The post Eco Wave Power Announces H1 Results; Unveils Data from its Grid-Connected Project That Won the EDF Pulse Award, Kicks-Off Portugal Project, and Announces Green Light for its Shares Repurchase Program appeared first on Eco Wave Power.
]]>The Company also Announced its Support for the Marine Energy Technologies Acceleration Act, federal legislation in the U.S. that would invest $1 billion to advance marine energy toward full scale commercialization
Stockholm, Sweden, August 29th, 2024 – Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that has 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 June 30, 2024 and provide a corporate update.
Management Commentary
Operations
During the first half of 2024, Eco Wave Power continued to demonstrate resilience by decreasing its operating expenses by 1.6% compared to the first half of 2023, ending the quarter with $7.48 million in cash and in short term bank deposits. At the same time, we have achieved the following milestones:
• In Israel, the EWP-EDF One Project in the Port of Jaffa, has been delivering clean energy from the waves to the Israeli National electrical grid, since its connection to the grid in the end of 2023. An opening ceremony for the project is due to be held in December 2024. During the second quarter of 2024, Eco Wave Power and EDF Renewables IL have continued their analysis of the project’s operational results; and results from the second quarter of operation continue to be encouraging, both in terms of improvement of the energy generation results and the decrease in down-time for the power station. For example, downtime has decreased from 4% in April to 0% in June 2024. In addition, the Company was able to get closer to its energy generation target and show 17% improvement from the month of April 2024 to the month of June 2024.
Also, Eco Wave Power is pleased to announce that the Company and its pioneering Israeli project won the 2024 EDF Pulse Awards in the category of “Developing a Profitable Decentralized Energy System.” Eco Wave Power was awarded during a ceremony conducted by Luc Rémont, Chairman & Chief Executive Officer of Électricité de France SA in the EDF Pavilion, constructed in partnership with the Paris 2024 Olympic Games. This significant recognition comes in parallel to the productive collaboration between Eco Wave Power and EDF Renewables IL (a subsidiary of Électricité de France), which jointly own and operate the wave energy project in Israel (the EWP-EDF One Project).
• At the Port of Los Angeles in April 2024, we officially announced that the Company signed a strategic co-investment agreement with Shell International Exploration and Production Inc. (“Shell MRE”) for the implementation of our first U.S-based project, while we also moved forward with the licensing process. In August, 2024, we received a green light from the relevant departments in the Port of Los Angeles for our project’s engineering plans, and other documents submitted. The Port of Los Angeles and AltaSea at the Port of LA are planning to submit the full package of documents for a final license from the Army Corps of Engineers in the upcoming week. As soon as we receive the last approval from the Army Corps of Engineers, we expect a very short implementation time of approximately six months for our first U.S. project.
In conjunction with the upcoming wave energy demonstration project to be implemented by Eco Wave Power and Shell MRE at the Port of Los Angeles, U.S. House representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) introduced the Marine Energy Technologies Acceleration Act, legislation that would involve the appropriation of $1 billion towards advancing marine energy toward full scale commercialization. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.
The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy’s Waterpower Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development, and more efficient permitting processes.
The full text of the bill can be found here.
• In Portugal, Eco Wave Power officially kicked-off the first MW-scale wave energy project. In July 2024, Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power and Eco Wave Power’s engineering team, have arrived for a meeting and an official site visit with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A (APDL), and other relevant stakeholders for the official kickoff of the Company’s first MW-scale wave energy project , to be located in the city of Porto in Portugal.
Following the meeting with APDL, Eco Wave Power’s engineering team held a site visit to the breakwater and the room underneath the breakwater (“The Gallery”), where Eco Wave Power’s energy conversion equipment will be installed, and later opened to the public as a first of its kind wave energy museum and education centre.
During the site visit, Eco Wave Power’s team met with local subcontractors and manufacturers to choose the preferred entities that will take part in the execution of this innovative project.
The first MW project is being executed in line with a 20MW Concession Agreement entered with APDL and is planned to be followed by a gradual expansion to the whole 20MW of installed capacity.
In March 2024, the Company received the final approval necessary for the commencement of the construction works of its first commercial-size project in Porto (TURH license) from APDL Port Authority and in turn issued a performance bond to APDL , meant to solidify the Company’s commitment for the construction of the first commercial wave energy project within a two-year period.
Eco Wave Power’s project is well in line with the renewable energy plan of the Government of Portugal, as in July 2024 Portugal announced that it aims to generate 85% of its annual electricity production from renewable sources by 2030, compared to 61% in 2023, one of the highest ratios in Europe.
ADS repurchase
• In December 2023, Eco Wave Power submitted an official request to the Financial Supervisory Authority of Sweden (“SFSA”), to receive authorization for the Company’s repurchase of American Depositary Shares (“ADS”) representing up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by Swedish Law.
In August 2024, the SFSA responded that in its opinion, the ADS are not considered equivalent to shares in accordance with Chapter 19 of the Swedish Companies Act. As a result, the Company should be able to repurchase ADS, in accordance with Swedish law.
Any repurchases will be made through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.
In accordance with this decision, Eco Wave Power will enter into relevant agreements with a bank for the execution of any necessary steps related to the buyback.
CEO Commentary:
In the first half of 2024, we were able to keep the low level of expenses and thus demonstrate our resilience by decreasing our operating expenses by 1.6% compared to the first half of 2023, ending the year with USD 7.48 million in cash and in short term bank deposits.
There was also progress across all key projects, including significant improvements in the operational results of the EWP-EDF One project, at the Port of Jaffa in Israel, which reached 0% downtime for the very first time, and got closer by 17% to its energy generation targets. The company and the project also received the prestigious EDF Pulse Award by Électricité de France (a multinational electric utility company and the largest renewable energy producer in Europe), which we believe will lead to an extended collaboration with the EDF group.
We have also submitted the final licensing documents for the installation of the project at the Port of Los Angeles, and in parallel representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) introduced the Marine Energy Technologies Acceleration Act,- a proposed legislation that would appropriate $1 billion to advance marine energy toward full scale commercialization. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.
The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy’s Waterpower Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development, and more efficient permitting processes.
We are grateful that representatives Barragán and Bonamici recognized the vast potential of wave energy in meeting the U.S. renewable energy targets and promoting economic growth through the blue economy.
The U.S. is becoming a global leader on climate initiatives, and this new federal legislation further demonstrates the U.S. leadership across the world. We believe that wave energy has massive potential, and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that wave energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean.
And finally, we held an official kick off for our first MW-scale project in Portugal, which included a site visit and meeting with relevant subcontractors to advance with the project.
We believe that this will be the first wave energy project in the world to show significant energy production from the power of the waves. I truly believe that this revolutionary project will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally. We would like to thank the Municipality of Porto and APDL for being true wave energy pioneers by enabling and supporting the development of an innovative, environmentally friendly energy generation technology which will serve to lower the port’s carbon footprint while creating new workplaces and an innovative industry in Portugal.
At the same time, we have reinforced our engineering team by adding two members, and are in the process of establishing a U.S. based sales and business development team to enable the Company to enter into deals for turnkey wave energy projects which we believe will, in turn, significantly boost the Company’s revenues, in addition to the revenues that the Company has been generating from feasibility studies and other related engineering services.
The expansion of the engineering team in Israel and the new business development and sales team in the U.S. are well on their way, and we believe that such an enhanced company structure will lead to positive financial results and accelerated project delivery.
