Eco Wave Power reports Q3 results

Operations

During the first nine months of 2024, Eco Wave Power achieved several milestones, showcasing growth and resilience. The company reduced expenses by 10% from Q2 to Q3 2024 and maintained $7.04 million in cash and short-term bank deposits by the end of Q3. Key developments included:

Taiwan:

Eco Wave Power signed its first wave energy project sale agreement with I-Ke International Ocean Energy Co. (I-Ke), a subsidiary of Lian Tat Company. I-Ke will finance a 100KW pilot wave energy project by purchasing a turnkey conversion unit from Eco Wave Power. The project will involve local manufacturing and installation of components, aiming to establish Taiwan as a regional hub for wave energy technology. Following the agreement, Eco Wave Power's CEO, Inna Braverman, reviewed installation plans with I-Ke representatives and local port officials, who expressed enthusiasm for this step in Taiwan's renewable energy efforts.

Israel:

An advanced automation system was implemented at the EWP-EDF One Project in the Port of Jaffa, enabling power generation from waves as low as 0.4m and improving operational efficiency. The project completed its first year of operations with operating expenses amounting to 3.66% of CAPEX, meeting the target of less than 4%. Clean wave-generated energy has been supplied to the Israeli grid since late 2023, and an opening ceremony is planned for 5^th December 2024. Operational analysis indicated a 27% improvement in energy generation between June and September 2024, reaching 83% of forecasted energy levels.

United States:

Eco Wave Power received a Nationwide Federal Permit from the US Army Corps of Engineers for its wave energy project at AltaSea's Port of Los Angeles. The permit allows the installation of eight wave energy floaters and an energy conversion unit, with project completion expected by Q1 2025. This milestone fulfils two key steps in Eco Wave Power's co-investment agreement with Shell MRE, announced in April 2024.

Portugal:

Eco Wave Power initiated its first megawatt-scale wave energy project in Porto, engaging with Administração dos Portos do Douro, Leixões e Viana do Castelo, and local stakeholders. Site preparations and grid connection plans for the first 1MW installation commenced in September 2024. This project aligns with a 20MW concession agreement with APDL.

Appointment of a new Vice President of Engineering

In November 2024, Eco Wave Power appointed Ran Atias as Vice President of Engineering. Atias brings extensive experience in managing complex projects across industries such as automotive, defence, and robotics. His appointment reflects the company's commitment to innovation and scaling wave energy technology.

ADS repurchase programme

Eco Wave Power initiated a repurchase of American Depositary Shares (ADS) following a decision by the Swedish Financial Supervisory Authority. The buyback process began in September 2024 and will continue through open trading windows in November and December 2024, facilitated by Oppenheimer & Co. Inc.

For CEO commentary and financial statements, visit Eco Wave Power website for Q3 Results.