TEL
AVIV, Israel, July 11,
2023 /PRNewswire/ -- Eco Wave Power Global AB (publ)
(Nasdaq Capital Market: WAVE) ("Eco Wave Power'' or "EWP" or the
"Company"), a leading, publicly traded onshore wave energy company,
announced today that its landmark EWP-EDF One wave energy power
station in the Port of Jaffa, Israel, has received the final grant funding
from the Israeli Ministry of Energy, marking the official
completion of the project.
The wave energy project, executed in collaboration with EDF
Renewables IL, and with co-funding from the Israeli Ministry of
Energy, which recognized the Eco Wave Power's technology as a
"Pioneering Technology", is set to be Israel's first onshore wave energy power
station, officially connected to the national electrical grid.
The EWP-EDF One power station has an installed capacity of 100
KW and is made up of 10 floaters along the Port of Jaffa's
pre-existing breakwater. Each floater connects to Eco Wave Power's
patented energy conversion unit, which is located on land, enabling
easy access for operation and maintenance.
"We are grateful for the funding from the Israeli Ministry of
Energy, which helped bring a new form of renewable energy to
Israel," said Eco Wave Power's
co-founder and Chief Executive Officer Inna
Braverman. "With the power station's upcoming connection to
the energy grid, Israel will
finally start exploring the immense power of wave energy – one of
the most reliable and consistent sources of renewable energy in the
world."
"Eco Wave Power had the pleasure of working with the Israeli
Energy Ministry, led by the Chief Scientist, Mr. Gideon Friedman. The work process was clear and
efficient, and we feel that the support of the Energy Ministry
really created a significant leap forward for the wave energy
industry in Israel," said
Aharon Yehuda, the Company's Chief
Financial Officer.
The next step is to officially connect the EWP-EDF One power
station to Israel's energy grid.
The Company is waiting for the last technical approval from
the Israeli Electric Company, and anticipates an official "plugging
in" ceremony in the coming months.
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 is currently finalizing the construction of its grid
connected project in Israel, with
co-investment from the Israeli Energy Ministry, which recognized
the Eco Wave Power technology as "Pioneering Technology" and will
soon commence the installation of its newest pilot in AltaSea's
premises in the Port of Los
Angeles. The Company also holds concession agreements for
commercial installations in Europe
and has a total projects pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional
Development Fund, Innovate UK and the European Commission's Horizon
2020 framework program. The Company has also received the "Global
Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on
the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above
does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+972 3 5094017
For media inquiries, please contact:
Jacob Scott, Vectis
Strategies
+1 412 445 7719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements in this press release when it discusses that its wave
energy project is set to be Israel's first onshore wave energy power
station, officially connected to the national electrical grid and
the timing of the connection to the energy grid. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will",
or variations of such words, and similar references to future
periods. These forward-looking statements and their implications
are neither historical facts nor assurances of future performance
and are based on the current expectations of the management of Eco
Wave Power and are subject to a number of factors, uncertainties
and changes in circumstances that are difficult to predict and may
be outside of Eco Wave Power's control that could cause actual
results to differ materially from those described in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Except as otherwise required
by law, Eco Wave Power undertakes no obligation to publicly release
any revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. More detailed information about the risks
and uncertainties affecting Eco Wave Power is contained under the
heading "Risk Factors" in Eco Wave Power's Annual Report on Form
20-F for the fiscal year ended December 31,
2022 filed with the SEC on April 27,
2023, which is available on the on the SEC's website,
www.sec.gov, and other documents filed or furnished to the SEC. Any
forward-looking statement made in this press release speaks only as
of the date hereof. References and links to websites have been
provided as a convenience and the information contained on such
websites is not incorporated by reference into this press
release.
The following files are available for download:
https://mb.cision.com/Main/18497/3803487/2183750.pdf
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Release
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https://news.cision.com/ewpg-holding-ab--publ-/i/project-floaters,c3199102
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Project
floaters
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https://news.cision.com/ewpg-holding-ab--publ-/i/gideon-friedmann-visit-2019,c3199103
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Gideon Friedmann visit
2019
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SOURCE EWPG Holding AB (publ)