Lastly, we are excited to update that we have recently received a green light to commence our American Depository Shares repurchase plan, and we are working on setting the appropriate arrangement with a bank to pursue such opportunity. We believe that our ADS repurchase plan will allow our leadership to have a greater scope to act and have the opportunity to improve the Company’s capital structure, driving greater shareholder value and improving the investment value of our company.
Eco Wave Power is entering a very exciting period, which will involve an expansion of our team, expansion of the Company’s operational projects and strategic partnerships.
I would like to reiterate our gratitude to our shareholders for joining us on this exciting journey. We look forward to sharing more exciting progress!
First Half 2024 Financial Overview
● Operating expenses were $1.35 million, down by 1.6% from the same period last year.
• Research and development (R&D) expenses were $320,000 compared to $323,000 in the same period last year. Research and development costs decreased mainly due to reduction in in payroll and related expenses in the first half of 2024. We expect 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 $137,000 compared to $193,000 in the same period last year. This decrease was primarily attributable to a decrease in payroll and related expenses in the first half of 2024. 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 $894,000 compared to $854,000 in the same period last year. This increase was primarily attributable to a $23 thousand increase in legal services and an increase in travel expenses. 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 $32,000 was generated mainly from a grant and 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, 2024 was $30,000.
● Operating loss was $1.35 million compared to $1.37 million in the same period last year.
● Net financial income was $331,000, compared to $512,000 in the same period last year. This decrease was primarily attributable to a decrease in foreign currency exchange gains.
● Net loss was $1,018,000, or $0.02 per basic and diluted share, compared to a net loss of $859,000, or $0.02 per basic and diluted share in the same period last year.
● The Company ended the period with $7.48 million in cash and cash equivalents and in short-term bank deposits.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman and the Chief Financial Office, Aharon Yehuda, will host a conference call to discuss the financial results and outlook on Tuesday, September 3, 2024, at 5 PM Eastern time.
• The dial-in numbers for the conference call are 877-545-0523 (toll-free) or 973-528-0016 (international).
If requested, please provide participant access code: 660735
• The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/51203
• You may submit your questions for the call until September 2, 2024 at 12:00 pm Eastern time via email to:
aharon@ecowavepower.com
A replay will be available by telephone approximately four hours after the call’s completion until Monday, September 16, 2024. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 51203. The archived webcast will also be available on the investor relations section of the Company’s website.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy 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 owns and operates a grid connected wave energy project in Israel, with co-investment from EDF Renewables IL and the Israeli Energy Ministry, which recognized Eco Wave Power’s technology as “Pioneering Technology.” The Israeli wave energy project marks the first grid-connected wave energy system in Israel’s history.
Eco Wave Power will soon commence the installation of its third and fourth wave energy projects, in the Port of Los Angeles, and in Portugal. The Company also holds 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 and was honored with 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
Aharon Yehuda, CFO
Aharon@ecowavepower.com
+97235094017
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 the prospective approval of requisite licenses for its U.S-based wave energy project at the Port of Los Angeles and expected implementation time should the licenses be granted, the Company’s belief that the wave energy project in Portugal will be the first to show significant wave energy production, the finalization of construction plans and implementation time of the project in Portugal, that the project in Portugal is expected to be the Company’s first MW scale project that may position the Company as a leading wave energy developer, the Company’s plans and intentions regarding a share repurchase program and that it may improve the Company’s capital structure, driving greater shareholder value and improving the investment value of the Company, the Company’s belief that its expansion in its engineering, business development and sales teams may lead to improved financial results, certain projected positive trends in the green energy market, the potential impact of potential federal legislation regarding marine energy subsidies, the belief that wave energy has massive potential, the belief that the Company will soon be demonstrating its pioneering technology at the Port of Los Angeles and showcasing that wave energy can be a significant force in combating climate change and powering communities with clean, reliable energy sourced from the ocean. 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, 2023, filed with the SEC on March 28, 2024, 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 post Eco Wave Power Announces H1 Results; Unveils Data from its Grid-Connected Project That Won the EDF Pulse Award, Kicks-Off Portugal Project, and Announces Green Light for its Shares Repurchase Program appeared first on Eco Wave Power.
]]>The post Annual General Meeting in Eco Wave Power Global AB (publ) appeared first on Eco Wave Power.
]]>The post Notice to attend the Annual General Meeting of Eco Wave Power Global AB (publ) appeared first on Eco Wave Power.
]]>Shareholders wishing to participate at the annual general meeting must:
i. be entered into the shareholders’ register, kept by Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organisation), on the record day which is Tuesday June 18, 2024; and
ii. notify the Company of their attendance by Thursday June 20, 2024. Notification can be made in writing to Setterwalls Advokatbyrå AB, Attn: Andreas Wårdh, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to andreas.wardh@setterwalls.se.
Notification shall include full name, personal identification number or corporate registration number, address, daytime telephone number and, if appropriate, information about representative, proxy, and assistants. The number of assistants may not be more than two. To facilitate entry to the annual general meeting, notification should, where appropriate, be accompanied by powers of attorney, registration certificates and other documents of authority.
Shareholders who have their shares registered in the name of a nominee must request temporary entry into the shareholders’ register kept by Euroclear Sweden AB (so-called voting rights registration) in order to be entitled to participate and vote their shares at the annual general meeting. The shareholder must inform the nominee well in advance of Tuesday June 18, 2024, at which time the shareholders’ register entry must have been made. Voting rights registration requested by the shareholder and completed by the nominee by Thursday June 20, 2024, will, however, be taken into account in the preparation of the shareholders’ register.
The board of directors has decided, pursuant to Chapter 7, Section 4a of the Swedish Companies Act and the Company’s articles of association, to provide the option of postal voting in relation to the annual general meeting. A special form shall be used for postal voting. The form will be available on the Company’s website, www.ecowavepower.com.
The form may be submitted by post to Setterwalls Advokatbyrå AB, Attn: Andreas Wårdh, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to andreas.wardh@setterwalls.se. The completed voting form must be received by Setterwalls Advokatbyrå AB by Wednesday June 26, 2024 provided the shareholder has given notice of attendance at the annual general meeting by Thursday June 20, 2024. However, a complete postal vote which reaches Setterwalls Advokatbyrå AB by Thursday June 20, 2024 shall also be considered the shareholder’s notice of attendance at the annual general meeting.
The shareholder may not provide special instructions or conditions in the voting form. If so, the vote (i.e. the postal vote in its entirety) would be invalid. Further instructions and conditions are included in the form for postal voting.
A shareholder represented by proxy shall issue a power of attorney which shall be dated and signed by the shareholder. If issued by a legal entity, the power of attorney shall be accompanied by registration certificate or, if not applicable, equivalent documents of authority. Power of attorney forms for those shareholders wishing to participate by proxy will be available on the Company’s website www.ecowavepower.com. The original version of the power of attorney shall also be presented at the annual general meeting.
For information regarding how your personal data is processed in connection with the annual general meeting, please refer to the privacy policy on Euroclear Sweden AB’s website, http://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
Item 1. Election of chairman
Marcus Nivinger (lawyer at Setterwalls Advokatbyrå) is proposed as chairman of the annual general meeting or if he is unable to attend the annual general meeting, any other person proposed by the board of directors.
Item 8. Allocation of the Company’s result according to the adopted balance sheet
The board of directors proposes that the Company’s result shall be carried forward in new account and that no dividend shall be paid for the financial year ended December 31, 2023.
