Eco Wave Power expands advisory board with energy expert

STOCKHOLM - Eco Wave Power Global AB (NASDAQ: WAVE), a prominent onshore wave energy technology firm, announced today the addition of Hilary E. Ackermann to its Advisory Board. Ackermann, known for her expertise in energy sustainability and risk management, will bring her extensive experience to the company as it seeks to further its expansion and technological advancements in the renewable energy sector. The company, currently valued at $44.3 million, maintains impressive gross profit margins of 75% and holds more cash than debt on its balance sheet, according to InvestingPro data.

Ackermann’s background includes serving on the Board of Directors for Vistra Energy since 2018, where she is Chair of the Sustainability and Risk Committee. Her career spans over three decades in the energy and financial sectors, with roles in corporate governance, sustainability frameworks, and strategic risk assessment. She has also held the position of Chief Risk Officer at Goldman Sachs Bank USA and has been involved in senior risk oversight and credit management positions at Swiss Bank Corporation (now UBS).

The CEO of Eco Wave Power, Inna Braverman, expressed enthusiasm about Ackermann’s appointment, citing her deep understanding of energy markets and sustainability governance as perfectly aligned with the company’s vision for the future of wave energy.

Ackermann herself commented on her new role, highlighting the importance of wave energy in the transition to sustainable solutions and her eagerness to contribute to Eco Wave Power’s mission. Her appointment is advisory and does not confer any governance responsibilities.

Eco Wave Power, recognized for operating the first grid-connected wave energy system in Israel, is actively expanding its project pipeline with upcoming installations in the Port of Los Angeles, Taiwan, and Portugal. The company’s projects total 404.7 MW and have received backing from institutions like the European Union Regional Development Fund and Innovate UK. With a beta of -0.68, the stock typically moves independently of broader market trends, though it has shown significant volatility with a 546% return over the past year. InvestingPro analysis reveals 14 additional key insights about WAVE’s performance and prospects, available to subscribers.

The company’s forward-looking statements suggest a belief in the significant impact Ackermann’s appointment will have on its sustainability efforts and the commercialization of wave energy. However, as with any forward-looking statements, they are subject to various factors and uncertainties. Based on current metrics, InvestingPro’s Fair Value analysis indicates the stock is currently overvalued, while analysts have set price targets between $14 and $15 per share. Investors seeking deeper insights can access WAVE’s comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US stocks.

This news is based on a press release statement and does not include any speculative information about broader industry impacts or trends.

In other recent news, Eco Wave Power Global AB reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -$0.01, which aligned with analyst forecasts. The company’s revenue for the period was $50,000. Despite reporting a net loss of $2.1 million for the year, up from $1.87 million in 2023, Eco Wave Power has made significant strides in cost reduction, achieving a 32% cumulative decrease since 2022. The company raised $3 million through a public offering and reported its first project revenues of $168,000, highlighting progress in commercializing its wave energy technology.

The firm has continued its expansion with new projects in Portugal, Taiwan, and the United States. Analysts have shown interest, and the company’s strategic direction and cost management efforts have been noted. Eco Wave Power’s cash position stands at $9.3 million as of December 31, 2024, reflecting a solid financial standing. The company anticipates 2025 to be a year of continued momentum, with plans to focus on project development in key markets such as Los Angeles, Portugal, and Taiwan.

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