Eco Wave Power joins €2.45 million Atlantic wave energy project

Published 10/07/2025, 14:06
Eco Wave Power joins €2.45 million Atlantic wave energy project

STOCKHOLM - Eco Wave Power Global AB (NASDAQ:WAVE), a $39.18 million market cap company whose stock has surged 173% over the past year, has joined a €2.45 million transnational initiative aimed at advancing wave energy deployment across Atlantic coastal regions, the company announced Thursday. According to InvestingPro data, the company maintains impressive gross profit margins of 75%.

The Atlantic Wave Energy Sustainable Deployment Initiative (AWESDI), funded under the European Union’s Interreg Atlantic Area Programme, brings together 11 organizations from Portugal, Spain, France, and Ireland to promote energy efficiency and reduce greenhouse gas emissions.

The project is coordinated by the Centro de Investigación Mariña of the University of Vigo and includes research institutions, private sector companies, and government organizations. With a strong current ratio of 3.74, Eco Wave Power demonstrates solid financial stability to support such initiatives. InvestingPro subscribers can access 15+ additional key metrics and insights about the company’s financial health.

Eco Wave Power will support feasibility studies for deployment sites in Portugal, provide operational data from existing installations, contribute to a sustainable design toolkit, and help develop a wave energy deployment roadmap.

"AWESDI is a powerful opportunity to bridge research, policy, and real-world deployment across the Atlantic coastline," said Inna Braverman, Founder and CEO of Eco Wave Power, according to the press release.

The funding will support technical development, cross-border collaboration, and environmental assessments with research institutions and port stakeholders. This initiative aligns with Eco Wave Power’s plans for its first megawatt-scale installation in Portugal.

The AWESDI project was one of 24 cooperation projects approved by the Interreg Atlantic Area 2021-2027 program on July 3 in Galway, Ireland. These projects represent a total investment of €55 million, with 75% funded by the program.

Eco Wave Power develops technology that converts ocean and sea waves into electricity by attaching patented floaters to existing marine infrastructure. The company currently operates the first grid-connected wave energy project in Israel and has projects planned in the United States, Taiwan, and Portugal. Trading at $6.71, the stock currently appears overvalued according to InvestingPro’s Fair Value model. Discover comprehensive analysis and detailed financial metrics in the Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Eco Wave Power Global AB has announced several key developments. The company has received approval from shareholders to renew its American Depositary Shares (ADSs) repurchase program, allowing the repurchase of up to 10% of its total outstanding shares over the next year. This authorization is valid until the 2026 Annual General Meeting. In the United States, Eco Wave Power is set to launch its first onshore wave energy project at the Port of Los Angeles on September 9, 2025, marking a significant milestone in renewable energy technology. The project is supported by Shell’s Marine Renewable Program and involves local manufacturing, emphasizing job creation and innovation.

Furthermore, Eco Wave Power has achieved progress in Portugal by paying 50% of the grid connection fee for its upcoming 1MW wave power station in Porto, aiming for a 2026 grid-connection goal. The company has also signed a manufacturing agreement with All-Ways Metal for the production of floaters needed for the Los Angeles project. This agreement follows final licensing approval from the Port of Los Angeles and a federal permit from the U.S. Army Corps of Engineers. Eco Wave Power’s technology continues to expand globally, with projects planned in various locations, including Taiwan and Portugal.

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