Eco Wave Power Global Ab (Publ) Stock Price, News & Analysis

Eco Wave Power Global AB (publ) (Nasdaq: WAVE) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC. The report includes audited consolidated financial statements and is accessible on both the SEC's website and the Company's site. Eco Wave Power is recognized for its innovative technology in converting ocean waves into green energy, contributing to climate change efforts. The Company has received various recognitions and funding from reputable organizations, including the European Union and the United Nations.

Eco Wave Power has agreed with Port Adriano, Spain, to potentially construct a 2MW wave energy power plant. This initiative aims to enhance Eco Wave's European footprint and support Spain's renewable energy goals, targeting a 74% share of renewables in electricity generation by 2030. The project will take place in two stages, with Port Adriano having the right of first refusal for investment. Eco Wave Power is poised to play a significant role in transforming Spain's energy landscape, leveraging its extensive coastline for wave energy production.

Eco Wave Power Global AB (WAVE) announced that its CEO, Inna Braverman, testified before a New Jersey Legislature hearing on wave energy on March 17, 2022. The Assembly Special Committee discussed wave energy's potential to enhance New Jersey's clean energy initiatives, highlighting its efficiency compared to solar and wind. Professor Muhammad R. Hajj emphasized that wave energy could address space limitations while providing significant power. Braverman noted that wave energy can meet 66% of U.S. energy needs and can significantly reduce CO2 emissions if implemented in New Jersey, aiming to integrate it into the state's Energy Master Plan.

Eco Wave Power Global AB (WAVE) is progressing its wave energy initiatives in New Jersey, with plans for a pilot project to enhance renewable energy sources in the state. During a ceremony on January 20, Assemblyman Robert J. Karabinchak expressed intent to introduce legislation promoting wave energy. A site visit occurred on March 11 to assess locations for potential deployment. A discussion involving Eco Wave Power and other marine energy firms is scheduled for March 17, aimed at integrating wave energy into New Jersey's Energy Master Plan, potentially leading to job creation and economic growth.

Eco Wave Power Global AB (WAVE) announced its sponsorship of Israeli athletes Vanessa Allouche and Ulfat Haider in the Sahraouiya "Women Challenge for Solidarity" competition in Morocco, held from February 26 to March 5, 2022. This event features 80 participants from Europe and Africa and promotes female empowerment and peace. Funds won will support the Jaffa Institute, aiding disadvantaged children in Israel. Eco Wave Power aims to advance clean energy solutions while fostering community support.

Eco Wave Power Global AB (Nasdaq: WAVE) plans to relocate its energy conversion unit from Gibraltar to AltaSea in Los Angeles following a successful overhaul. This decision comes as Eco Wave Power seeks to expand its presence in the U.S. market, bolstered by nearly six years of operations in Gibraltar, where it achieved over 49,632 grid connection hours. The company reduced its operational costs significantly from 18% to 3.2% of Capex between 2017 and 2021. Eco Wave Power is preparing for future projects, including a pilot at AltaSea, and enhancing its technology for compliance with U.S. standards.

Eco Wave Power Global AB (WAVE) reported its Q4 and full-year 2021 financial results, showing a net loss reduction to SEK -4.6 million from SEK -6.7 million year-over-year. However, operating loss increased to SEK -7.7 million from SEK -6.2 million. The company generated revenues of SEK 0.26 million from feasibility studies in Asia, marking a positive shift from zero revenues in 2020. As of December 31, 2021, cash equivalents stood at SEK 132 million. CEO Inna Braverman emphasized growth potential, with projects advancing in Israel and Portugal, and plans for expansion into the US market.

Eco Wave Power Global AB (publ) plans to apply for delisting from Nasdaq First North Growth Market to focus on its Nasdaq U.S. listing, where it has had American Depositary Shares (ADSs) trading since July 2021. The formal delisting application will be submitted no earlier than three months from now. The decision is driven by the higher liquidity of shares on Nasdaq U.S. Shareholders can convert their common shares into ADSs free of charge for 90 days following the delisting application. Further information will be provided post-initiation of the delisting process.

Eco Wave Power Global AB (WAVE) announced the completion of floaters for the EWP-EDF One Project and the commencement of installation at the Port of Jaffa, Israel. The project involves 10 floaters and a conversion unit, with electricity generation aimed for the third quarter of this year. The installation is notable for its cost-effective land-based method, reducing reliance on offshore vessels. The CEO emphasized the project's significance for wave energy in Israel and the potential for commercial rollout of their technology. Tests are expected to conclude by the end of Q2 2022.