Item 13. Resolution on changes to the articles of association with respect to share capital and number of shares
The board of directors proposes to change the limits in the articles of association with respect to share capital and number of shares in §§ 4 and 5. § 4 is proposed to be changed from “The share capital shall be no less than SEK 700,000 and not more than 2,800,000” to “The company’s share capital shall be not less than SEK 880,000 and not more than SEK 3,520,000”. § 5 is proposed to be changed from “The number of shares in the company shall be no less than 35,000,000 and no more than 140,000,000” to “The number of shares in the company shall be no less than 44,000,000 and no more than 176,000,000”.
The chairman of the board of directors, the Chief Executive Officer or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office. A valid resolution requires that the proposal is supported by shareholders representing at least two-thirds (2/3) of the votes cast as well as of all shares represented at the annual general meeting.
Item 14. Resolution on an authorization for the board of directors to increase the share capital
The board of directors proposes that the annual general meeting resolves on an authorization for the board of directors to – for the period up to the next annual general meeting, with or without deviation from the shareholders’ preferential rights and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions. The board of directors sees a shareholder value in being able to take advantage of attractive acquisition opportunities or otherwise make investments in promising projects and/or to broaden the shareholder base in a time-efficient manner. New issuances of shares or issuances of warrants or convertible debentures based on the authorization shall, in deviation from the shareholders’ preferential rights, be made with the shareholders´ best interest in mind and at a market-based subscription price according to the market conditions prevailing at the time of the issue of the shares, warrants and/or convertibles.
The chairman of the board of directors, the Chief Executive Officer or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office. A valid resolution requires that the proposal is supported by shareholders representing at least two-thirds (2/3) of the votes cast as well as of all shares represented at the annual general meeting.
Item 15. Resolution on an authorization for the board of directors to resolve to purchase and transfer shares of the Company
The board of directors proposes that the annual general meeting resolves on an authorization for the board of directors to resolve on purchases of the Company’s shares in accordance with the following main terms:
In addition, the board of directors proposes that the annual general meeting resolves to authorize the board of directors to resolve on transfers of own shares, with or without deviation from the shareholders’ preferential rights, in accordance with the following main terms:
The purpose of the authorizations is to give the board of directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and take advantage of any attractive acquisition opportunities. The board of directors shall have the right to resolve on other terms for repurchases and transfers of own shares in accordance with its authorization.
The use of the authorization in this item 14 is conditional on necessary permits first being obtained from the Swedish Financial Supervisory Authority in accordance with Chapter 19 of the Swedish Companies Act.
The chairman of the board of directors, the Chief Executive Officer or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office. A valid resolution requires that the proposal is supported by shareholders representing at least two-thirds (2/3) of the votes cast as well as of all shares represented at the annual general meeting.
Items 16. Resolution on amendment of existing Warrant program 2020/2024:B regarding right to participate for Inna Braverman
The board of directors proposes that the annual general meeting resolves to amend the terms for the already existing incentive program 2020/2024:B in such a way that the incentive program after the annual general meeting will also include Inna Braverman in her role as board member. The decision gives Inna Braverman the same right to be granted warrants as the other participants in the program. The complete terms and conditions regarding, among other things, the subscription price and the period within which the warrants may be exercised, which were adopted at the Company’s annual general meeting in 2020 (and amended at the annual general meeting in 2022) shall otherwise remain unchanged.
The complete terms and conditions will be available on the Company´s website prior to the annual general meeting.
The chairman of the board of directors, the Chief Executive Officer or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office. A valid resolution of the annual general meeting in accordance with the above proposal requires that the resolution be supported by shareholders representing at least nine tenths (9/10) of both the votes cast and the shares represented at the annual general meeting.
Items 17. Resolution on amendment of existing Warrant program 2020/2024:B regarding right to participate for David Leb
The board of directors proposes that the annual general meeting resolves to amend the terms for the already existing incentive program 2020/2024:B in such a way that the incentive program after the annual general meeting will also include David Leb in her role as board member. The decision gives David Leb the same right to be granted warrants as the other participants in the program. The complete terms and conditions regarding, among other things, the subscription price and the period within which the warrants may be exercised, which were adopted at the Company’s annual general meeting in 2020 (and amended at the annual general meeting in 2022) shall otherwise remain unchanged.
The complete terms and conditions will be available on the Company´s website prior to the annual general meeting.
The chairman of the board of directors, the Chief Executive Officer or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office. A valid resolution of the annual general meeting in accordance with the above proposal requires that the resolution be supported by shareholders representing at least nine tenths (9/10) of both the votes cast and the shares represented at the annual general meeting.
Items 10-12. Election of and remuneration to the board of directors and auditors
The board of directors today consists of the following five (5) ordinary members without deputy members: Mats Andersson (chairman), Gilles Amar, David Leb, Annath Abecassis and Inna Braverman. It is proposed that the board of directors shall consist of five (5) ordinary members without deputy members until the end of the next annual general meeting. Furthermore, it is proposed that one registered accounting firm shall be elected as auditor.
It is proposed that the fees payable to the board of directors for the period until the end of the next annual general meeting shall amount to a total of SEK 900,000, out of which SEK 300,000 shall be paid to the chairman and SEK 200,000 to each of the other ordinary members, except for Inna Braverman who will receive no board fee. It is proposed that the Company’s auditor shall be paid in accordance with approved quotes and invoices.
It is proposed to re-elect Mats Andersson, David Leb, Annath Abecassis, Gilles Amar and Inna Braverman as ordinary board members until the end of the next annual general meeting. Mats Andersson is proposed to be re-elected as chairman of the board of directors.
It is proposed to re-elect the accounting firm PriceWaterhouseCoopers AB, as the Company´s auditor. The auditor has notified that Anna Rozhdestvenskaya will continue to act as a chief auditor.
The total number of shares in the Company at the time of issuance of this notice is 44,394,844. The Company does not hold any of its own shares.
Pursuant to Chapter 7 section 32 of the Swedish Companies Act (Sw. aktiebolagslagen (205:551)), the board of directors and the Chief Executive Officer are under a duty to, if any shareholder so requests and the board of directors deems that it can be made without material damage to the Company, at the annual general meeting provide information, regarding circumstances, which may affect the assessment of a matter on the agenda or of the Company’s economic situation. Such duty to provide information also comprises the Company’s relation to the other group companies, the consolidated financial statements and such circumstances regarding subsidiaries which are set out in the foregoing sentence.
The financial accounts, auditor’s report, complete proposals, postal voting form and other documents to be dealt with at the annual general meeting will become available at the Company’s office not later than three (3) weeks before the annual general meeting. The documents will be sent free of charge to shareholders who so request and state their postal address. The documents will also be made available not later than the aforementioned date on the Company’s website www.ecowavepower.com.All the above-mentioned documents will also be presented at the annual general meeting.
_____
Stockholm, May 2024
The board of directors
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
The post Notice to attend the Annual General Meeting of Eco Wave Power Global AB (publ) appeared first on Eco Wave Power.
]]>Stockholm, Sweden, May 16, 2024 – 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,…
The post Eco Wave Power Announces Q1 Financial Results; Progress with Projects in Israel, United States and Portugal, While Continuing to Present Decrease in Operating Expenses and Plans to Enhance Cash Flow appeared first on Eco Wave Power.
]]>Stockholm, Sweden, May 16, 2024 – 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 three months ended March 31, 2024 and provide a corporate update.
