Historic Wave Energy Legislation Initiative Takes a Significant Step Forward in California

Eco Wave Power Global AB (WAVE) supports California Senate Bill 605, introduced on February 15, 2023, focusing on wave and tidal energy to help meet the state's clean energy goals.

Rhea-AI Summary

Eco Wave Power Global AB (WAVE) supports California Senate Bill 605, introduced on February 15, 2023, focusing on wave and tidal energy to help meet the state's clean energy goals. The bill mandates a feasibility study and a strategic plan for deploying these technologies. Wave energy is noted as the third largest renewable energy source, capable of providing significant economic and environmental benefits. This initiative follows similar legislation in New Jersey. Eco Wave Power has been advancing wave energy technology with installations in Israel and Gibraltar, with a pilot project underway at the Port of Los Angeles.

Positive

• Support for California Senate Bill 605, encouraging wave energy development.
• Potential for wave energy to significantly contribute to California's clean energy targets.
• California's coastal geography is favorable for wave energy projects.
• Eco Wave Power's technology is recognized as innovative and scalable.

Negative

• None.

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The California legislative initiative is the second bill introduced in the U.S. focused on exploring and implementing wave energy technology, showing the growing awareness to the significant potential of wave energy in the United States

LOS ANGELES, March 30, 2023 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company") applauds the introduction of California Senate Bill 605 – Wave and Tidal Energy – by California State Senator Steve Padilla of Chula Vista. The bill aims to promote and facilitate the development and growth of wave energy in the state, which will help California reach its ambitious clean energy goals.

The bill, introduced by State Senator Padilla on February 15, calls for a comprehensive and collaborative study to "evaluate the feasibility and benefits of using wave energy and tidal energy." It also requires the state's Energy Commission to develop a strategic plan for the deployment of wave and tidal energy technologies, infrastructure, and facilities.

SB 605 recognizes the vast benefits that wave energy provides, saying that if developed and deployed at scale, wave and tidal energy "can provide economic and environmental benefits to the state and the nation." Further, it also notes that ocean energy represents the "third largest source of renewable energy and the largest source of underutilized renewable energy."

The bill states: 

"California has set ambitious clean energy targets on the path to carbon neutrality by 2045, but the need for more clean energy is immediate. Wave and tidal energy, or hydrokinetic energy, has the potential to provide that energy in a more expedited fashion as blue economy innovators in California are now looking to bring the technology to scale."

SB 605 is the second bill introduced focused on exploring wave energy technology introduced in the past year. In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey to add wave energy to New Jersey's energy master plan and provide funding for feasibility studies and pilot programs. The bill is currently in the State Senate Environment & Energy Committee and will be brought before the committee in the coming weeks.

"We are pleased to see that wave energy is gaining momentum in California – one of the foremost world leaders in finding innovative solutions to climate change," said Eco Wave Power Founder and CEO Inna Braverman. "According to the U.S. Energy Information Administration, wave energy has the potential to provide up to 66% of the United States' energy needs, and with California's 840-mile coastline and our upcoming project at AltaSea in the Port of Los Angeles, California is an ideal location to explore this innovative technology."

Eco Wave Power has been at the forefront of wave energy technology since its founding in 2011, with installations of its innovative technology in Israel, Gibraltar, and soon Los Angeles. The company's innovative technology converts the motion of ocean and sea waves into clean electricity, providing a reliable and sustainable source of energy.  

In January 2023, Eco Wave Power unveiled what is believed to be the first-ever onshore wave energy unit in the United States, at AltaSea's premises in the Port of Los Angeles. Last year, Eco Wave Power entered into an agreement with AltaSea to implement a first of its kind wave energy pilot at AltaSea's premises at the Port of Los Angeles. In just over a year, Eco Wave Power successfully modified, upgraded, and transported the conversion unit to Los Angeles. The project's timeline showcases another benefit of Eco Wave Power's patented technology – its ability to be easily transported and replicated to fit the energy needs of a country's coastline.

"Wave energy provides not only clean energy, but it also creates clean jobs that will stimulate the local economy for years to come," said Braverman. "We are pleased to see progress and look forward to more states following California and New Jersey's lead."

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 is currently finalizing the 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" and will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.

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

For media inquiries, please contact:

Jacob Scott, Vectis Strategies
+1.412.445.7719
jscott@vectisstrategies.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. 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, 2021 filed with the SEC, 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.

 

The following files are available for download:

https://mb.cision.com/Main/18497/3743983/1955620.pdf	Release
https://news.cision.com/ewpg-holding-ab--publ-/i/img-6590,c3162372	IMG 6590

 

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SOURCE EWPG Holding AB (publ)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is California Senate Bill 605 about?

California Senate Bill 605 aims to promote wave and tidal energy development to meet state clean energy goals.

How does wave energy benefit California?

Wave energy can provide economic growth, environmental benefits, and is a significant renewable energy source.

When was Senate Bill 605 introduced?

Senate Bill 605 was introduced on February 15, 2023.

What is Eco Wave Power's role in wave energy?

Eco Wave Power is a leader in wave energy technology, with projects in Israel, Gibraltar, and Los Angeles.

What is the stock symbol for Eco Wave Power?

Eco Wave Power is traded under the stock symbol 'WAVE' on the Nasdaq Capital Market.