Fed Governor Cook sues Trump over firing attempt
LOS ANGELES - Eco Wave Power (NASDAQ: WAVE), an onshore wave energy technology company valued at $36.51 million, has received the final permit required to begin construction on a wave energy pilot at the Port of Los Angeles. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 4.22, according to InvestingPro data. The Revocable Permit 25-05, granted by the Port of Los Angeles, authorizes the company to utilize land and water at Berth 70 in San Pedro for its innovative energy conversion system.
The permit, approved on March 27, 2025, follows the federal Nationwide Permit (NWP) 52 for Water-Based Renewable Energy Generation Pilot Projects, which was granted by the U.S. Army Corps of Engineers in November 2024. The pilot project, co-funded by Shell Marine Renewable Energy (Shell MRE), is anticipated to complete installation by the end of the second quarter of 2025. Wall Street analysts have set price targets between $14-15 for WAVE stock, suggesting significant upside potential. For deeper insights into WAVE’s growth prospects and financial metrics, explore the comprehensive research available on InvestingPro, which offers exclusive analysis of over 1,400 US stocks.
Eco Wave Power’s system will be installed on the piles of an existing concrete wharf structure at Municipal Pier One, involving up to eight wave energy floaters and an energy conversion unit housed within two 20-foot shipping containers on the wharf deck. The technology aims to harness wave power to generate electricity, contributing to sustainable energy solutions.
Inna Braverman, CEO of Eco Wave Power, expressed excitement over the collaboration with the Port of Los Angeles, AltaSea, and Shell MRE, emphasizing the significance of the project for the company’s expansion in the U.S. market. Terry Tamminen, CEO of AltaSea, highlighted the project’s alignment with AltaSea’s mission to promote innovative solutions for the blue economy.
The U.S. Department of Energy’s National Renewable Energy Laboratory estimates that wave energy has the potential to power approximately 130 million homes annually. This pilot project is seen as a vital step toward commercializing wave energy as a reliable clean energy source and solidifying Eco Wave Power’s leadership in the industry. The company boasts impressive gross profit margins of 75%, though InvestingPro analysis indicates the stock may be currently overvalued. Subscribers can access 16 additional ProTips and detailed financial metrics to make more informed investment decisions.
Eco Wave Power, recognized for operating the first grid-connected wave energy system in Israel, is preparing for additional installations in Taiwan and Portugal. The company’s project pipeline totals 404.7 MW, with support from institutions like the European Union Regional Development Fund and Innovate UK. Eco Wave Power was also honored with the United Nations’ Global Climate Action Award.
This development is based on a press release statement and represents a move towards the global transition to clean energy through the advancement of wave power technology.
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 matched analyst expectations. The company generated revenue of $50,000 during this period. Despite reporting a net loss of $2.1 million for the year, Eco Wave Power has made notable strides in cost management, reducing operating costs by 7% from the previous year. The company also raised $3 million through a public offering, bolstering its financial position.
Eco Wave Power is expanding its project pipeline with new installations planned in Los Angeles, Portugal, and Taiwan. In other developments, the company has appointed Hilary E. Ackermann to its Advisory Board, bringing her extensive experience in energy sustainability and risk management. Ackermann has previously served on the Board of Directors for Vistra Energy.
Additionally, Eco Wave Power’s projects have received support from institutions such as the European Union Regional Development Fund and Innovate UK. The company continues to focus on innovation and efficiency in the renewable energy sector, aiming to enhance its wave energy technology’s commercialization.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.