Management Commentary
During the first quarter of 2024, Eco Wave Power continued to demonstrate resilience by decreasing its operating expenses by 3.5% compared to the first quarter of 2023, ending the quarter with $7.96 million in cash and in short term bank deposits. At the same time, we have achieved the following milestones:
Due to rising interest and opportunity that we see in the U.S. market, we conducted a comprehensive feasibility study with the same major energy company, aimed at identifying the best locations for commercial onshore wave energy stations along the U.S. coastline and worldwide. The three-month, in-depth feasibility study which now has been completed, has shown favorable conditions for clean energy production in multiple locations in the U.S. and globally. In the study, we pointed out at least 77 sites in the U.S. that may be compatible with the implementation of Eco Wave Power’s technology.
CEO Commentary:
According to an article published by Fidelity International titled “Three reasons clean energy stocks could come back in 2024” on January 26, 2024, high interest rates and a weaker global economy have challenged clean energy equities over the past year, mirroring Eco Wave Power’s stock performance.[1] Despite this, global renewable power installation surged by nearly half in 2023, hinting at optimism for 2024. Clean energy ETFs now outperform those that are tied to oil and gas, reflecting a broader trend according to the article. Our Company’s share price similarly rose during this period, outpacing the MSCI Global Alternative Energy Index by 136.42% in the last three months.
We believe that what enabled the growth and rising interest in the Company’s share price is the fact that the Company constantly delivers on its promises, and reaches significant progress during each quarter, while cutting down its operational expenses and boosting revenues.
In the first quarter of 2024, we were able to keep the low level of expenses and thus demonstrate our resilience by decreasing our operating expenses by 3.5% compared to the first quarter of 2023, ending the year with $7.96 million USD in cash and in short term bank deposits.
There was progress across all projects, including key improvements in the operational results of the EWP-EDF One project at the Port of Jaffa in Israel, submissions of final licensing documents for the installation of the project at the Port of Los Angeles, and moving forward with Eco Wave Power’s first MW-scale project in the city of Porto in Portugal.
We have also reinforced our engineering team and are planning on establishing a U.S. based sales and business development team to enable the Company to enter deals for turnkey wave energy projects which we believe will, in turn, significantly boost the Company’s revenues, to be added to the revenues that the Company has been generating from feasibility studies and other related engineering services.
The expansion of the engineering team in Israel and the new business development and sales team in the U.S. will require some time. However, we believe that such an enhanced company structure will lead to positive financial results and accelerated project delivery.
According to an article published by Reuters titled “Clean energy ETFs start to outperform key oil and gas ETF” on May 7, 2024, if the momentum seen over the past month is sustained, all major clean power ETFs, may soon register positive returns for the year so far, which will serve to boost sentiment across the clean energy space, and if that sentiment is further boosted by supportive macro-level changes regarding geopolitical tensions and interest rate regimes, additional investor momentum into the broader clean energy ETF space can be expected.[2]
I would like to finish by thanking all our existing shareholders, and the new ones that joined us in recent months and reiterate our excitement about the new deal with the major energy company, and the progress with all our projects. Let’s change the world, One Wave at a Time.
First Quarter 2024 Financial Overview
● There were no revenues as of and for the three months ended March 31, 2024
● Operating expenses were $659,000, down by 3.5% from the same period last year.
● Operating loss was $659,000 compared to $683,000 in the same period last year, which is down by 3.5%.
● Net financial income was $132,000 compared to $160,000 in the same period last year.
● Net loss was $527,000, or $0.01 per basic and diluted share, compared to a net loss of $523,000, or $0.01 per basic and diluted share in the same period last year.
● The Company ended the period with $7.96 million in cash and cash equivalents and in short term bank deposits. ($7.74 million in cash and cash equivalents and $0.22 million in short-term bank deposits).
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman, will host a conference call to discuss the financial results and outlook on Friday, May 17, 2024, at 9:00 a.m. Eastern time.
• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 193251
• The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/50651
A replay will be available by telephone approximately four hours after the call’s completion until Friday, May 31, 2024. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 50651. The archived webcast will also be available on the investor relations section of the Company’s website.
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
Aharon Yehuda, CFO
+97235094017
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 the prospective approval of requite licenses for its U.S-based wave energy project at the Port of Los Angeles and expected implementation time should the licenses be granted, the Company’s belief that the wave energy project in Portugal will be the first to show significant wave energy production, the finalization of construction plans and implementation time of the project in Portugal, that the project in Portugal is expected to be the Company’s first MW scale project that may position the Company as a leading wave energy developer, the pending SFSA decision on whether the Company is permitted to exercise a repurchase of its American Depositary Shares, the Company’s belief that its expansion in its engineering, business development and sales teams may lead to improved financial results, and certain projected positive trends in the green energy market. 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, 2023, filed with the SEC on March 28, 2024, 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.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
| March 31
2024 |
December 31
2023 |
||
| In USD thousands | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 7,739 | 4,281 | |
| Short term bank deposits | – | 4,102 | |
| Restricted short-term bank deposits | 221 | 63 | |
| Trade receivables | 20 | 202 | |
| Other receivables and prepaid expenses | 117 | 108 | |
| TOTAL CURRENT ASSETS | 8,097 | 8,756 | |
| NON-CURRENT ASSETS: | |||
| Property and equipment, net | 621 | 636 | |
| Right-of-use assets, net | 66 | 90 | |
| Investments in a joint venture accounted for using the equity method | 513 | 527 | |
| TOTAL NON-CURRENT ASSETS | 1,200 | 1,253 | |
| TOTAL ASSETS | 9,297 | 10,009 | |
| Liabilities and equity | |||
| CURRENT LIABILITIES: | |||
| Current maturities of long-term loans from related party | 983 | 974 | |
| Current maturities of other long-term loan | 64 | 62 | |
| Accounts payable and accruals: | |||
| Trade | 54 | 50 | |
| Other | 1,017 | 957 | |
| Current maturities of lease liabilities | 63 | 87 | |
| TOTAL CURRENT LIABILITIES | 2,181 | 2,130 | |
| NON-CURRENT LIABILITIES: | |||
| Other long-term loan
|
74
|
78
|
|
| TOTAL NON-CURRENT LIABILITIES | 74 | 78 | |
| TOTAL LIABILITIES | 2,255 | 2,208 | |
| EQUITY: | |||
| Common shares | 98 | 98 | |
| Share premium | 23,121 | 23,121 | |
| Foreign currency translation reserve | (2,499) | (2,275) | |
| Accumulated deficit | (13,514) | (12,994) | |
| Capital and reserves attributable to parent company
shareholders |
7,206 | 7,950 | |
| Non-Controlling interest | (164) | (149) | |
| TOTAL EQUITY | 7,042 | 7,801 | |
| TOTAL LIABILITIES AND EQUITY | 9,297 | 10,009 | |
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
| Three months ended | |||||||
| March 31 | |||||||
| 2024 | 2023 | ||||||
| In USD thousands | |||||||
| OPERATING EXPENSES | |||||||
| Research and development expenses | (177) | (210) | |||||
| Sales and marketing expenses | (65) | (76) | |||||
| General and administrative expenses | (408) | (397) | |||||
| Other income | 4 | 5 | |||||
| Share of net loss of a joint venture | |||||||
| accounted for using the equity method | (13) | (5) | |||||
| TOTAL OPERATING EXPENSES | (659) | (683) | |||||
| OPERATING LOSS | (659) | (683) | |||||
| Financial expenses | (15) | (12) | |||||
| Financial income | 147 | 172 | |||||
| FINANCIAL INCOME (EXPENSES) – NET | 132 | 160 | |||||
| NET LOSS | (527) | (523) | |||||
| ATTRIBUTABLE TO: | |||||||
| The parent company shareholders | (520) | (523) | |||||
| Non-controlling interests | (7) | – | |||||
| (527) | (523) | ||||||
| In USD | |||||||
|
LOSS PER COMMON SHARE – BASIC AND DILUTED |
(0.01) |
(0.01) |
|||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS | |||||||
| PER COMMON SHARE | 44,394,844 | 44,394,844 | |||||
[1] https://www.fidelityinternational.com/editorial/article/three-reasons-clean-energy-stocks-could-come-back-in-2024-e3b803-en5/
[2] https://www.reuters.com/business/energy/clean-energy-etfs-start-outperform-key-oil-gas-etf-maguire-2024-05-07/
The post Eco Wave Power Announces Q1 Financial Results; Progress with Projects in Israel, United States and Portugal, While Continuing to Present Decrease in Operating Expenses and Plans to Enhance Cash Flow appeared first on Eco Wave Power.
