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WAVE: Eco Wave Power: Advancing Renewable Energy with Ocean Waves



Eco Wave Power (NASDAQ:WAVE), founded in Tel Aviv, Israel, in 2011, specializes in converting ocean and sea waves into green electricity with patented technology. With a focus on sustainability, Eco Wave Power aims to support wave energy development as a potential renewable energy source, contributing to efforts to address climate change.


Eco Wave's system operates by using floaters to capture energy from waves. These floaters move up and down with the waves, compressing hydraulic pistons in the process. The compressed pistons push hydraulic fluid into accumulators located on land, where pressure is built up. This pressure drives a hydraulic motor, which, in turn, spins a generator to produce electricity for the grid. Once the hydraulic fluid has been used, it is recycled back into a tank for reuse in the system. The system is designed to start operating when waves are as low as 0.5 meters high. It is controlled and monitored by a smart automation system. In the event of high waves during a storm, the floaters automatically rise above the water level and remain in a secure position until the storm subsides, ensuring safety and reliability.

Eco Wave Power's solution offers significant benefits when compared to previous wave energy ventures. It's both cost-efficient and reliable, thanks to its onshore location, simplifying construction and maintenance while reducing grid connection costs.

Wave energy developers often face challenges with offshore systems due to high costs, low reliability, insurance issues, and environmental concerns. Eco Wave Power's onshore approach, supported by studies showing comparable power exploitation and higher survivability and cost-effectiveness, is gaining traction.

The modular design allows for easy scalability to fit various project sizes, ensuring flexibility in deployment. Additionally, the technology boasts competitive construction costs, with a projected levelized cost for energy as low as $50 per MWh. Eco Wave Power also prioritizes intellectual property protection, with multiple patents and pending applications, safeguarding innovation. Moreover, the system's integration with existing man-made structures minimizes environmental impact, enabling the generation of clean electricity from pre-existing infrastructure.

Business Updates

Eco Wave Power (EWP) is exploring collaborations with a wide range of industry players and is open to engagement with global organizations interested in wave energy. As the sole inventor and owner of its technology, EWP claims to offer various project structures and electricity supply options. Throughout the last year, Eco Wave Power has achieved significant global milestones:

• Israel: Recognized as a "Pioneering Technology" the Eco Wave Power EWP-EDF One project, in the port of Jaffa, is co-funded by the Israeli Energy Ministry and EDF Renewables IL. In August, 2023, the project was officially connected to the national electrical grid, marking a historic moment in Israel's energy landscape. The project commenced supplying electricity to the grid through a Power Purchase Agreement in August, 2023. .

• Port of Los Angeles: In January 2024 Eco Wave signed a strategic co-investment agreement for its inaugural U.S.-based project with Shell MRE, with licensing processes underway. Legislative support, such as California Senate Bill 605 signed by Governor Gavin Newsom in early October 2023, further bolstered project progression.

• Porto, Portugal: In 2023, Eco Wave secured approval for construction works on its first commercial-scale project, demonstrating a commitment to advancing wave energy globally and is set to commence construction in the upcoming months. This project marks a notable advancement for Eco Wave Power as it expands its footprint within the renewable energy domain.

• Additionally in 2023, Eco Wave Power conducted feasibility studies exploring new markets, including projects for Shell MRE, Chevron Corporation, Jesa Group in Morocco, and Rogan Associates in Greece.

2023 Financial Results

In 2023, Eco Wave Power saw a substantial increase in revenue, rising to $306,000 compared to $26,000 in 2022, driven by feasibility study services provided in the United States, Israel, and Morocco. Operating expenses decreased by 25% to $2.7 million, with notable reductions in research and development, sales and marketing, and general and administrative costs. Eco Wave’s net loss decreased to $1.866 million for 2023 with the company ending the year with $8.4 million in liquid assets, including $4.3 million in cash and cash equivalents and $4.1 million in short-term bank deposits.


Eco Wave Power stands at the forefront of wave energy innovation, leveraging its patented technology to harness the power of ocean waves for sustainable electricity generation. With a focus on integrating renewable energy sources into the grid, Eco Wave Power is driving forward wave energy development as a viable solution to combat climate change. Eco Wave Power continues to pave the way for a cleaner, greener energy future through strategic partnerships and milestone achievements, such as the successful connection of projects to national grids and expansion into new markets.

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