Eco Wave Power

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 has finalized the construction of its grid-connected project in Israel. This project involves the installation and operation of a 100-kW installed capacity station at the Jaffa Port in Israel through a Joint Venture Agreement with EDF Renewables IL, a subsidiary of the French multinational electric utility company Électricité de France S.A. EWP also received co-funding from the Israeli Ministry of Energy, which recognized the technology as a “pioneering technology.” With the FIT in place, the Israeli Electric Authority commenced operations to officially connect the EWP-EDF One project to Israel’s energy grid. As of August 15th, 2023, the station officially connected to Israel’s national electrical grid – making it the first wave energy project to deliver electricity to the country’s power supply.

Moreover, Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles. Following an agreement between AltaSea and Eco Wave Power, EWP delivered an energy conversion unit to the AltaSea campus at the Port of Los Angeles. EWP is in the process of receiving the final approval for the installation of the 100-kW station in AltaSea’s premises in the Port of Los Angeles in the upcoming months. Eco Wave Power has shipped the conversion unit with 1 sample floater and expects to manufacture an additional 7 new floaters and floater mechanisms for this project.

In addition, the company entered into a Concession Agreement with the Port of Leixões, or APDL, to use an area potentially suitable for the construction, operation, and maintenance of a wave energy power station of up to 20 MW in four locations owned and operated by APDL. Pursuant to the Concession Agreement, APDL will provide EWP with a concession for its breakwaters for a period ranging from 25 to 30 years. The power station is planned to be constructed and commissioned in several stages, starting with a 1 MW station and, subject to certain conditions, to be followed by the construction, operation, and maintenance of the remaining 19 MW capacity of the station. In October 2023, Eco Wave Power received the last approval necessary for the commencement of the works of the first megawatt in the city of Porto from APDL. Eco Wave Power is currently setting up the execution bond for the project, to officially receive the final license. The next steps will include finalizing detailed construction plans for the first 1 MW power station, 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.

The Company also holds concession agreements for commercial installations in Europe and has a total project 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.

Israel

About Us
Inna Braverman - CEO, Founder, and Member of the Board. Function: Making effective, major corporate decisions, managing the day-to-day operations and resources, and acting as the foremost point of communication. For Inna, clean electricity is a very personal journey, as she was born two weeks before the Chernobyl Nuclear Disaster and suffered respiratory arrest due to the pollution in the region. Under her leadership, the company installed its first grid-connected wave energy array and secured a significant project pipeline of 404.7MW. Inna was recognized by Wired Magazine as one of the “Females Changing the World”, by Fast Company as one of the world’s “Most Creative People in Business for 2020” and is the winner of the United Nations “Global Climate Action Award”.

David Leb - Co-founder and Board Member. David is a serial entrepreneur, businessman, and angel investor. David has made several successful exits in various sectors, including a publicly traded medical company on the Canadian Stock Exchange, blockchain-based technologies, and real estate investments. He holds several patents for advertising and computerized platforms. As a board member of EWP, David protects shareholders’ interests, establishes management policies, and oversees the organization.