]]>The post Eco Wave Power Files its Annual Report on Form 20-F for the Year Ended December 31, 2023, and Announces Significant Progress in Full Year 2023 Financial and Operational Results appeared first on Eco Wave Power.
]]>Stockholm, Sweden, March 29, 2024 – Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the “Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”).
The Annual Report, which contains Eco Wave Power’s audited consolidated financial statements, can be accessed on the SEC website at http://www.sec.gov as well as via the Company’s website in the section titled SEC Filings.
Management Commentary
The economic landscape in 2023 was marked by unpredictability and numerous challenges. At the year’s start, both consumers and economists braced for a possible recession. Despite these worries, Eco Wave Power demonstrated resilience by increasing its revenues by 1076% (not including funds from grants and other sources) and decreasing its net loss by 36% (compared to 2022), ending the year with $8.4 million in cash and deposits.
In 2023, Eco Wave Power won the Energy Catalyst Round 10 Innovate UK grant (as part of a consortium including Toshiba, Hitachi, University of Manchester, the University of Exeter, the Queen Mary University of London and others) to design a pilot microgrid project for remote islands. The total amount of the grant is GBP 1,499,644 (approximately $1.9 million), out of which Eco Wave Power’s share will be GBP 456,500 (approximately $580 thousand). Additional funds were received from other grants, such as the GREENinMED grant funded by the European Union, the ILIAD Consortium grant as part of the European Union’s Green Deal, and from the Energy Catalyst round 8 program of Innovate UK.
Although the Company’s cash burn rate substantially decreased, Eco Wave Power demonstrated significant and instrumental progress with all its key projects:
CEO commentary:
The economic landscape in 2023 was marked by unpredictability and numerous challenges. At the year’s start, both consumers and economists braced for a possible recession. When faced with such challenges, we, at Eco Wave Power, understood that we must adapt and learn how to navigate through the turbulence, and have learned over the past year that adaptability is a cornerstone of success in business, especially in today’s rapidly changing economic landscape. Our adaptation process worked, and we were able to demonstrate our resilience by increasing our revenues by 1,076% (not including funds received from grants and other sources) and decreasing our net loss by 36% (compared to 2022) ending the year with $8.4 million USD in cash and deposits.
Although the Company’s burn rate of cash has decreased substantially, we were able to achieve significant milestones, such as the grid connection of our Israeli Project, an investment agreement with a major energy company for our first U.S. project at the Port of Los Angeles and the securing of the final license for our first commercial-scale project in Portugal, that is expected to be finalized within a period of two years. We have also reinforced our financial position by providing feasibility studies and project planning engineering services, in addition to applying for and securing multiple grants.
While Eco Wave Power had an eventful year, in the financial markets, clean energy stocks, including WAVE Stock, did not perform well, as we believe high interest rates and lagging efforts to combat climate change have impacted the sector.
According to CNN, Plug Power shares have slipped 63% this year, Enphase Energy shares have plunged 60%, SolarEdge Technologies shares have declined 71% and NextEra Energy shares have slid 29%, showing that even the largest and most resilient energy companies have taken a hit by the financial situation in 2023.
Even considering the above, we strongly believe that with the recovery in the economic landscape, and other positive initiatives, such as The Biden administration’s sweeping Inflation Reduction Act (which since its passage, announced more that 270 new clean energy projects, with 132 billion USD in private investments), there will be a significant opportunity for investors in the renewable energy market. We believe that renewable energy, and wave energy in particular, is a significant part of the world’s future, and offers a significant opportunity for decarbonization, combined with profitability.
In fact, Peter Krull, director of sustainable investments at Earth Equity Advisors, that manages a portfolio that focuses on stocks in industries from alternative energy to battery technology to green transportation sees the current rut in clean energy stocks as a buying opportunity for investors.
I would like to finish by saying that as the founder and CEO of Eco Wave Power, and one of the largest shareholders of WAVE stock, I am disappointed by the performance of the WAVE stock on the financial market (the company’s market cap is currently below its cash position). However, at the same time, I would like to say that since the incorporation of the company, none of the founders of the company have sold any shares as we believe strongly in the Company, and I am very pleased to share that we believe the Company is financially stable and resilient, and has enough funding, expertise, and support from strategic partners to procced with the execution of its upcoming projects in the Port of Los Angeles, in Portugal and in other places.
I believe in Eco Wave Power’s team, in Eco Wave Power’s technology, and in the global ambition to fight climate change. As a result, we are looking forward to receiving the Financial Supervisory Authority of Sweden’s approval to purchase back up to 10% of the company’s stock on Nasdaq, to reinstate our belief in our company and our technology.
I am looking forward to an amazing 2024, filled with performance and operational progress!
2023 Financial Overview
● Revenues for the year ended December 31, 2023, increased by $280,000, or 1,076%, to $306,000 compared to $26,000 in 2022, with 2023 revenue related to feasibility study services provided in connection with feasibility studies in the United States, Israel and Morocco.
● Operating expenses were $2.7 million, down by 25% from 2022.
Research and development (“R&D”) expenses decreased by $379 thousand, or 42%, to $519,000 compared to $898,000 in 2022. Although our R&D expenses have significantly decreased during 2023, we expect our R&D 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 decreased by $86 thousand, or 18%, to $375,000 compared to $461,000 in 2022. This decrease was primarily attributable to a $53 thousand decrease in sales and marketing activities and a reduction in payroll expenses.
General and administrative expenses decreased by $495 thousand, or 22%, to $1,764,000 compared to $2,259,000 in 2022. This decrease was mainly attributable to a $206 thousand decrease in the Director and Officer insurance premium, a $54 thousand decrease in legal expenses, a $84 thousand decrease in investor relations consultants costs and a $97 thousand decrease in other services.
Other income of $17,000 was generated mainly from management fees in a joint venture.
Share of net loss of the EWP EDF One Project accounted for using the equity method was $19,000.
● Operating loss decreased by $1.2 million, or 33%, to $2.4 million compared to $3.6 million in 2022.
● Net financial income was $547,000, compared to $706,000 in 2022.
● Net loss decreased by $1.04 million, or 36%, to $1,866,000, or $0.04 per basic and diluted share, compared to a net loss of $2,901,000, or $0.07 per basic and diluted share in 2022.
● The Company ended the period with $8.4 million – $4.3 million in cash and cash equivalents and $4.1 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman, will host a conference call to discuss the financial results and outlook on Tuesday, April 2, 2024, at 9:00 a.m. Eastern time.
• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 230160
• The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/50269
A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, April 16, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 50269. The archived webcast will also be available on the investor relations section of the Company’s website.
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
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 the prospective use of the Innovate UK grant, that the Company expects to implement its U.S-based project in approximately six months, that SB 605 is expected to assist the progress of its projects and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, the potential project in Morocco, the Company’s plan to proceed with a share repurchase after it receives SFSA approval, the Company’s expectation that there will be positive growth in the renewable energy market and that renewable energy is a significant part of the future, and that the Company has enough funding and expertise to proceed with its upcoming projects. 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, 2023 filed with the SEC on March 28, 2024, 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 post Eco Wave Power Files its Annual Report on Form 20-F for the Year Ended December 31, 2023, and Announces Significant Progress in Full Year 2023 Financial and Operational Results appeared first on Eco Wave Power.
]]>Stockholm, Sweden (December 21, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy company, is pleased to announce that it …
The post Eco Wave Power Submits an Official Request to the SFSA to Receive an Authorization for the Repurchase of American Depositary Shares Representing Up to 10% of the Company’s Shares appeared first on Eco Wave Power.
]]>Stockholm, Sweden (December 21, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy company, is pleased to announce that it has submitted an official request to the Swedish Financial Supervisory Authority (the “SFSA”), to receive an authorization for the repurchase of 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.
The repurchase of the American Depositary Shares was approved by Eco Wave Power’s shareholders at the 2023 Annual General Meeting (the “AGM”).
The AGM resolved on an authorization for the board of directors to resolve on purchases of the Company’s own shares in accordance with the following main terms:
The authorization for the repurchase is conditional on necessary permits being obtained from the Swedish Financial Supervisory Authority (the “SFSA”) in accordance with Chapter 19 of the Swedish Companies Act. Such 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.
“We believe that our shares 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,” said Eco Wave Power’s Founder and Chief Executive Officer Inna Braverman.
Repurchases will be made in accordance with the Swedish Companies Act and applicable U.S. securities laws and regulations under the U.S. Securities Exchange Act of 1934, as amended. The timing, manner, and amount of any repurchase will be determined by the Company’s management based on its evaluation of business, market, and economic conditions, corporate and regulatory requirements, and other considerations.
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
+97235094017
Or
Aharon Yehuda, CFO
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 the share repurchase plan and the Company’s ability to implement it, including receipt of the Swedish Financial Supervisory Authority’s approval and the Company’s belief that share repurchase program will allow its 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 the Company. 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 post Eco Wave Power Submits an Official Request to the SFSA to Receive an Authorization for the Repurchase of American Depositary Shares Representing Up to 10% of the Company’s Shares appeared first on Eco Wave Power.
]]>Stockholm, Sweden, December 4, 2023 – Eco Wave Power Global AB (publ) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean…
The post Eco Wave Power to Host Third Quarter financial results and outlook conference call on Tuesday, December 5, 2023 appeared first on Eco Wave Power.
]]>Stockholm, Sweden, December 4, 2023 – Eco Wave Power Global AB (publ) (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, today announced that it will hold a conference call to discuss the financial results as of and for the third quarter of 2023 after the market closes on Tuesday, December 5, 2023.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman will host a conference call to discuss the financial results and outlook on Tuesday, December 5, 2023, at 5 p.m. Eastern time.
| ● | The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011. |
If requested, please provide participant access code: 802479
| ● | The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/49564 |
A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, December 19, 2022. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 49564. The archived webcast will also be available on the investor relations section of the Company’s website.
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
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. 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 post Eco Wave Power to Host Third Quarter financial results and outlook conference call on Tuesday, December 5, 2023 appeared first on Eco Wave Power.
]]>Stockholm, Sweden, November 30, 2023 – Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE),…
The post Eco Wave Power: Q3 sees a significant net loss decrease, with new orders increasing Q4 revenues. Progress in Israel, U.S., and Portugal’s commercial installation. appeared first on Eco Wave Power.
]]>Stockholm, Sweden, November 30, 2023 – Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that has 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 three and nine months ended September 30, 2023 and provide a corporate update.
Management Commentary
During the third quarter of 2023, we achieved several key milestones:
“Although in these challenging times Eco Wave Power has prioritized the well-being of our employees in Israel, we have also stayed extremely focused on the continuity of our business growth and goals. We are proud to share that during the third quarter of 2023, we have made significant progress with all our existing projects while adding new projects and collaborations to our pipeline,
In the third quarter of 2023, Eco Wave Power officially commenced the test-run operation of our power station in the Port of Jaffa, Israel and is finalizing a civil engineering design that is getting us closer to the deployment of our first project in the Port of Los Angeles. In addition, by securing the final requisite license for our first MW scale project in Portugal, we are striding with confidence towards our first commercial scale project in Porto, Portugal.
In parallel, we have also finalized feasibility studies for an installation of EWP’s innovative technology in a port in Morocco, on a gas drilling platform in Israel, and a feasibility study for a first of its kind 2MW project in the Port of Heraklion in Greece. We have also commenced a new feasibility study, ordered by a large scale US energy company, to examine wave energy potential in the U.S. and around the globe.
Now, more than ever, we remain strong, resilient, and deeply committed to advancing our wave energy projects.
First Nine Months 2023 Financial Overview
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman will host a conference call to discuss the financial results and outlook on Tuesday, December 5, 2023, at 5 p.m. Eastern time.
• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 802479
• The event will be webcast live, available at: at: https://www.webcaster4.com/Webcast/Page/2922/49564
A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, December 19, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 49564. The archived webcast will also be available on the investor relations section of the Company’s website.
