The move represents another strong commitment to Eco Wave Power's focus on commercializing their technology in the United States and helping the country reach its ambitious climate goals.
NEW YORK, April 18, 2023 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company") announced today the opening of a U.S. subsidiary, under the name Eco Wave Power U.S. The Company plans to also establish a corporate office in New York City, which will be Eco Wave Power's first office in the United States. The subsidiary will serve as a North American base for Eco Wave Power's executives and team.
Eco Wave Power's decision reflects its commitment to expanding its footprint and impact in the United States, an increasingly important market for renewable energy. The Company's cutting-edge wave energy technology has the potential to provide a reliable source of renewable energy to millions of people across the country's 95,000+ miles of coastline, while also contributing to the fight against climate change.
"The United States is a global leader in clean energy and climate initiatives, so it was extremely important for us to further develop our U.S. operations," said Inna Braverman, Eco Wave Power's Founder and CEO. "The United States is a key market for Eco Wave Power because, according to the U.S. Energy Information Association, wave energy can supply up to 66% of all the United States energy needs. Could you imagine the impact the wave energy could have in the United States?"
Since becoming publicly traded in the United States on the Nasdaq Capital Market in 2021, Eco Wave Power has captured the attention of activists and legislators across the country. In January 2022, the Company signed an agreement with AltaSea at the Port of Los Angeles – the nation's leading hub for the blue economy – to bring its innovative wave energy technology to the AltaSea campus. In just over a year, Eco Wave Power has successfully modified, upgraded, and transported the conversion unit to Los Angeles and will soon begin installation on the pilot project. The speed at which the project went from concept to reality shows one of Eco Wave Power's technology's strongest assets – its mobility and scalability to fit the energy needs of any given coastline.
In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey – with its 130-mile coastline – to add wave energy to the state's master energy plan and provide funding for feasibility studies and pilot programs. Additionally, in California, State Senator Steven Padilla introduced SB 605 – a bill that 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. Eco Wave Power believes that California's 840-mile coastline is an ideal location to explore this virtually untapped natural resource of renewable energy.
Both bills are making progress through the various committees. A vote on New Jersey's wave energy legislation is expected in the coming weeks.
In August 2022, US President Joe Biden signed into law the Inflation Reduction Act, the largest piece of federal legislation ever that addresses climate change. The law will allocate $128 billion towards renewable energy and grid energy storage. The legislation was well-timed for Eco Wave Power. Earlier in 2022, the Company announced that it would focus on the commercialization and implementation of its technology in two main markets: Europe and the United States. The Inflation Reduction Act provides a significant investment in clean energy that could serve as a significant boost to Eco Wave Power's continued commercialization plans for the United States.
Eco Wave Power, a worldwide leader in generating clean energy through the power of ocean waves, has successfully deployed its patented, environmentally safe technology across the globe. Currently, the Company has a 404.7 MW project pipeline, with agreements to build power stations in Spain, Turkey, Portugal, the United States, and other locations across the globe.
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
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave is using forward-looking statements when it discusses: its plans to establish a corporate office in New York City, the potential for its wave energy technology to provide a reliable source of renewable energy to millions of people across the United States' 95,000+ miles of coastline, while also contributing to the fight against climate change, the planned installation of its conversion unit in the Port of Los Angeles, the introduction and passage of wave energy related legislation in the United States and its potential impact on the Company's business, and the commercialization and implementation of its technology in Europe and the United States.These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, Eco Wave 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 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 SEC's website, www.sec.gov.
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