Israel launches NIS 6M Blue-Tech fund backing wave energy projects

Israel's Ministry of Energy and Infrastructure and the Israel Innovation Authority have jointly announced a NIS 6 million (approximately $2 million) program to support marine renewable energy technologies, including wave energy generation, offshore energy systems, and AI-powered marine energy management.

Eco Wave Power Global AB (NASDAQ: WAVE), which operates Israel's only grid-connected wave energy power station at Jaffa Port, issued a statement welcoming the initiative. The Jaffa Port station exports electricity to Israel's national grid under a Power Purchase Agreement with the Israel Electric Corporation and has reported zero downtime since the start of 2025.

Israel's Minister of Energy and Infrastructure, Eli Cohen, speaking at the Jaffa Port station's inauguration in December 2024, said: "The State of Israel is a global leader in innovation and technology. The facility we inaugurated today, which generates electricity using sea waves, was advanced with the support of the Chief Scientist at the Ministry of Energy and is the first of its kind in Israel."

Inna Braverman, founder and chief executive of Eco Wave Power, said the company looks "forward to seeing additional Blue-Tech innovations emerge through this initiative," adding that combining wave energy with AI-enabled optimization "creates an exciting opportunity to deliver resilient, intelligent, and sustainable coastal energy infrastructure."

The company also noted its inclusion in California's Final SB 605 Consultant Report, which referenced Eco Wave Power's Port of Los Angeles wave energy pilot project as part of a statewide assessment of marine renewable energy developments.

Eco Wave Power states it has a global project pipeline of 404.7 MW, with projects planned in Portugal, Taiwan, and India.

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