Eco Wave Power advances with wave energy station in Porto

PORTO, Portugal - Eco Wave Power Global AB (NASDAQ: WAVE), an onshore wave energy technology firm with impressive gross profit margins of 75%, has achieved a significant milestone by paying 50% of the grid connection fee for its upcoming 1MW wave power station in Porto, Portugal. This payment to E-REDES, the Portuguese electricity grid operator, solidifies the project’s progress toward its tentative 2026 grid-connection goal. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet, though its overall financial health score indicates room for improvement.

The company has accepted the connection conditions outlined by E-REDES, ensuring the project’s compliance with technical specifications and advancing its integration into Portugal’s renewable energy framework. The 1MW station, part of a 20MW concession with APDL, represents Eco Wave Power’s expansion in Europe and its commitment to renewable energy deployment. With a current market capitalization of $33.94 million and a beta of -0.51, the stock typically moves counter to broader market trends. For deeper insights into WAVE’s financial metrics and growth potential, investors can access comprehensive analysis through InvestingPro, which offers 13 additional exclusive tips about the company.

Recent developments in the project include the final permit acquisition from APDL in March 2024, initiating physical construction. The project site, known as "The Gallery," is also set to become an underwater wave energy museum and education center. Infrastructure enhancements have been underway since February 2025 to prepare the site for equipment installation and public access.

Eco Wave Power has appointed Juan José Gómez as Power Station Manager and partnered with MOQ Engineering for design and load calculations. Legal guidance is provided by PLMJ, with Joana Brandão advising since 2020, ensuring a locally supported project ecosystem.

Inna Braverman, CEO of Eco Wave Power, expressed that securing the grid connection is a transformative step for wave energy, aligning with Portugal’s renewable energy targets. Portugal aims to source 85% of its electricity from renewables by 2030, supporting marine renewable innovations.

Eco Wave Power operates the first grid-connected wave energy system in Israel and has projects planned in various global locations. The company’s technology has been recognized as "Pioneering Technology" by the Israeli Energy Ministry and co-funded by EDF Renewables IL.

The press release contains forward-looking statements regarding the integration of the planned station into Portugal’s renewable system and the expected grid-connection date. These statements are based on current management expectations and are subject to risks and uncertainties.

This report is based on a press release statement and does not endorse any claims. Eco Wave Power’s American Depositary Shares are listed on the Nasdaq Capital Market under the ticker symbol WAVE. The stock has shown significant volatility, with a 70% return over the past year despite a recent 41% decline over the last six months. InvestingPro’s Fair Value analysis suggests the stock is currently trading above its intrinsic value. Investors seeking detailed valuation metrics and comprehensive analysis can access the full Pro Research Report, available exclusively to subscribers.

In other recent news, Eco Wave Power Global AB reported its earnings for the fourth quarter of 2024, revealing an earnings per share (EPS) of -$0.01, which aligned with analyst expectations. The company disclosed a revenue of $50,000 for the quarter, alongside a net loss of $2.1 million, up from $1.87 million in the previous year. Eco Wave Power raised $3 million through a public offering and managed to reduce operating costs by 7%, reflecting a disciplined financial strategy. The company has also secured a manufacturing agreement with All-Ways Metal, Inc. for its wave energy project at the Port of Los Angeles, marking a significant step in its U.S. expansion. This project, co-developed with Shell Marine Renewable Energy, aims to demonstrate the feasibility of wave energy as a renewable source. Additionally, Eco Wave Power has expanded its advisory board by appointing energy expert Hilary E. Ackermann, who brings extensive experience in energy sustainability and risk management. The company continues to prepare for additional installations in Taiwan and Portugal, supported by institutions like the European Union Regional Development Fund. Eco Wave Power’s strategic initiatives and project developments underscore its commitment to advancing wave energy technology.

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