Eco Wave Power Secures Final Permit for Wave Project
Eco Wave Power Global AB (NASDAQ: WAVE) is thrilled to announce that it has successfully obtained the final Nationwide Permit (NWP) from the U.S. Army Corps of Engineers for its innovative wave energy project. This groundbreaking initiative is set to take place at the Port of Los Angeles, representing a significant leap forward in renewable energy development.
Significance of the Project
This remarkable achievement marks Eco Wave Power's commitment to establishing the first onshore wave energy installation in the United States. The permit, granted under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, will allow Eco Wave Power to install eight wave energy floaters on the existing concrete wharf structure at Municipal Pier One.
Components of the Installations
Additionally, the project will feature an energy conversion unit, which will consist of two 20-foot shipping containers located on the wharf deck and connected to the floaters. With the conversion unit already present on site, Eco Wave Power aims to finalize installation by the end of the first quarter of 2025.
Impact on Collaboration with Shell
Securing this final permit also signals the completion of two crucial milestones in Eco Wave Power's collaboration with Shell International Exploration and Production Inc. This partnership is expected to enhance the Company's revenue streams as early as the fourth quarter of the current financial year.
Progressing with Project Execution
Originally announced earlier in the year, the agreement outlines a collaborative approach to developing a wave energy pilot within the Port of Los Angeles. With the permit secured, both parties are now eager to enter the execution phase of this pioneering project.
A Word from the CEO
Inna Braverman, the Founder and Chief Executive Officer of Eco Wave Power, expressed enthusiasm in receiving this final permit, stating, "This project is a significant step towards leveraging wave energy in the U.S. It not only represents a technological milestone but is crucial for the global shift towards renewable energy. We appreciate the unwavering support from AltaSea, the Port of Los Angeles, Shell MRE, and the U.S. Army Corps of Engineers in our endeavor to make wave energy an integral part of the renewable energy landscape."
Potential of Wave Energy
The U.S. Department of Energy’s National Renewable Energy Laboratory suggests that wave energy could potentially generate over 1,400 terawatt-hours annually—sufficient to power nearly 130 million households. Eco Wave Power is striving to commercialize wave energy as a reliable, clean energy source, continuing to solidify its leadership within this vital industry.
About Eco Wave Power Global AB
Eco Wave Power is at the forefront of transforming clean energy through its patented wave energy technology, turning ocean and sea waves into sustainable electricity. The Company is committed to addressing climate change and has operationalized the first grid-connected wave energy system in Israel, supported by EDF Renewables IL and the Israeli Energy Ministry.
Global Expansion Plans
With ambitious plans for global expansion, Eco Wave Power is gearing up to implement projects at the Port of Los Angeles, Taiwan, and Portugal. These initiatives will add to its remarkable project pipeline, totaling an impressive 404.7 MW. The firm has garnered funding from notable organizations such as the European Union Regional Development Fund and Innovate UK, achieving recognition with the United Nations’ Global Climate Action Award.
American Depositary Shares
The American Depositary Shares of Eco Wave Power (WAVE) are traded on the Nasdaq Capital Market.
Frequently Asked Questions
What is the purpose of Eco Wave Power's project?
The project aims to establish the first onshore wave energy installation in the United States, generating clean energy from ocean waves.
What does the permit from the Army Corps of Engineers allow?
The permit authorizes Eco Wave Power to install eight wave energy floaters at the Port of Los Angeles.
Who is collaborating with Eco Wave Power on this project?
Eco Wave Power is collaborating with Shell International Exploration and Production Inc to develop the wave energy pilot.
When is the project expected to be completed?
The installation is planned to be completed by the end of the first quarter of 2025.
What is Eco Wave Power's mission?
Eco Wave Power's mission is to revolutionize the renewable energy landscape through innovative wave energy technology that generates sustainable electricity.
