Eco Wave Power Global AB (WAVE) Presents Significant Operational Progress
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Eco Wave Power Global AB (publ) ("Eco Wave Power" or the "Company") (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the six months ended
Eco Wave Power continues to execute its dual-fold strategy: increasing our business presence and promoting wave energy as a vital source of renewable energy.
During the second quarter of 2023, we achieved several key milestones:
Israel, we successfully connected Jaffa Port – EWP EDF One Project- to the Israelnational electrical grid.
- In the Port of Los Angeles, we are currently at the advanced licensing stage. Additionally, we have employed a local engineering firm to examine the integrity of the jetty and assist with planning of the connection of our floaters to the jetty. At the same time, it should also be noted that the California State legislature unanimously passed
CaliforniaSenate Bill 605 ("SB 605"). This legislative initiative directs the California Energy Commission to evaluate the feasibility, costs, and benefits of using wave energy and tidal energy along California's840-mile coastline. The bill, introduced by Senator Steve Padilla(D- Chula Vista), now heads to Governor Gavin Newsom'sdesk for his consideration. This law is expected to assist our project's progress and advance other potential projects in the U.S.
Portugal, we have received the last approval necessary for the commencement of the works of our first megawatt (MW) in the city of Porto(TURH license). Eco Wave Power is currently setting up the execution bond for the project, in order to officially receive the final license. The next steps will include finalizing detailed construction plans for the first 1 MW power plant, obtaining approval from relevant entities for the detailed construction plans, and then commencing actual construction, which is expected to take up to 24 months. This is expected to be Eco Wave Power's first MW scale project, which will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of wave energy globally.
- With respect to new potential projects, we recently announced the signing of a Memorandum of Understanding (MoU) with Lian Tat Company to introduce wave energy to
Taiwanand engaged in discussions with the management of the Port of Heraklionin Greeceregarding the planning of a 2 MW Wave Energy Project. In parallel, we have successfully performed feasibility studies for a potential project in Moroccoand a first of its kind feasibility study for a potential project on a drilling platform offshore.
"In 2023, Eco Wave Power continues to prove that with the right technology, the right governmental support, and the right strategic partnerships - wave energy is possible!
Here at Eco Wave Power, we are proving that we do not need sky-high deployment budgets and we do not need extremely lengthy deployment times. Wave energy, especially onshore wave energy technology, can be simple, cost-effective and promptly implemented.
With the deployment of our second grid connected project in
We still have work to do, as there are not a lot of wave energy developers that have deployed their technology in real-conditions, and therefore most of the information has to be learned, developed and validated by our own teams, but with all the progress that we have made so far, I really feel comfortable and pleased with the direction of the wave energy sector, and especially the direction of Eco Wave Power.
We are also looking forward to the approval of our Share Repurchase Program by SFSA, as we believe that our share buyback program will allow our leadership to have a greater scope to act and the opportunity to improve the Company's capital structure, driving greater shareholder value and improving the investment value of our company," Commented
- Eco Wave Power is Officially Connected to Israeli Electrical Grid: The EWP EDF One Station Supplies First Wave Energy to Country's Power Supply (
August 15, 2023)
Eco Wave Power has announced that its station at the port of Jaffa in
- Eco Wave Power Receives Grant from the
European Union for Its New Wave Energy Power Stationin Jaffa Port, Israel( July 13, 2023)
Eco Wave Power announced the approval of the GREENinMED grant, provided by the European Union, under the ENI CBC Mediterranean Se Basin Programme. The GREENinMED grant is promoted and managed by a consortium of parties from
- Eco Wave Power and Lian Tat Company Sign MoU to Bring Wave Energy to
Taiwan( June 22, 2023)
Eco Wave Power Global Ab (publ) signed an MOU with a prominent maritime engineering company, Lian Tat Company ("LTC") to bring its wave energy technology to
Eco Wave Power Entersan Agreement with Rogan Associates S.A. to Bring the EWP Technology to Greeceand Conducts an Official Site Visit with Rogan Associates at Greece's Port of Heraklionto Discuss the Next Steps for the Planning of the 2MW Wave Energy Project ( July 20, 2023)
- Assembly Committee Passes Wave and Tidal Renewable Energy Bill (
September 20, 2023)
Earlier this month, California State Senate unanimously passing
Per the amended bill, the California Energy Commission (the "Energy Commission") will work with various state agencies, including the California Coastal Commission, the Ocean Protection Council, and other stakeholders to identify suitable locations for wave energy and tidal energy projects in both state and federal waters. This bill aims to lead
- Eco Wave Power Announces Plans for Share Repurchase Program (
June 29, 2023)
Eco Wave Power announced its intention to set up a share repurchase program to repurchase American Depositary Shares, corresponding to up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by the Swedish law. All share repurchase programs are subject to necessary permits being obtained from the Swedish Financial Supervisory Authority (SFSA), in accordance with chapter 19 of the Swedish Companies Act. The permit is limited in time and conditional on the SFSA's assessment of the Nasdaq Capital Market as an equivalent of a regulated market as defined in the Swedish Securities Market Act. Repurchases will be made in accordance with the Swedish Companies Act and applicable
First Half 2023 Financial Overview
- For the six months ended
June 30, 2023, revenues were zero compared to $26,000in the same period last year. The decrease is due to the fact that we were in the midst of certain studies and did not yet recognize the payments as income.
- Operating expenses were
$1.4 million, down by 35% from the same period last year.
- Research and development (R&D) expenses were
$323,000compared to $635,000in the same period last year. Research and development costs decreased mainly due to a one off non-recurring loss of $278,000pertaining to a disposal of the floater mechanisms of the Gibraltarwave energy array in 2022, due to the relocation of the Gibraltarconversion unit to the Port of Los Angeles. Although our R&D expenses have significantly decreased during the last 6 months period, we expect that our research and development expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S.project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
- Sales and marketing expenses were
$193,000compared to $300,000in the same period last year. This decrease was primarily attributable to a $51 thousanddecrease in sales and marketing activities in the first half of 2023. Although our expenses have significantly decreased during the first 6 months period, we expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.
- General and administrative expenses were
$854,000compared to $1,186,000in the same period last year. This decrease was primarily attributable to a $175 thousanddecrease in D&O insurance premium, $51 thousanddecrease in payroll and related expenses and a $30 thousanddecrease in legal expenses. Although our general and administrative expenses have significantly decreased during the first 6 months period, we expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S.project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
- Other income of
$9,000was generated mainly from management fees in a joint venture.
- Share of net loss of a joint venture accounted for using the equity method for the six months ended
June 30, 2023was $10,000.
- Operating loss was
$1.4 millioncompared to $2.1 millionin the same period last year.
- Net financial income was
$512,000, compared to $681,000in the same period last year.
- Net loss was
$859,000, or $0.02per basic and diluted share, compared to a net loss of $1,431,000, or $0.03per basic and diluted share in the same period last year.
- The Company ended the period with
$4 millionin cash and cash equivalents and $5.2 millionin short term bank deposits, compared to $5.3 millionand $5 million, respectively, as of December 31, 2022.
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 completed construction of its grid connected project in
Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles and its first MW scale wave energy power station in
The Company also holds concession agreements for commercial installations in
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
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