TEL AVIV, Israel, Aug. 15, 2023 /PRNewswire/ -- Eco Wave Power
Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or
the "Company"), a leading, publicly traded onshore wave energy
developer, announced today that its station at the Port of Jaffa in
Tel Aviv, EWP-EDF One, has
officially connected to Israel's
national electrical grid - making it the first wave energy project
to deliver electricity to the country's power supply.
Now, the EWP-EDF One project will proceed to full system
calibration that is to be followed by a ceremonial "plugging in"
event and demonstration in the coming months to commemorate this
historic achievement.
The EWP-EDF One power station we built in collaboration with and
co-funding from EDF Renewables IL and the Israeli Energy Ministry.
The Israeli Energy Ministry has recognized the Eco Wave Power
technology as a "pioneering technology". The EWP-EDF One power
station has an installed capacity of 100 KW, enough energy to power
approximately 100 homes at peak efficiency.
"We are proud to see our vision of sustainable wave energy
becoming a reality at the Port of Jaffa," said Eco Wave Power
Founder and Chief Executive Officer Inna
Braverman. "I am grateful to the EDF Renewables IL team,
Israeli Energy Ministry, the Atarim Group (which manages and
develops the Tel-Aviv Jaffa coastline), and my entire team at Eco
Wave Power who worked tirelessly to take this project from an idea
to a new source of clean energy for Israel. We believe this is just the start for
wave energy and we are excited for this station to serve as a
catalyst for many more projects across the globe."
The wave energy system installed at the Port of Jaffa is
comprised of ten floaters along the Port of Jaffa's pre-existing
breakwater. Each floater connects directly to Eco Wave Power's
land-based energy conversion unit, which enables easy access for
operational maintenance and upgrades.
The land-based conversion unit and utilization of pre-existing
structures demonstrate Eco Wave Power's ability and commitment to
sustainably build clean energy power stations at nearly any
location. The adaptability is further shown by its EWP-EDF One
power station at the Port of Jaffa – one of the world's oldest
ports – and the upcoming pilot station at the Port of Los Angeles – one of the world's busiest
seaports and leading gateway for international trade in the Western
Hemisphere.
In addition to providing clean energy to Israel's electrical grid, the EWP-EDF One
power station will also serve as a public education center. Eco
Wave Power recently announced that the it received the GREENinMED
grant by the European Union, which will fund the creation and
installation of a unique educational experience at the Port of
Jaffa station.
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 and received all approvals
for its grid connected project in Israel, with co-investment from the Israeli
Energy Ministry, which recognized the Eco Wave Power technology as
"Pioneering Technology." The EWP-EDF One station project marks the
first grid-connected wave energy system in Israeli history. Eco
Wave Power 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
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis
Strategies
+14124457719
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 the Company
is expected to be the first ever ocean energy power station in
the United States, and that the
Company's pilot station is set to be installed in the coming
months. 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. For example, the Company is using
forward-looking statements when it discusses: the advantages and
benefits of wave energy; that the EWP-EDF One project will proceed
to full system calibration that is to be followed by a ceremonial
"plugging in" event and demonstration; the Company's belief that
the EWP-EDF One project is just the start for wave energy; that
project may serve as a catalyst for more projects across the globe;
and that an educational experience will be created and installed at
the Station in the form of a public education center, funded by a
GREENinMED grant by the European Union. 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/18497/3817721/2228612.pdf
|
Release
|
https://news.cision.com/ewpg-holding-ab--publ-/i/jaffa-1,c3205869
|
Jaffa 1
|
View original
content:https://www.prnewswire.co.uk/news-releases/eco-wave-power-is-officially-connected-to-israeli-electrical-grid-the-ewp-edf-one-station-supplies-first-wave-energy-to-countrys-power-supply-301901077.html