Problem we are solving
The UN has identified energy as the dominant contributor to climate change as it accounts for almost 60% of global greenhouse gas emissions. Eco Wave Power’s activity serves to reduce greenhouse gases by providing countries with an innovative reliable clean energy source.
There is a significant need to secure cleaner methods of energy production. With most of the world's population living on the coastline, wave energy can significantly reduce the adverse effects of energy generation from polluting sources. Eco Wave Power’s development strategy is to expand, create an immense impact on the world’s energy mix, and become a key facilitator of pollution reduction.
From an ecological point of view, due to the huge potential of wave energy when implemented globally, the EWP system can become one of the leading sources of renewable energy, allowing countries, cities, and coastal communities to harness clean electricity from the waves. Based on EWP’s initial calculations, a 1MW installed capacity wave energy power station, with a capacity factor of 42%, will produce annually around 3,695,712 kW/h of clean electricity. The emissions from fossil fuels would equal 2,613 metric tons of CO2, which is equal to the CO2 emissions from 294,027 gallons of consumed gasoline. EWP currently holds a pipeline of 404.7 MW, with such a capacity, EWP could produce approximately 700 GWh/year of renewable electricity. This would account for 209,874 tons of CO2 reduction per year.
Socially and economically, the EWP technology will provide clean energy to locations that have limited grid access and will serve to lower pollution levels by adding a clean energy source to the energy mix. It is forecasted to create a significant amount of new direct (through hiring employees) and indirect (through subcontractors) workplaces. The workplaces will be created throughout the different phases of the project including licensing, feasibility studies, environmental studies, and detailed planning. Moreover, when the power station is constructed, there will be a significant need for operation and maintenance professionals for 25 years (the lifespan of the power station). Approximately 4,900 jobs could be created for the pipeline of 404.7MW.
In Europe alone, the ocean energy industry is expected to deploy 100GW of production capacity by 2050, meeting 10% of the continent’s electricity demand . This is equivalent to the daily electricity needs of about 76 million households. The global wave energy market is estimated to be worth $97 billion annually in 2050; in the European market, Europe will be able to exploit an annual market worth €53 billion about $60 billion. Deploying 100GW of ocean energy will also mean creating a new industrial sector based firmly in Europe, and 400,000 skilled jobs all along the supply chain. - In the future, the impact of wave energy on Europe is expected to be immense. EWP plans to ensure follow-up of the impact generated, through investment in monitoring and official databases which will enable the observation of the actual kWh produced in each country, number of jobs created, emissions reduced, and revenues generated by each of EWP’s European projects.

Sustainable Impact on Blue Ecconomy
Most wave energy developers have decided to install their equipment in the offshore zone (which is 4 to 5 KM into the sea), and this created several significant problems:
a. High Prices - offshore installation is extremely expensive and complicated, as it requires ships, divers, underwater cabling, and underwater mooring.
b. Low Reliability - offshore, wave energy power stations are exposed to wave heights of 20 m and higher. Man-made stationary equipment has no way of avoiding and surviving such forces, thus many of the offshore installations broke down after a short time frame of operation (i.e., Pelamis, Oceanlinx, Wello Oy).
c. Difficulty in obtaining insurance – due to the high prices and low reliability of offshore wave energy technologies, insurance companies are traditionally reluctant to insure offshore wave energy solutions, which has also created another difficulty in obtaining debt financing.
d. Environmental Impact - some environmentalists, who should be the greatest advocates of wave energy, are objecting to offshore wave energy, as it is connected to the ocean floor and disturbs the marine environment.

In addition, most of the wave energy competitors do not have any significant operational experience as they are in the R&D stages, therefore they didn’t have a chance to prove that wave energy can be safely connected to the electrical grid.
In comparison with the above-mentioned competition, Eco Wave Power’s technology is:
a. Cost-efficient – the price of the system is cost-efficient, as most of the system is located on land, just like a regular power station. This enables easy construction, operation, and maintenance.
b. Reliable– most of the EWP equipment is located on land and, therefore, it is not exposed to stormy marine conditions. In addition, EWP has patented storm protection mechanism.
c. Insurable- showcase that The EWP system is fully insurable by notable global insurance companies, which is a key milestone towards the construction of commercial-scale installations in the future.
d. Environmentally Friendly - showcase that The EWP system is 100% environmentally friendly as it does not connect to the ocean floor and does not create any new presence on the seabed. The EWP floaters only connect to man-made existing structures such as jetties and breakwaters.

Eco Wave Power has significant operational experience, its Gibraltar 100-kW proof-of-concept pilot project was operating for 6 years (from 2016 to 2022) and gained more than 49,000 hours of grid connection.
EDF-EWP One project of 100-kW of installed capacity in Jaffa Port in Israel has been recently connected to the electrical grid and became the first wave energy power station in the history of Israel to send clean electricity to the national grid.

Financial Needs5,000,000