Inna Braverman, Chief Executive Officer of Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy company, traveled to Greece for an official site visit of the Heraklion breakwater in Crete, which is currently being analyzed for a potential 2MW wave energy power station.
During the visit, the representatives from Eco Wave Power and Rogan Associates S.A. inspected the breakwater at the Port of Heraklion ("Port"), from both the shore and the seaside, and held meetings with the managing director at Heraklion Port Authority A.E., Mr. Minas Papadakis, and other port representatives, to provide updates regarding the milestones achieved so far in the planning of the project.
The next steps of the project will be to conduct further studies and analyses of the site, with Rogan Associates S.A. focusing on the civil engineering and pricing for a 2 MW installation, and Eco Wave Power working on the detailed project design.
During a joint interview of Ms. Braverman and Mr. Papadakis with CRETA- the official news channel of Crete - Mr. Papadakis described the prospective installation of a 2 MW power station at the Port as an integral component of the Port's sustainability initiatives, aimed at mitigating port emissions and fostering a cleaner operational environment. Mr. Papadakis conveyed his excitement about the possibility of the Port of Heraklion being home to pioneering wave energy technology and also expressed his satisfaction with the progress that both parties have made, emphasizing the transformative impact that the implementation of wave energy at the Port would have on Crete and other coastal communities throughout Greece.
"We are encouraged by the progress that Eco Wave Power and Rogan Associates S.A. have made in their efforts to bring wave energy to the Port," said Mr. Papadakis. "The successful implementation of this project would not only contribute to the sustainable development of Crete but would also serve as a beacon of innovation for coastal communities across Greece, showcasing the potential of renewable energy sources."
We are pleased with the progress and collaboration with Eco Wave Power in bringing another source of renewable energy to Greece," said Dr. Christos D. Solomonidis, chairman of the board of directors and partner of Rogan Associates S.A. "We believe that the Port will be a pioneering location for Eco Wave Power's innovative technology and we are excited that our potential project could provide a blueprint for ports around the world to drastically reduce their emissions and provide an untapped source of clean, renewable energy to future beneficiaries."
In April 2023, Eco Wave Power entered into an agreement with Rogan Associates S.A. to bring Eco Wave Power's innovative wave energy technology design to Greece for the first time in the country's history. Rogan Associates S.A., considered one of Southeast Europe's leading consulting engineering firms in port & waterfront development, has over 45 years of experience in marine-related projects, including coastal engineering, port operation and management, maritime and harbor works, and urban analysis and planning both regionally and internationally.
According to the collaboration agreement, Rogan Associates S.A. is reinforcing the existing breakwater and planning the potential extension of the breakwater. In addition to the completion of the wave energy production analysis, Eco Wave Power will custom-design its wave energy technology to retrofit the existing breakwater at the Port.
This work conducted by the parties is funded as part of a grant received by Rogan Associates S.A. and Heraklion Port Authority from the European Union Climate, Infrastructure, and Environment Executive Agency.
This grant and the agreement mark a long-term productive collaboration between Eco Wave Power and the different European Union (EU) funding programs and reinforces Eco Wave Power's long-standing focus on the European market. In the past, the Company has co-funded its historic Gibraltar project with funding from the European Regional Development Fund and also received a grant from the Horizon2020 Phase A EU funding program. Eco Wave Power is also currently taking part in the Iliad consortium, which was awarded 17 million by the EU.
About Rogan Associates SA
Rogan Associates S.A. is an International Consulting Engineering Firm specialized in Port and Waterfront Development. Rogan Associates S.A. has been offering its Services worldwide since 1977, and it has completed more than 1000 Projects in more than 40 countries, acting as a Technical Coordinator and Activity Leader in most of them. The Firm's activities include Harbour and Coastal Engineering, Port Engineering Design, Port Master Planning, Sea Transportation, as well as Environmental and Social Impact Assessment Studies.
The Firm covers all phases of project realization: from Conceptual Design, Feasibility Studies and Master Planning, to Environmental and Social Impact Assessment, Final Construction Design, preparation of Tender Dossiers, and Construction Supervision. The firm also covers all the management procedures including adequate coordination, control procedures, quality and risk management and monitoring mechanisms, ensuring the effective execution and the timely production of the deliverables. Furthermore, the firm has been involved as the Activity Leader responsible for all technical aspects of Port Infrastructure and Engineering Design, in several projects the last 10 years focusing on FSU/ FSRU-based LNG terminals, and on small scale LNG bunkering, in major European Ports.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company is currently finalizing the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as "Pioneering Technology" and will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+972 3 5094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1 412 445 7719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the next steps of the project in conducting further studies and analyses of the site, that the prospective installation of a 2 MW power station would be an integral component of the Port's sustainability initiatives, the possibility of the Port being home to pioneering wave technology, the transformative impact the implementation of wave energy at the Port would have on Crete and other coastal communities in Greece, that the successful implementation of this project would contribute to the sustainable development of Crete and serve as a beacon of innovation for coastal communities in Greece, that the Port will be a pioneering location of the Company's innovative technology, that the potential project could provide a blueprint for ports around the world for emissions reduction and provide clean, renewable energy to future beneficiaries. 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.
