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

Eco Wave Power Global AB (WAVE) announced the delivery of its first floaters and supporting structures for the grid-connected EWP-EDF One project at Jaffa Port, Israel. This milestone signifies substantial progress toward the installation of the first wave energy array, with installation expected to begin later this month. The project aims to generate electricity by Q3 2022 and will consist of 10 floaters connected to a conversion unit. The innovative onshore delivery method enhances efficiency compared to traditional offshore installations.

Eco Wave Power Global AB (WAVE) announced its transition to Vator Securities as its new Certified Adviser, effective January 1, 2022. The company is recognized for its innovative wave energy technology and has received several accolades, including being labeled as a "Pioneering Technology" by the Israeli Ministry of Energy. Eco Wave Power focuses on producing green electricity from ocean waves, aiming to combat climate change. This change in advisers is set to benefit the company as it continues its mission, supported by funding from the EU and recognition from the United Nations.

Eco Wave Power Global AB (WAVE) reported its interim financial results for the nine months ending September 30, 2021. Revenues increased to SEK 0.26 million from SEK 0 in 2020, attributed to feasibility study services in Asia. However, operating losses widened to SEK 17.9 million, up from SEK 10.5 million in the previous year. Net loss increased to SEK 14.9 million, and cash reserves stood at SEK 140.9 million. The company is advancing its projects pipeline, including collaborations with the Israeli Navy and developments in Portugal.

Eco Wave Power Global AB (Nasdaq: WAVE) has appointed Mr. Avi Waller as Chief Operating Officer, effective immediately. Waller brings over 20 years of experience in engineering and operational roles, previously serving as CEO of A. Adiran Engineering & Agencies Ltd. He aims to enhance the company's operations as part of its mission to promote green energy. Eco Wave Power specializes in converting ocean waves into electricity and has received recognition and funding for its innovative solutions.

Eco Wave Power Global announced a Memorandum of Understanding (MOU) with CIMC Offshore Engineering Institute to collaborate on a pilot plant for wave energy technology in China. The partnership aims to promote Eco Wave Power's technology, facilitate introductions to potential clients, and enhance negotiations for commercialization. The MOU, valid for two years, highlights Eco Wave Power's commitment to renewable energy and innovation in high-demand markets, leveraging CIMC OEI's engineering expertise and market presence in offshore marine structures.

Eco Wave Power Global AB (WAVE) has entered a collaboration with Lesico Ltd. to produce 8 floaters for the EWP EDF One project in Israel. This project, co-funded by the Israeli Ministry of Energy, involves the installation of ten floaters with a 100 kW capacity. Eco Wave Power has completed initial works and will leverage Lesico's expertise to ensure high-quality production within 51 working days. This partnership may lead to further collaboration on additional projects as both companies aim to advance renewable energy solutions.

Eco Wave Power Global AB (WAVE) released its interim report for the six months ending June 30, 2021. The company generated revenues of SEK 0.26 million ($31,000) from feasibility studies, compared to SEK 0 in 2020. However, operating loss increased to SEK -10.8 million ($-1.29 million) due to heightened R&D and administrative expenses. The net loss rose to SEK -10.4 million ($-1.24 million) with a loss per share of SEK -0.3. Cash reserves stood at SEK 77 million ($9.04 million). The company secured multiple grants, expanded operations in Portugal, and commenced projects in Brazil and Israel.

Eco Wave Power Global AB reported a significant milestone with its subsidiary, EW Portugal, receiving a 1MW installation and grid connection permit from the Portuguese Directorate-General for Energy and Geology. This approval is essential for the installation of a pilot project at the Barra do Douro breakwater in Porto, Portugal. This project represents the first stage of a 20MW Concession Agreement aimed at enhancing wave energy capacity in Portugal, contributing to the country's 2030 renewable energy goals.