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

Eco Wave Power (WAVE) reported significant progress in Q3 2024, including key developments across multiple markets. The company signed its first wave energy project sale in Taiwan for a 100KW pilot project. In Israel, the EWP-EDF One Project reached 83% of its energy generation target with 0% downtime. The company secured final permits for its Port of Los Angeles project, marking the first U.S. onshore wave energy installation. Financial highlights include $7.04 million in cash reserves, a 10% reduction in quarterly expenses, and the commencement of an ADS repurchase program. Operating expenses were $1.96 million, with a net loss of $1,572,000 ($0.03 per share).

Eco Wave Power (NASDAQ: WAVE) has received the final Nationwide Permit from the U.S. Army Corps of Engineers for its wave energy project at the Port of Los Angeles, marking it as the first onshore wave energy installation in the United States. The permit authorizes the installation of eight wave energy floaters and an energy conversion unit at AltaSea's premises. The project, developed in collaboration with Shell, is scheduled for completion by the end of Q1 2025. This achievement fulfills key milestones under their agreement announced in April 2024, expected to boost revenues in Q4 2024.

Eco Wave Power (Nasdaq: WAVE) has appointed Ran Atias as Vice President of Engineering, effective immediately. Atias, who holds an MBA and B.Sc. in Mechanical Engineering, brings over 10 years of experience in managing complex projects across automotive, defence, and robotics industries. The company currently has two grid-connected projects in Gibraltar and Israel, with three more under development in the Port of Los Angeles (co-invested by Shell MRE), Taiwan, and Portugal. Atias will oversee all engineering functions to accelerate project delivery timelines and support the company's commercialization strategy.

Eco Wave Power Global AB (NASDAQ: WAVE) announced that CEO Inna Braverman visited the planned installation site for their wave energy technology on Taiwan's east coast. This follows the recent agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company, for the sale of the first wave energy generation unit.

The 100KW pilot project, fully financed by I-Ke, marks Eco Wave Power's first deployment in Asia. I-Ke aims to develop a 20 MW wave energy power station in Taiwan, starting with this pilot and expanding to a targeted 400 MW capacity. The project positions Taiwan as a potential hub for expansion into other Asia-Pacific regions.

During her visit, Braverman met with port representatives and presented at the Taiwan Energy & Net Zero Conference. She also met with key government officials, including the Head of Taiwan's Energy Bureau, who expressed significant interest in the project.

Eco Wave Power Global AB (Nasdaq: WAVE) has signed an agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company, to sell its first wave energy generation unit in Taiwan. The project will start with a 100KW pilot, potentially expanding to 20MW and ultimately targeting 400MW of commercial capacity on the Taiwanese coastline.

Key points:

• I-Ke will fully finance the pilot project by purchasing a turnkey conversion unit from Eco Wave Power.
• The location for the pilot has been identified on Taiwan's east coast, with 83 additional suitable sites.
• I-Ke will handle permits, land use consents, and local production of components.
• The project aims to position Taiwan as a hub for expansion into other Asia Pacific regions.
• This marks Eco Wave Power's first official step into the Asian market.

Eco Wave Power (Nasdaq: WAVE) reported its H1 2024 financial results and provided a corporate update. Key highlights include:

1. Operational improvements at the EWP-EDF One Project in Israel, with downtime decreasing from 4% to 0% and energy generation improving by 17%.

2. Strategic co-investment agreement with Shell for the first U.S. project at the Port of Los Angeles.

3. Kickoff of the first MW-scale project in Porto, Portugal.

4. Support for the Marine Energy Technologies Acceleration Act in the U.S., potentially providing $1 billion for marine energy advancement.

5. Approval for ADS repurchase program to enhance shareholder value.

Financial results show a 1.6% decrease in operating expenses compared to H1 2023, with $7.48 million in cash and short-term deposits at the end of the period.

Eco Wave Power Global AB (NASDAQ: WAVE) has received approval from the Swedish Financial Supervisory Authority (SFSA) to repurchase up to 10% of its American Depositary Shares (ADS). This decision follows the company's request submitted on December 21, 2023, and aligns with the shareholders' approval at the 2024 Annual General Meeting. The buyback program aims to improve the company's capital structure and enhance shareholder value.

Key points of the authorization include:

• Repurchases to Nasdaq Capital Market or other regulated markets
• Authorization valid until the 2025 annual general meeting
• Repurchase price must be within the range of highest purchase and lowest selling price
• Payment for ADS to be made in cash

CEO Inna Braverman expressed excitement about proceeding with the buyback, emphasizing its potential to drive greater shareholder value and improve the company's investment value.

Eco Wave Power Global AB (NASDAQ: WAVE) has officially launched its first MW-scale wave energy project in Porto, Portugal. This project is part of a 20 MW concession agreement with APDL and will feature a first-of-its-kind underwater wave energy museum. The company's engineering team conducted a site visit to the breakwater and the room underneath, where the energy conversion equipment will be installed. Local subcontractors and manufacturers were met to select preferred entities for project execution.

The project aligns with Portugal's renewable energy goals, aiming to generate 85% of annual electricity production from renewable sources by 2030. Eco Wave Power received final approval for construction in March 2024 and issued a performance bond to APDL, committing to complete the project within two years.

Representatives Nanette Barragán and Suzanne Bonamici have introduced the Marine Energy Technologies Acceleration Act, proposing a $1 billion investment to advance marine energy commercialization. The legislation aims to fund demonstration projects, research, resource mapping, workforce development, and streamline permitting processes through the Department of Energy's Waterpower Technologies Office.

This initiative aligns with Eco Wave Power's (NASDAQ: WAVE) upcoming wave energy demonstration project with Shell MRE at the Port of Los Angeles. The company's CEO, Inna Braverman, praised the legislation, highlighting wave energy's potential in meeting U.S. renewable energy targets and promoting economic growth through the blue economy.