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
+97235094017
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 the prospective use of the UK grant, that SB 605 is expected to assist the progress of its projects and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, the potential project in Morocco, that the LTC project is expected to create several economic benefits, the impending application for a grant to facilitate the project in Heraklion, Greece, the expected recognition of new orders as revenues in the fourth quarter of 2023, and the Company’s expectation that its research and development, sales and marketing and general and administrative expenses to materially increase, and the Company’s planned conference call to discuss these financial results. 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.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
| September 30 2023 | December 31 2022 | ||
| In USD thousands | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 3,674 | 5,295 | |
| Short Term Bank Deposits | 5,108 | 5,000 | |
| Restricted short-term bank deposits | 59 | 63 | |
| Other receivables and prepaid expenses | 211 | 161 | |
| TOTAL CURRENT ASSETS | 9,052 | 10,519 | |
| NON-CURRENT ASSETS: | |||
| Property and equipment, net | 642 | 722 | |
| Right-of-use assets, net | 105 | 166 | |
| Investments in a joint venture accounted for using the equity method | 496 | 510 | |
| TOTAL NON-CURRENT ASSETS | 1,243 | 1,398 | |
| TOTAL ASSETS | 10,295 | 11,917 | |
| Liabilities and equity | |||
| CURRENT LIABILITIES: | |||
| Current maturities of long-term loans from related party | 966 | 941 | |
| Current maturities of other long-term loan | 65 | 32 | |
| Accounts payable and accruals: | |||
| Trade | 87 | 75 | |
| Other | 879 | 733 | |
| Current maturities of lease liabilities | 90 | 78 | |
| TOTAL CURRENT LIABILITIES | 2,087 | 1,859 | |
| NON-CURRENT LIABILITIES: | |||
| Other long-term loan
Lease liabilities, net of current maturities |
67
15 |
96
88 |
|
| TOTAL NON-CURRENT LIABILITIES | 82 | 184 | |
| TOTAL LIABILITIES | 2,169 | 2,043 | |
| EQUITY: | |||
| Common shares | 98 | 98 | |
| Share premium | 23,121 | 23,121 | |
| Foreign currency translation reserve | (2,754) | (2,061) | |
| Accumulated deficit | (12,338) | (11,284) | |
| TOTAL EQUITY | 8,126 | 9,874 | |
| TOTAL LIABILITIES AND EQUITY | 10,295 | 11,917 | |
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
| Three months ended | Nine months ended | |||||||
| September 30 | September 30 | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| In USD thousands | In USD thousands | |||||||
| REVENUES | 27 | – | 27 | 26 | ||||
| COST OF REVENUES | 19 | – | 19 | (22) | ||||
| GROSS PROFIT | 8 | – | 8 | 4 | ||||
| OPERATING EXPENSES | ||||||||
| Research and development expenses | (60) | (120) | (383) | (755) | ||||
| Sales and marketing expenses | (69) | (135) | (262) | (435) | ||||
| General and administrative expenses | (363) | (424) | (1,217) | (1,610) | ||||
| Other income | 5 | 3 | 14 | 18 | ||||
| Share of net loss of a joint venture | ||||||||
| accounted for using the equity method | (4) | (6) | (14) | (16) | ||||
| TOTAL OPERATING EXPENSES | (491) | (682) | (1,862) | (2,798) | ||||
| OPERATING LOSS | (483) | (682) | (1,854) | (2,794) | ||||
| Financial expenses | (15) | (11) | (41) | (42) | ||||
| Financial income | 305 | 113 | 843 | 825 | ||||
| FINANCIAL INCOME (EXPENSES) – NET | 290 | 102 | 802 | 783 | ||||
| NET LOSS | (193) | (580) | (1,052) | (2,011) | ||||
| ATTRIBUTABLE TO: | ||||||||
| The parent company shareholders | (193) | (580) | (1,052) | (2,011) | ||||
| (193) | (580) | (1,052) | (2,011) | |||||
| In USD | ||||||||
|
LOSS PER COMMON SHARE – BASIC AND DILUTED |
(0.004) |
(0.01) |
(0.02) | (0.05) | ||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS | ||||||||
| PER COMMON SHARE | 44,394,844 | 44,394,844 | 44,394,844 | 44,394,844 | ||||
The post Eco Wave Power: Q3 sees a significant net loss decrease, with new orders increasing Q4 revenues. Progress in Israel, U.S., and Portugal’s commercial installation. appeared first on Eco Wave Power.
]]>Stockholm, Sweden, September 27, 2023 – 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…
The post Eco Wave Power Presents Significant Operational Progress as It Heads towards its First Commercial Scale Project and Reports First Half 2023 Financial Results appeared first on Eco Wave Power.
]]>Stockholm, Sweden, September 27, 2023 – 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 June 30, 2023 and provide a corporate update.
Management Commentary
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:
“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 Israel, and a near future deployment of our first project in the Port of Los Angeles, U.S. we are striding with confidence towards our first commercial scale project in the city of Porto, in Portugal.
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 Inna Braverman, Founder and Chief Executive Officer of the Company.
Operations
Israel
Eco Wave Power has announced that its station at the port of Jaffa in Tel Aviv, EWP-EDF One, has officially been connected to Israel’s national electric grid, making it the first wave energy project to deliver electricity to the country’s power supply. Earlier this year, Eco Wave Power entered Israel’s first wave energy Power Purchase Agreement with the National Electric Company. Additionally, the Israeli Energy Ministry, which has recognized Eco Wave Power’s technology as “pioneering technology,” released its final grant funding for the EWP-EDF One wave energy power station in the Port of Jaffa, indicating the official completion of the construction of the project. The EWP-EDF One wave energy system is comprised of ten floaters along the Port of Jaffa’s pre-existing breakwater. Each of the floaters is directly connected to Eco Wave Power’s land-based energy conversion unit, allowing easy access for operational maintenance and upgrades. The power station has an installed capacity of 100 kilowatt (KW), which is enough energy to power up to 100 homes at peak efficiency. These land-based conversion units and usage of pre-existing structures display Eco Wave Power’s commitment to sustainably build clean energy at nearly any location. In addition to providing clean energy, EWP-EDF One power station will also be a public education center, as Eco Wave Power recently announced that it has received the GREENinMED grant from the European Union, as an aid for funding the creation and installation of unique educational experiences at the Jaffa Port, Israel.
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 Spain, France, and Israel. The Kinneret Academic College selected Eco Wave Power’s project to receive the grant. This was done with the goal of adding educational and knowledge-sharing features for Eco Wave Power’s energy power station, promoting and facilitating the adaptation of technologies and equipment that will create new eco-innovative products for Israel’s tourism industry. Eco Wave Power will use this funding towards the creation and installation of a knowledge-sharing experience for the local population, and tourists, making the EDF-EWP One wave energy power station a unique tourist attraction, and introducing Eco Wave Power as an example of Israeli innovation. The grant marks a collaborative milestone between Eco Wave Power and various European Union (EU) funding programs and reinforces Eco Wave Power’s long-standing focus on the European market. This grant marks another milestone in the long-term productive collaboration between Eco Wave Power and various EU funding programs, and also reinforces Eco Wave Power’s long-standing focus on the European market. The Company’s historic station in Gibraltar was co-funded by the European Regional Development Fund, and Eco Wave Power also received a grant from the Horizon2020 phase A- EU funding program. Eco Wave Power is currently taking part in the Iliad consortium, which was awarded 17 million Euro by the EU.
Taiwan
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 Taiwan. The terms of the agreement state that Eco Wave Power and Lian Tat Company will establish a Joint Venture company to develop wave energy projects in Taiwan. LTC will be responsible for acquiring permits, land use consents, and any licensing and approvals required to complete the installation of the wave energy project. Moreover, LTC will be accountable for funding the joint venture, and the project during the pilot phase, and managing the construction, operation, and maintenance of the project in Taiwan. Eco Wave Power will provide wave energy conversion technology, aid in the research and evaluation of the project’s feasibility, supply power generation equipment and knowledge, and execute troubleshooting. The project will begin with a 100 kW pilot and then expand in stages until a total installed capacity of 20 MW is reached within the first stage of developing the wave energy power station. In conjunction with producing 20 MW of clean energy, the project is expected to create several economic benefits.
Greece
In April 2023, Eco Wave Power entered an agreement with Rogan Associates S.A. to bring Eco Wave Power’s energy technology design to Greece. In this collaboration, Rogan Associates S.A. will reinforce the existing breakwater and plan the potential extension of the breakwater, while Eco Wave Power will complete the wave energy production analysis and custom design the wave energy technology to retrofit the existing breakwater at the port. Meetings were held with the managing director of Heraklion Port Authority, Mr. Minas Papadakis, and other port representatives, to receive updates regarding the goals achieved thus far in planning the project. The next steps of the project are to conduct further analysis of the site, focusing on civil engineering and pricing for installation. The work conducted by the parties is funded by a grant from the European Union Climate, Infrastructure, and Environment Executive Agency. The grant is an additional proof to the a long-term productive collaboration between Eco Wave Power and different EU funding programs. During July 2023, the CEO of Eco Wave Power, Inna Braverman, and representatives from Rogan Associates S.A. traveled to Crete, Greece for an official site visit of the Heraklion breakwater as it is being examined for a potential 2 MW wave energy power station.
