Eco Wave Power installs key component at Port of Los Angeles pilot

LOS ANGELES - Eco Wave Power Global AB (NASDAQ:WAVE), a $47.55 million market cap renewable energy company that has delivered an impressive 143.71% return over the past year, has installed the energy conversion unit at its Port of Los Angeles wave energy pilot project, the company announced Thursday. According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value estimates.

The energy conversion unit represents a critical component of the company’s patented wave energy system, designed to transform the motion of ocean waves into electricity. Located onshore, the unit converts wave movement transferred through hydraulic cylinders into clean power. With a robust gross profit margin of 75% and strong liquidity position reflected in its 3.74 current ratio, the company maintains solid operational efficiency despite being in the development phase.

"The placement of our energy conversion unit is more than just a technical milestone—it represents the moment our project transitions from construction to the pre-operation stage," said Inna Braverman, Founder and CEO of Eco Wave Power.

The Los Angeles installation follows the placement of floaters in late July and marks the transition toward operational testing. The company will now proceed with final hydraulic and electrical work to complete system integration ahead of the project’s official unveiling scheduled for September 9. For deeper insights into WAVE’s financial health and growth prospects, including 13 additional ProTips and comprehensive valuation metrics, visit InvestingPro.

The demonstration project aims to facilitate environmental monitoring, serve as an educational platform, and establish groundwork for future larger-scale wave energy projects. With a beta of -0.46, WAVE’s stock typically moves counter to market trends, potentially offering unique portfolio diversification benefits. Discover more about WAVE’s investment potential in the comprehensive Pro Research Report, available exclusively on InvestingPro.

Local partnerships supporting the installation include C&S Welding Inc., a Wilmington-based marine contractor leading the installation, and All-Ways Metal, a woman-owned California fabrication company that manufactured the floaters.

The pilot project is hosted by AltaSea at the Port of Los Angeles with support from Shell’s Marine Renewable Program, according to the press release.

Eco Wave Power’s technology is designed to be modular and low-impact, requiring no seabed drilling or marine construction. The company currently operates Israel’s first grid-connected wave energy power station and has projects planned in Portugal, Taiwan, and India.

In other recent news, Eco Wave Power Global AB has reached a significant milestone by completing the installation of floaters for its inaugural U.S. wave energy project at the Port of Los Angeles. This development is part of a demonstration pilot designed to evaluate the company’s wave energy technology in real-world marine conditions. Additionally, Eco Wave Power has signed a final installation agreement with C&S Welding Inc. for the deployment of wave energy floaters and conversion equipment at the same port. In another strategic move, the company has entered the African market by signing an agreement with Africa Great Future Development Ltd to conduct a feasibility study for a wave energy power station at the Port of Ngqura in South Africa. This marks Eco Wave Power’s first venture into a region heavily reliant on coal-fired power plants. Furthermore, Hilary E. Ackermann has been appointed to the company’s Board of Directors, expanding her role from the Advisory Board. These developments come as the company prepares for the official unveiling of its U.S. project, developed in collaboration with Shell and AltaSea.

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