Eco Wave Power Signed A Contract With A Major Energy Company For A Demonstration To Harness Energy From The Waves At The Port Of Los Angeles; No Financial Terms Disclosed
Eco Wave Power and Major Energy Company will Develop First-Ever US Wave Energy Pilot Station at AltaSea's Premises in the Port of LA
LOS ANGELES, April 11, 2024 /PRNewswire/ -- Eco Wave Power Global AB (publ) (NASDAQ:WAVE) ("Eco Wave Power" or the "Company") today announced that it has entered an agreement with a major energy company (full name can be seen in the Company's recent 20-F report) to participate in the development of Eco Wave Power's first project in the United States.
Recently, Eco Wave Power announced that it has conducted a comprehensive feasibility study, with the same major energy company, aimed at identifying the top 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, Eco Wave Power has pointed out to at least 77 sites in the U.S. which may be compatible for the implementation of the Eco Wave Power technology.
"Harnessing the power of ocean waves is a crucial step in reshaping the renewable energy landscape to meet the net-zero goals we must reach if we want to save our planet," said Eco Wave Power Founder and CEO Inna Braverman. "I am thrilled to work with an industry leader to bring wave energy to life in the United States. This underscores our commitment to sustainable innovation, and signifies a pivotal moment as we move towards a cleaner, greener future."
Eco Wave Power developed a technology that efficiently converts the constant motion of the ocean into clean, grid-connected energy. The company has installed power stations in multiple locations. In August 2023, Eco Wave Power officially connected its landmark EWP-EDF One power station in Tel Aviv to the grid – the first time wave energy has provided power to Israel's national energy grid.
Wave energy has continued to gain significant momentum in the United States since Eco Wave Power first announced its pilot station at the Port of Los Angeles. The Governor of CaliforniaGavin Newsom signed Senate Bill 605 ("SB 605") into law that directs the state's Energy Commission to conduct an extensive feasibility study of wave and tidal energy along California's coast. This is the first legislation of its kind that actively explores the costs and benefits of implementing wave energy technology. A similar bill in New Jersey is under consideration by the state legislature.
The United States Department of Energy's National Renewable Energy Laboratory found that wave energy in the United States alone has the technical resource potential to produce over 1,400 TWh/year – enough to power 130,000,000 homes.