Eco Wave Power completes floater installation at Port of LA project

Published 28/07/2025, 13:42
Eco Wave Power completes floater installation at Port of LA project

LOS ANGELES - Eco Wave Power Global AB (NASDAQ:WAVE) announced Monday it has completed the installation of floaters for its first U.S. wave energy project at the Port of Los Angeles, marking a key milestone ahead of the official unveiling scheduled for September 9, 2025. The company, currently valued at $53.42 million, has seen its stock surge 264% over the past year, reflecting growing investor interest in wave energy technology.

The demonstration pilot is designed to test the company’s wave energy technology in real-world marine conditions. The project aims to conduct environmental impact studies, test material durability, and navigate U.S. licensing processes with authorities including the U.S. Army Corps of Engineers. According to InvestingPro data, the company maintains impressive gross profit margins of 75%, though analysts expect some profitability challenges in the current year. For detailed analysis and additional insights, investors can access 15+ exclusive ProTips through InvestingPro.

"This pilot is not just a technology showcase—it’s a foundation for full-scale commercialization in the U.S.," said Inna Braverman, Founder and CEO of Eco Wave Power, according to the company’s press release.

California-based All-Ways Metal fabricated the floaters, while C&S Welding Inc. handled the installation. The project is hosted by AltaSea at the Port of Los Angeles with support from Shell’s Marine Renewable Program.

The technology works by mounting floaters on existing marine structures to convert wave motion into electricity through a land-based conversion unit. The company describes the system as modular and low-maintenance with minimal environmental impact.

Eco Wave Power is also developing projects in Portugal, Taiwan, and India, contributing to what the company reports is a project pipeline of 404.7 MW. The firm previously established Israel’s first grid-connected wave energy power station. With a beta of -0.51, the stock typically moves counter to broader market trends, potentially offering portfolio diversification benefits.

The company’s announcement indicates that installation of the energy conversion system is currently underway as they prepare for the September unveiling. Investors should note that WAVE’s next earnings report is scheduled for August 14, 2025, which could provide additional insights into the project’s progress and financial impact.

In other recent news, Eco Wave Power Global AB has made significant strides in its wave energy initiatives. The company has completed the production of all floaters for its first U.S. wave energy project at the Port of Los Angeles. This marks a pivotal milestone as Eco Wave Power prepares to deploy the first-ever onshore wave energy pilot station in the United States. The floaters were manufactured by All-Ways Metal, a California-based partner. Additionally, Eco Wave Power signed a final installation agreement with C&S Welding Inc. for the Los Angeles project, marking the last step before deployment. In a separate development, Eco Wave Power has entered the African market by signing a feasibility study agreement with Africa Great Future Development Ltd for a potential wave energy power station in South Africa. The company has also appointed Hilary E. Ackermann to its Board of Directors, further strengthening its leadership team. These developments reflect Eco Wave Power’s ongoing efforts to expand its wave energy projects globally.

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