Eco Wave Power Signs Agreement for Feasibility Study in South Africa, Marking Strategic Entry into African Market
Eco Wave Power (NASDAQ: WAVE) has signed an agreement with Africa Great Future Development Ltd (AGFDL) to conduct a feasibility study for a potential wave energy power station at the Port of Ngqura, South Africa. This marks the company's strategic entry into the African market, targeting a region where over 80% of electricity comes from coal-fired plants.
The project leverages South Africa's 2,800 kilometers of coastline and aims to address the country's persistent power shortages. The Port of Ngqura's location and infrastructure make it technically suitable for wave energy implementation. This initiative adds to Eco Wave Power's global portfolio, which includes projects in Israel, the U.S. (launching September 2025), Portugal, Taiwan, and India.
Eco Wave Power (NASDAQ: WAVE) ha firmato un accordo con Africa Great Future Development Ltd (AGFDL) per condurre uno studio di fattibilità su una potenziale centrale elettrica a energia dalle onde presso il Porto di Ngqura, Sudafrica. Questa operazione rappresenta l'ingresso strategico dell'azienda nel mercato africano, puntando a una regione in cui oltre l'80% dell'elettricità proviene da centrali a carbone.
Il progetto sfrutta i 2.800 chilometri di costa del Sudafrica e mira a risolvere le persistenti carenze di energia del paese. La posizione e le infrastrutture del Porto di Ngqura lo rendono tecnicamente idoneo all'implementazione dell'energia dalle onde. Questa iniziativa arricchisce il portafoglio globale di Eco Wave Power, che include progetti in Israele, Stati Uniti (con lancio previsto per settembre 2025), Portogallo, Taiwan e India.
Eco Wave Power (NASDAQ: WAVE) ha firmado un acuerdo con Africa Great Future Development Ltd (AGFDL) para realizar un estudio de viabilidad de una posible central eléctrica de energía undimotriz en el Puerto de Ngqura, Sudáfrica. Esto marca la entrada estratégica de la compañía en el mercado africano, enfocándose en una región donde más del 80% de la electricidad proviene de plantas de carbón.
El proyecto aprovecha los 2.800 kilómetros de costa de Sudáfrica y busca abordar las persistentes escaseces de energía del país. La ubicación e infraestructura del Puerto de Ngqura lo hacen técnicamente adecuado para la implementación de energía undimotriz. Esta iniciativa amplía el portafolio global de Eco Wave Power, que incluye proyectos en Israel, EE.UU. (con lanzamiento en septiembre de 2025), Portugal, Taiwán e India.
Eco Wave Power (NASDAQ: WAVE)는 Africa Great Future Development Ltd(AGFDL)와 남아프리카공화국 응쿠라 항구에 파도 에너지 발전소 건설 가능성 조사를 위한 타당성 조사 계약을 체결했습니다. 이는 석탄 화력 발전소에서 80% 이상의 전기가 공급되는 아프리카 시장에 전략적으로 진출하는 의미입니다.
이 프로젝트는 남아프리카공화국의 2,800km 해안선을 활용하여 지속적인 전력 부족 문제를 해결하는 것을 목표로 합니다. 응쿠라 항구의 위치와 인프라는 파도 에너지 도입에 기술적으로 적합합니다. 이 사업은 이스라엘, 미국(2025년 9월 출시 예정), 포르투갈, 대만, 인도 등 전 세계에 걸친 Eco Wave Power의 프로젝트 포트폴리오에 추가됩니다.
Eco Wave Power (NASDAQ : WAVE) a signé un accord avec Africa Great Future Development Ltd (AGFDL) pour réaliser une étude de faisabilité d’une centrale électrique à énergie des vagues au port de Ngqura, Afrique du Sud. Cela marque l’entrée stratégique de la société sur le marché africain, ciblant une région où plus de 80 % de l’électricité provient de centrales à charbon.
Le projet exploite les 2 800 kilomètres de littoral de l’Afrique du Sud et vise à pallier les pénuries d’électricité persistantes du pays. La localisation et les infrastructures du port de Ngqura le rendent techniquement adapté à la mise en œuvre de l’énergie des vagues. Cette initiative vient enrichir le portefeuille mondial d’Eco Wave Power, qui comprend des projets en Israël, aux États-Unis (lancement prévu en septembre 2025), au Portugal, à Taïwan et en Inde.
Eco Wave Power (NASDAQ: WAVE) hat eine Vereinbarung mit Africa Great Future Development Ltd (AGFDL) unterzeichnet, um eine Machbarkeitsstudie für ein potenzielles Wellenenergie-Kraftwerk im Hafen von Ngqura, Südafrika durchzuführen. Dies markiert den strategischen Eintritt des Unternehmens in den afrikanischen Markt, der eine Region mit über 80 % Strom aus Kohlekraftwerken darstellt.
Das Projekt nutzt die 2.800 Kilometer Küstenlinie Südafrikas und zielt darauf ab, die anhaltenden Stromengpässe des Landes zu beheben. Die Lage und Infrastruktur des Hafens von Ngqura machen ihn technisch geeignet für die Umsetzung von Wellenenergie. Diese Initiative erweitert das globale Portfolio von Eco Wave Power, das Projekte in Israel, den USA (Start im September 2025), Portugal, Taiwan und Indien umfasst.
