Eco Wave Power Commences Sending of Clean Electricity to the Israeli National Electrical Grid

Rhea-AI Summary

Eco Wave Power Global AB (WAVE) has successfully connected its EWP-EDF One project in the Port of Jaffa, Israel, to the national electrical grid, marking a historic milestone for wave energy in the country. The project, co-funded by EDF Renewable IL and the Israeli Ministry of Energy, has an installed capacity of 100KW and is comprised of 10 floaters. The company is also planning to launch a project in the Port of Los Angeles, positioning itself strategically in the U.S. market, which has significant potential for wave energy.

Energy Sector Analyst

The commencement of clean electricity delivery from Eco Wave Power's EWP-EDF One project to the Israeli National Electrical grid represents a pivotal moment in the renewable energy sector, particularly for onshore wave energy technology. The installed capacity of 100KW, while modest, is a significant step for Eco Wave Power as it showcases the viability of wave energy as a sustainable electricity source. The successful connection to the grid and the resilience of the technology during testing phases, especially under storm conditions, suggest a robust engineering design that could withstand environmental stressors, which is crucial for the scalability of such technologies.

The project's co-funding by EDF Renewable IL and the Israeli Ministry of Energy underscores the growing trend of public-private partnerships in developing renewable energy infrastructure. Furthermore, the recognition of Eco Wave Power's technology as 'Pioneering' by the Israeli Ministry of Energy may lead to increased investor confidence in the company and potentially foster further governmental support. This could have positive implications for the stock market performance of Eco Wave Power, as successful implementation and expansion of their technology could lead to future contracts and growth opportunities.

Market Research Analyst

The expansion plans into the U.S. market, starting with the Port of Los Angeles, indicate Eco Wave Power's strategic focus on international growth and diversification. The U.S. market, particularly California, presents a significant opportunity for wave energy companies, given the state's legislative support for renewable energy technologies. California Senate Bill 605, which mandates the evaluation of wave and tidal energy feasibility, could be an early indicator of market readiness for alternative renewable energy sources, potentially creating a favorable regulatory environment for Eco Wave Power.

The project's potential impact on the U.S. energy mix, where wave energy could supply up to 66% of the nation's needs according to the U.S. Energy Information Administration, highlights the vast untapped market for wave energy. Therefore, Eco Wave Power's successful entry into the U.S. market could serve as a benchmark for the industry and possibly trigger increased investments in wave energy projects. Stakeholders and investors should monitor the progress of Eco Wave Power's licensing and installation processes closely, as these will be critical in determining the company's ability to capitalize on these opportunities.

Renewable Energy Technology Expert

The technological advancements demonstrated by Eco Wave Power, particularly in the automation and durability of their floaters, are noteworthy. The ability to reach a peak energy output of 32.4KW and maintain a stable average energy output of around 10KW per hour during the testing phase indicates a level of efficiency that could be competitive in the renewable energy market. As the technology matures, it is expected that the efficiency and cost-effectiveness of wave energy could improve, making it a more attractive option for energy generation.

Understanding the significance of KPFF's approval of the civil engineering design for the Port of LA project is essential. It confirms that the design meets safety standards, which is a crucial step towards obtaining the final necessary licenses. This approval is a testament to the company's commitment to adhering to stringent engineering and safety standards, which is paramount when introducing new technologies into sensitive environments such as marine ecosystems.

TEL AVIV, Israel, Jan. 3, 2024 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy company, is pleased to announce that it has commenced sending of clean electricity from its EWP-EDF One project in the Port of Jaffa, to the Israeli National Electrical grid.

Eco Wave Power has recently finalized the construction of the EWP-EDF One project in the Port of Jaffa, in Israel.  The EWP-EDF One Project was co-funded by EDF Renewable IL, who owns 50% of the project, and by the Israeli Ministry of Energy, which recognized the Eco Wave Power technology as a Pioneering technology.

The project has 100KW installed capacity and is comprised of 10 floaters.

In August 2023, the power station was officially connected to the Israeli national electrical grid, marking the first time in the history of Israel, that electricity produced by the power of the waves is sent to the national electrical grid of the country.

Currently, the Eco Wave Power engineering team is performing calibration of the automation system of the power plant and is testing the durability and operation of the equipment.

During a recent storm, the Eco Wave Power engineering team tested the operation of the power station, in waves up to 3.5 meters. There was no damage that occurred to any of the floater's mechanisms during the storm, proving the technology's durability.

In addition, during the first set of tests, the power station was able to reach peak energy of around 32.4KW that was sent to the grid, and stable average energy output of around 10KW per hour.

The Eco Wave Power Engineering team said that: "These results are encouraging for the first phase of testing, and we are expecting to see a significant increase in production by the end of the testing phase."

The next project that Eco Wave Power is planning to launch will be in the Port of Los Angeles, in the United States. Currently, Eco Wave Power has a fully assembled energy conversion unit and one floater mechanism in the premises of the Port of LA. 

Recently, Eco Wave Power has finalized the civil engineering design for the installation of the floaters to the marine structure in the Port of LA, in collaboration with KPFF, a California-based civil engineering firm, which officially approved the safety of Eco Wave Power's design.

The detailed design and KPFF's approval were already submitted to the Port of LA, and Eco Wave Power is now pending the final necessary licenses from the Port of Los Angeles and the Army Corps of Engineers. Once received, Eco Wave Power will produce 7 additional floater mechanisms, and immediately proceed to installation.

Inna Braverman, Founder and CEO of Eco Wave Power said that:

"The project in the Port of LA will be our first official penetration to the U.S. market, which we view as an extremely strategic market for Eco Wave Power, especially given the fact that according to the United States Energy Information Administration, wave energy can supply up to 66% of all the United States Energy needs, and also given the fact that in the beginning of October 2023, California Governor Gavin Newsom signed California Senate Bill 605 into law – a historic moment for wave energy in America. The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology along the state's coastline".

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as "Pioneering Technology." The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.

Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.

The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.

Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power 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:
Inna Braverman, CEO
Inna@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. 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, 2022 filed with the SEC on April 27, 2023, 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.

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SOURCE EWPG Holding AB (publ)

FAQ

What is the name of the company mentioned in the press release and its ticker symbol?

The company mentioned is Eco Wave Power Global AB, and its ticker symbol is WAVE.

Where is the EWP-EDF One project located and what is its installed capacity?

The EWP-EDF One project is located in the Port of Jaffa, Israel, and has an installed capacity of 100KW.

Who co-funded the EWP-EDF One project?

The project was co-funded by EDF Renewable IL and the Israeli Ministry of Energy.

What is the next project Eco Wave Power is planning to launch and where will it be located?

Eco Wave Power is planning to launch a project in the Port of Los Angeles, United States.

What recent legislation in the United States is mentioned in the press release and how does it impact wave energy?

California Governor Gavin Newsom signed California Senate Bill 605 into law, directing the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, which is a historic moment for wave energy in America.