Eco Wave Power Secures Key Permit for Groundbreaking Energy Project

Eco Wave Power Achieves Major Milestone

Eco Wave Power Global AB (NASDAQ: WAVE) is thrilled to announce a pivotal achievement in the renewable energy sector. The company has successfully secured the final Nationwide Permit (NWP) from the U.S. Army Corps of Engineers for its innovative wave energy project located at AltaSea's premises near thePort of Los Angeles. This breakthrough marks a significant advancement for Eco Wave Power as it embarks on creating the first onshore wave energy installation in the United States.

Details of the Wave Energy Project

The newly awarded permit, designated under NWP 52, facilitates the installation of eight state-of-the-art wave energy floaters on the existing concrete wharf structure at the Municipal Pier One. Additionally, an energy conversion unit comprising two 20-foot shipping containers will be integrated into the installation. These units will connect directly to the floaters, with on-site preparation already underway. Eco Wave Power anticipates completing the installation by the end of the first quarter of the following year.

Significance of Collaboration with Shell

Securing this important permit also fulfills critical benchmarks outlined in Eco Wave Power's strategic agreement with Shell International Exploration and Production Inc. This partnership aims to enhance the commercial viability of the energy generated through wave technology, substantially boosting expected revenues for Eco Wave Power by the end of the year. With the permit now in hand, both parties are ready to progress to the next execution stage, following their initial announcement about the collaboration.

Leadership Remarks

"We are ecstatic to receive the final permit and take a definitive step toward harnessing wave energy in the U.S.," expressed Inna Braverman, Founder and CEO of Eco Wave Power. She emphasizes the project’s dual role as a technological advancement and as a significant contribution toward the global shift to renewable energy. Braverman expressed gratitude for the collaborative efforts of various stakeholders, including AltaSea and the U.S. Army Corps of Engineers.

Potential of Wave Energy in the U.S.

The U.S. Department of Energy has provided compelling estimates, forecasting that wave energy could yield over 1,400 terawatt-hours per year, equivalent to powering around 130 million homes. Through this ambitious project, Eco Wave Power is at the forefront of making wave energy a dependable and clean renewable resource, reinforcing its industry-leading position.

About Eco Wave Power Global AB

Eco Wave Power is spearheading a revolution in clean energy with its patented technology designed to convert the movement of ocean waves into sustainable electricity. The company is driven by a commitment to mitigating climate change and is currently operating the first grid-connected wave energy system in Israel, which received backing from EDF Renewables IL along with national recognition.

Global Expansion Plans

With a vision to expand its footprint globally, Eco Wave Power is preparing to implement projects in various locations, including the Port of Los Angeles, Taiwan, and Portugal, contributing to an impressive project pipeline totaling 404.7 MW. The company has garnered support from prominent organizations including the European Union Regional Development Fund and Innovate UK, underscoring its commitment and innovation in renewable energy technology.

Frequently Asked Questions

What project has Eco Wave Power recently received approval for?

Eco Wave Power has received the final Nationwide Permit from the U.S. Army Corps of Engineers for a pioneering wave energy project at the Port of Los Angeles.

How will the wave energy project function?

The project will utilize eight wave energy floaters connected to an energy conversion unit situated on the Municipal Pier One concrete structure to generate sustainable electricity.

When is the expected completion date for the project?

Installation of the wave energy project is anticipated to be completed by the end of the first quarter of the following year.

Who is collaborating with Eco Wave Power on this project?

Eco Wave Power is collaborating with Shell International Exploration and Production Inc to enhance the development and execution of the wave energy project.

What is the impact of wave energy in the U.S.?

Wave energy has the potential to generate significant electricity, enough to power around 130 million homes, contributing to a sustainable energy future.

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