasdaq: WAVE) hat ein registriertes Direktangebot von 300.000 American Depositary Shares (ADS) zu einem Preis von $10,00 pro ADS abgeschlossen und damit $3,0 Millionen brutto eingenommen. Jede ADS repräsentiert acht Stammaktien. Maxim Group fungierte als alleiniger Platzierungsagent.

Das Unternehmen plant, die Nettoerlöse zu verwenden, um seine Projekte voranzutreiben, insbesondere seine erste kommerzielle Wellenenergie-Anlage in Portugal. Das Angebot erfolgte auf Grundlage einer effektiven Shelf-Registrierungserklärung, die am 6. Dezember 2023 von der SEC für wirksam erklärt wurde.

Eco Wave Power betreibt das erste netzgekoppelte Wellenenergiesystem in Israel und bereitet Installationen im Hafen von Los Angeles, in Taiwan und in Portugal vor, mit einer gesamten Projektpipeline von 404,7 MW.

Positive
  • Secured $3.0 million in new funding
  • Project pipeline totaling 404.7 MW
  • First commercial-scale installation advancing in Portugal
  • Operating grid-connected system in Israel with EDF Renewables partnership
Negative
  • Share dilution through new ADS offering
  • Dependence on external funding for project development

Insights

This $3.0 million registered direct offering represents a significant capital raise for Eco Wave Power, though it comes with notable dilution at $10.00 per ADS. The funding is strategically important as it enables the company to advance its first commercial-scale installation in Portugal, marking a important transition from pilot projects to revenue-generating operations. With a current market cap of about $90 million, this raise represents approximately 3.3% of the company's value. The involvement of Maxim Group as placement agent and the structured nature of the offering through an F-3 shelf registration indicates professional execution, though the relatively small size suggests cautious institutional interest. The company's 404.7 MW project pipeline shows ambitious scaling plans, but successful execution of the Portugal project will be important for validating the commercial viability of their wave energy technology.

The strategic focus on onshore wave energy technology positions Eco Wave Power uniquely in the renewable energy sector. The progression to commercial-scale deployment in Portugal represents a critical milestone in validating their technology's scalability. Their grid-connected system in Israel, co-funded by EDF Renewables, provides important operational validation. The expansion plans across multiple geographies - Los Angeles, Taiwan and Portugal - demonstrate growing market acceptance of their wave energy solution. The technology's recognition as "Pioneering Technology" by the Israeli Energy Ministry and support from established institutions like the EU Regional Development Fund adds credibility to their approach. However, the relatively modest funding round suggests careful, staged commercialization rather than aggressive scaling.

TEL AVIV, Israel, Dec. 12, 2024 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq: WAVE) ("Eco Wave Power" or the "Company"), a leading innovator in onshore wave energy technology, today announced that it has closed its previously announced offering of 300,000 American Depositary Shares ("ADSs")(or ADS equivalents), each representing eight common shares of the Company, at a public offering price of $10.00 per ADS (or ADS equivalent) for gross proceeds of $3.0 million (the "Offering"), before deducting placement agent fees and offering expenses.

Maxim Group LLC acted as the sole placement agent for the Offering.

Eco Wave Power currently intends to use the net proceeds from the Offering to advance its groundbreaking projects, including the execution of its first commercial-scale wave energy installation in Portugal.

The Offering was made pursuant to an effective shelf registration statement on Form F-3, as amended, (File No. 333-275728) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission ("SEC") on December 6, 2023. A prospectus supplement relating to the ADSs issued in the Offering was filed by the Company with the SEC on December 12, 2024. Copies of the prospectus supplement relating to the Offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or by telephone at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.

Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a "Pioneering Technology."

Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, and Portugal, adding to its impressive project pipeline totalling 404.7 MW.

The Company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was honoured with the United Nations' Global Climate Action Award.

Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at www.ecowavepower.com.

Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact the Company's CFO at:

Aharon@ecowavepower.com
+97235094017

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 is using forward-looking statements in this press release when it discusses the use of proceeds from the Offering. 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, 2023, filed with the SEC on March 28, 2024, which is available on the 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.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ewpg-holding-ab--publ-/r/eco-wave-power-announces-closing-of--3-0-million-registered-direct-offering-to-accelerate-commercial,c4081747

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FAQ

How much did Eco Wave Power (WAVE) raise in its December 2024 offering?

Eco Wave Power raised $3.0 million in gross proceeds through a registered direct offering of 300,000 ADSs at $10.00 per ADS.

What is the total project pipeline capacity for Eco Wave Power (WAVE)?

Eco Wave Power's total project pipeline amounts to 404.7 MW, including planned installations in Portugal, the Port of Los Angeles, and Taiwan.

How will Eco Wave Power (WAVE) use the proceeds from its December 2024 offering?

The company intends to use the net proceeds to advance its projects, particularly focusing on its first commercial-scale wave energy installation in Portugal.

What is the conversion rate for Eco Wave Power's (WAVE) ADSs to common shares?

Each American Depositary Share (ADS) represents eight common shares of Eco Wave Power.

Where is Eco Wave Power (WAVE) currently operating its first grid-connected system?

Eco Wave Power operates its first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry.

Eco Wave Power Global Ab (Publ)

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