Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy developer, applauds California Governor Gavin Newsom for signing California Senate Bill 605 ("SB 605") into law - a historic moment for wave energy in America. The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology across the state's coastline.
The legislation in its entirety can be found here.
"Ocean energy is one of the largest untapped sources of renewable energy, and California is now well-positioned to harness that energy and accelerate our transition to 100% clean energy while creating high-paying jobs. I thank Governor Newsom for signing this important legislation into law," said Senator Steve Padilla (D-San Diego), who introduced and authored SB 605.
The California Energy Commission will work with various state agencies and stakeholders to identify suitable locations for wave energy and tidal energy projects in both Californian and federal waters. This comes after California's State Legislature ("Legislature") set 2045 as its target for a 100 percent renewable and zero-carbon power grid, with its first benchmark target being 90 percent by 2035. As of 2022, net zero carbon and renewable energy made up 54.23 percent of California's total energy supply.
"California leads the way on climate initiatives, and SB 605 further demonstrates the state's leadership across the world," said Eco Wave Power Founder & CEO Inna Braverman. "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."
The primary sponsor of SB 605 is AltaSea at the Port of Los Angeles, a 35 acre ocean technology campus. AltaSea will soon be home to Eco Wave Power's first US pilot station - believed to be the first onshore wave energy station in the United States. This pilot station comes after Eco Wave Power has officially connected its EWP-EDF One power station at the Port of Jaffa in Israel to the country's energy grid. Eco Wave Power will soon officially "flip the switch" to commence operations at its landmark station.
"We are grateful that Governor Newsom recognized the vast potential of wave and tidal energy in meeting California's goals for renewable energy and promoting economic growth through the blue economy," said Terry Tamminen, President and CEO of AltaSea. Tamminen served as Secretary of the California Environmental Protection Agency under former Governor Arnold Schwarzenegger. "We are incredibly proud to have sponsored this landmark legislation, and we look forward to working with the California Energy Commission and our partners to showcase the viability of wave energy."
SB 605 requires the California Energy Commission to produce a written report by 2025 to the Governor and the Legislature on their findings, including any "considerations that may inform legislative and executive actions to facilitate, encourage, and promote the development and increased use of technologically and economically feasible wave energy and tidal energy technologies, infrastructure, and facilities in the state."
A study by the National Renewable Energy Laboratory ("NREL") found that wave and tidal energy have the potential to generate 30 percent of America's energy needs. The NREL, a research and development center sponsored by the United States Department of Energy, also found that California's wave energy potential can power approximately 13 million homes.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed construction of and received all approvals for its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized Eco Wave Power's 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 also plans to move towards its first commercial installation in Portugal. In addition, the Company holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+14124457719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements when discussing how the California Energy Commission will work to identify suitable locations for wave and tidal energy projects, the California State Legislature's renewable energy targets, that the Company will be demonstrating its pioneering technology at the Port of Los Angeles, that AltaSea will be home to the Company's first US pilot station, that the Company will soon commence operations at its landmark station, and that SB605 requires the California Energy Commission to produce a written report by 2025 regarding considerations to promote wave and tidal energy. 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.