California Legislation
Earlier this month, California State Senate unanimously passing California Senate Bill 605 (“SB 605”), a legislative initiative that directs the California Energy Commission to evaluate the feasibility, costs, and benefits of using wave energy and tidal energy across California’s 840-mile coastline. The bill, introduced by Senator Steve Padilla, now heads to Governor Gavin Newsom’s desk for his consideration.
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 California to develop a new source of clean, renewable energy to aid the state in meeting its carbon-free targets, while bolstering its electric grid. SB 605 instructs the California Energy Commission to work with the relevant state agencies to analyze the feasibility and potential for wave and tidal energy development in California and sets deadlines for findings to be reported to the California Legislature and Governor. The SB 605 also requires the Energy Commission to consider wave and tidal energy projects that “assess the technological feasibility and provide research and demonstration of the technology” in the investment planning process for the Electric Investment Charge program. This program is a California Energy Commission program that “invests in scientific and technological research to accelerate the transformation of the electricity sector to meet the state’s energy and climate goals.” This legislation is sponsored by AltaSea at the Port of Los Angeles. This is a 35-acre ocean technology campus that houses Eco Wave Power’s first energy power station in North America. This pilot project is believed to be the first onshore wave energy station built in the United States. California has established 2045 as its deadline to achieve a carbon-free energy grid. The National Renewable Energy Laboratory found that the energy potential in California is 140 TWh/year, which is the equivalent to the power needs of 13 million homes or 69% of California’s 2019 net electricity generation. SB 605 specifies that if developed and deployed at scale, wave and tidal energy have the potential to provide economic and environmental benefits to the state and the nation.
Capital Markets
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 U.S. securities laws and regulations under the U.S. Securities Exchange Act of 1934, as amended. The Company’s management will determine the timing, amount, and manner of a repurchase subject to an evaluation of business, market, and economic conditions, corporate and regulatory requirements, and other considerations.
First Half 2023 Financial Overview
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 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 and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
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
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
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 SB 605 is expected to assist its project’s progress and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, potential project in Morocco, SFSA’s approval of the share repurchase program, that the LTC project is expected to create several economic benefits, its expectation that its research and development, sales and marketing and general and administrative expenses to materially increase . 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.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
| June 30 2023 | December 31 2022 | ||
| In USD thousands | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 4,051 | 5,295 | |
| Short Term Bank Deposits | 5,217 | 5,000 | |
| Restricted short-term bank deposits | 61 | 63 | |
| Other receivables and prepaid expenses | 95 | 161 | |
| TOTAL CURRENT ASSETS | 9,424 | 10,519 | |
| NON-CURRENT ASSETS: | |||
| Property and equipment, net | 679 | 722 | |
| Right-of-use assets, net | 131 | 166 | |
| Investments in a joint venture accounted for using the equity method | 517 | 510 | |
| TOTAL NON-CURRENT ASSETS | 1,327 | 1,398 | |
| TOTAL ASSETS | 10,751 | 11,917 | |
| Liabilities and equity | |||
| CURRENT LIABILITIES: | |||
| Current maturities of long-term loans from related party | 985 | 941 | |
| Current maturities of other long-term loan | 65 | 32 | |
| Accounts payable and accruals: | |||
| Trade | 40 | 75 | |
| Other | 925 | 733 | |
| Current maturities of lease liabilities | 91 | 78 | |
| TOTAL CURRENT LIABILITIES | 2,106 | 1,859 | |
| NON-CURRENT LIABILITIES: | |||
| Other long-term loan
Lease liabilities, net of current maturities |
69
39 |
96
88 |
|
| TOTAL NON-CURRENT LIABILITIES | 108 | 184 | |
| TOTAL LIABILITIES | 2,214 | 2,043 | |
| EQUITY: | |||
| Common shares | 98 | 98 | |
| Share premium | 23,121 | 23,121 | |
| Foreign currency translation reserve | (2,539) | (2,061) | |
| Accumulated deficit | (12,143) | (11,284) | |
| TOTAL EQUITY | 8,537 | 9,874 | |
| TOTAL LIABILITIES AND EQUITY | 10,751 | 11,917 | |
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
| Six months ended | ||||||||||||
| June 30 | ||||||||||||
| 2023 | 2022 | |||||||||||
| In USD thousands | ||||||||||||
| REVENUES | – | 26 | ||||||||||
| COST OF REVENUES | – | (22) | ||||||||||
| GROSS PROFIT | – | 4 | ||||||||||
| OPERATING EXPENSES | ||||||||||||
| Research and development expenses | (323) | (635) | ||||||||||
| Sales and marketing expenses | (193) | (300) | ||||||||||
| General and administrative expenses | (854) | (1,186) | ||||||||||
| Other income | 9 | 15 | ||||||||||
| Share of net loss of a joint venture | ||||||||||||
| accounted for using the equity method | (10) | (10) | ||||||||||
| TOTAL OPERATING EXPENSES | (1,371) | (2,116) | ||||||||||
| OPERATING LOSS | (1,371) | (2,112) | ||||||||||
| Financial expenses | (26) | (31) | ||||||||||
| Financial income | 538 | 712 | ||||||||||
| FINANCIAL INCOME (EXPENSES) – NET | 512 | 681 | ||||||||||
| NET LOSS | (859) | (1,431) | ||||||||||
| ATTRIBUTABLE TO: | ||||||||||||
| The Parent Company shareholders |
(859) |
(1,241) | ||||||||||
| (859) | (1,241) | |||||||||||
| In USD | ||||||||||||
|
LOSS PER COMMON SHARE – BASIC AND DILUTED |
(0.02) | (0.03) | ||||||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS | ||||||||||||
| PER COMMON SHARE | 44,394,844 | 44,394,844 | ||||||||||
The post Eco Wave Power Presents Significant Operational Progress as It Heads towards its First Commercial Scale Project and Reports First Half 2023 Financial Results appeared first on Eco Wave Power.
]]>Stockholm, Sweden (July 6, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy company, is pleased to announce that its…
The post Eco Wave Power’s Share Repurchase Program is Approved by the Company’s Shareholders At the 2023 Annual General Meeting appeared first on Eco Wave Power.
]]>Stockholm, Sweden (July 6, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy company, is pleased to announce that 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, was approved by Eco Wave Power’s shareholders at the 2023 Annual General Meeting (the “AGM”).
The AGM resolved on an authorization for the board of directors to resolve on purchases of the Company’s own shares in accordance with the following main terms:
The authorization for the repurchase is conditional on necessary permits being obtained from the Swedish Financial Supervisory Authority (the “SFSA”) in accordance with Chapter 19 of the Swedish Companies Act. Such 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.
“We would like to thank our shareholders for approving the Share Repurchase Program, and our legal advisors have already contacted SFSA to commence the regulatory approval process. We believe that our shares 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,” said Eco Wave Power’s Founder and Chief Executive Officer Inna Braverman.
Repurchases will be made in accordance with the Swedish Companies Act and applicable U.S. securities laws and regulations under the U.S. Securities Exchange Act of 1934, as amended. The timing, manner, and amount of any repurchase will be determined by the Company’s management based on its evaluation of business, market, and economic conditions, corporate and regulatory requirements, and other considerations.
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
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
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 the share repurchase plan and the Company’s ability to implement it, including receipt of the Swedish Financial Supervisory Authority’s approval and the Company’s belief that share repurchase program will allow its 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 the Company. 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 post Eco Wave Power’s Share Repurchase Program is Approved by the Company’s Shareholders At the 2023 Annual General Meeting appeared first on Eco Wave Power.
]]>