Gold prices just lower; monthly gains on track
LOS ANGELES - Eco Wave Power Global AB (NASDAQ:WAVE), a $38.79 million market cap renewable energy company currently trading above its InvestingPro Fair Value, has completed production of all floaters for its wave energy pilot project at the Port of Los Angeles, marking a significant step toward establishing the first onshore wave energy station in the United States.
The custom-engineered wave energy devices were manufactured by California-based All-Ways Metal, a woman-owned fabrication company serving as the official U.S. manufacturing partner for the project. With painting now complete, the floaters are entering final assembly and logistics phases before deployment, which is expected to begin later this month.
"This is a proud moment for our team and for the future of wave energy in the United States," said Inna Braverman, Founder and CEO of Eco Wave Power.
The floaters will be installed on an existing jetty structure at the Port of Los Angeles, where wave motion will be converted into electricity through the company’s onshore conversion unit. Earlier this year, company and port representatives conducted a site visit to finalize deployment strategy.
The pilot project, supported by Shell’s Marine Renewable Program, is scheduled to officially open later this summer. It represents Eco Wave Power’s entry into the U.S. renewable energy market while emphasizing local sourcing and manufacturing partnerships.
Eco Wave Power previously established Israel’s first grid-connected wave energy power station and has planned projects in Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW, according to the company’s press release statement.
The technology aims to provide a low-maintenance alternative to traditional offshore wave energy systems by converting ocean waves into clean electricity.
In other recent news, Eco Wave Power Global AB has joined a €2.45 million initiative to advance wave energy deployment across Atlantic coastal regions. This project, funded by the European Union’s Interreg Atlantic Area Programme, includes partners from Portugal, Spain, France, and Ireland. Additionally, Eco Wave Power shareholders have approved the renewal of its American Depositary Shares repurchase program, allowing the company to repurchase up to 10 percent of its outstanding shares over the next year. The company is also set to launch its first U.S. onshore wave energy pilot project at the Port of Los Angeles, with support from Shell’s Marine Renewable Program. In Portugal, Eco Wave Power has made progress on its 1MW wave power station in Porto by paying 50% of the grid connection fee, aiming for a 2026 grid-connection goal. The company has also secured a manufacturing agreement with All-Ways Metal for the production of floaters for the Los Angeles project. This agreement is part of Eco Wave Power’s strategy to expand its wave energy technology across North America. These developments reflect Eco Wave Power’s ongoing efforts to enhance its renewable energy projects worldwide.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.