- Strategic expansion into African market with significant renewable energy demand
- Project targets South Africa's extensive 2,800km coastline potential
- Partnership with local AGFDL enhances market access and execution capability
- Adds to growing global project pipeline including partnerships with major companies like Shell and EDF Renewables
- Project is only at feasibility study stage with no guaranteed implementation
- Entering new, untested market with potential regulatory and infrastructure challenges
Insights
Eco Wave Power's entry into South Africa represents strategic geographic expansion but remains at early feasibility stage with uncertain commercial timeline.
Eco Wave Power's agreement with Africa Great Future Development Ltd for a feasibility study at South Africa's Port of Ngqura represents a strategic expansion into the African market. This move targets a region with legitimate energy challenges—South Africa derives over
The port selection demonstrates technical diligence, as Ngqura offers both robust breakwater infrastructure and direct ocean exposure—critical physical requirements for wave energy implementation. Its proximity to the Coega Special Economic Zone (Southern Africa's largest SEZ) provides potential integration advantages.
However, investors should recognize this project remains at the preliminary assessment stage. The announcement contains no financial terms, investment commitments, or timeline for commercial operation. The feasibility study represents very early project development with significant regulatory, financing, and technical milestones ahead.
This South African initiative adds to Eco Wave Power's developing global portfolio, which includes more advanced projects: a grid-connected station in Israel with EDF Renewables, a Port of Los Angeles project scheduled for September 2025 launch with Shell Marine investment, and additional projects in Portugal, Taiwan, and India. The diversity of locations and partners demonstrates commercial interest across markets with varying regulatory environments and wave energy potential.
While promising for long-term growth, the South African feasibility study itself is unlikely to generate near-term revenue impact. Its significance lies in geographic diversification and targeting markets with substantial coastal resources and energy demand needs that align with the company's technology capabilities.
Stockholm, Sweden--(Newsfile Corp. - July 24, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a leading onshore wave energy technology developer, is pleased to announce the signing of an agreement with the Africa Great Future Development Ltd (AGFDL) to conduct a feasibility study for a potential wave energy power station at the Port of Ngqura, South Africa.
This agreement marks Eco Wave Power's first step into the African market and aligns with the Company's strategy to expand into regions with high renewable energy demand and strong coastal resource potential.
South Africa continues to face a critical energy challenge, with more than
"Eco Wave Power is excited to explore South Africa's wave energy potential in partnership with AGFDL," said Inna Braverman, Founder and CEO of Eco Wave Power. "This feasibility study represents a meaningful step toward addressing energy access and sustainability in Africa, while advancing our global mission to commercialize wave energy technology."
The Port of Ngqura, located in the Eastern Cape Province and operated by Transnet National Ports Authority, is one of South Africa's most strategic deep-water ports and is adjacent to Coega Special Economic Zone, the largest SEZ in Southern Africa. Its robust breakwater infrastructure and direct ocean exposure makes it technically suitable for wave energy implementation.
"This collaboration represents an important opportunity to support Africa's clean energy transition," said Wilfred Emmanuel-Gottlieb, CEO of AGFDL. "Wave energy has the potential to play a key role in delivering sustainable, reliable power to underserved communities and industries."
"This project is about delivering practical, long-term impact," added Alphonsus Ukah, Co-Founder and Chairman of AGFDL. "We believe this technology could become a critical part of Africa's renewable energy future, and we are pleased to begin this journey with Eco Wave Power."
This new study adds to Eco Wave Power's expanding international project pipeline. The Company currently operates a grid-connected power station in Jaffa Port, Israel, in partnership with EDF Renewables IL. It is also finalizing its first U.S. power station in the Port of Los Angeles, scheduled for launch in September 2025, with co-investment from Shell Marine Renewable Energy (MRE).
In addition, Eco Wave Power is advancing its first MW-scale project in Portugal, and pilot projects in Taiwan (in collaboration with local I-Ke), and India (in partnership with Fortune 500 company Bharat Petroleum).
"These developments reflect our strategy to demonstrate the scalability and viability of wave energy across diverse global markets," Braverman added. "Africa's energy challenges require bold innovation, and we are proud to take this first step toward delivering real solutions on the continent."
About Eco Wave Power Global AB (publ)
Eco Wave Power (NASDAQ: WAVE) is a pioneering onshore wave energy company transforming ocean and sea waves into clean, cost-efficient electricity using its patented and intelligent technology.
With a strong commitment to addressing climate change, the company 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 Renewables IL.
Eco Wave Power is actively expanding its global footprint, with upcoming projects planned in the Port of Los Angeles, Portugal, Taiwan, and India-contributing to a growing project pipeline of 404.7 MW.
The company has earned support and recognition from leading international organizations, including the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and is a proud recipient of the United Nations Global Climate Action Award.
Eco Wave Power's American Depositary Shares are listed on the Nasdaq Capital Market under the symbol "WAVE." For more information, please visit www.ecowavepower.com.
Note: Information available on or through the websites mentioned herein does not form part of this press release.
For press inquiries, please contact: info@ecowavepower.com
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 South Africa having substantial untapped wave energy potential and when it discusses its expectation that the Company's first U.S. power station in the Port of Los Angeles is scheduled for launch in September 2025. 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, 2024 filed with the SEC on March 3, 2025, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259919
FAQ
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