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LOS ANGELES - Eco Wave Power Global AB (NASDAQ:WAVE) has signed an agreement with C&S Welding Inc. for the installation of wave energy floaters and energy conversion equipment at the Port of Los Angeles, according to a company press release issued Monday.
The agreement represents the final step before deployment begins on what will be Eco Wave Power’s first onshore wave energy project in the United States. C&S Welding, a California-based industrial and maritime contractor headquartered in Wilmington, will handle the installation work.
"We’re excited to be part of this historic deployment of wave energy in the U.S.," said Ian C., President of C&S Welding Inc., in the statement.
The project has reached several milestones, with all floaters already fabricated by All-Ways Metal, a California-based business. These components are expected to be fully assembled this week, keeping the installation on schedule.
The Port of Los Angeles pilot will demonstrate Eco Wave Power’s technology, which attaches floaters to existing marine structures connected to a land-based conversion unit that transforms wave motion into electricity. With a beta of -0.51, the stock often moves independently of market trends, making it an interesting diversification option. Discover more insights about WAVE’s potential with InvestingPro, which offers 15+ additional exclusive tips and comprehensive analysis in its Pro Research Report.
The project is being hosted by AltaSea at the Port of Los Angeles, with Shell’s Marine Renewable Program providing co-investment and support.
Eco Wave Power’s technology is designed to capture energy from ocean waves through a system that can be attached to existing structures such as piers and breakwaters. The company has previously installed similar systems in other countries, including a grid-connected wave energy power station in Israel.
In other recent news, Eco Wave Power Global AB has completed the production of all floaters for its inaugural U.S. wave energy project at the Port of Los Angeles. This marks a key milestone as the company prepares to establish the first onshore wave energy station in the United States. The floaters, manufactured by All-Ways Metal, will be installed on a pre-existing jetty structure to convert wave motion into electricity. Eco Wave Power has also joined a €2.45 million initiative, the Atlantic Wave Energy Sustainable Deployment Initiative, to advance wave energy deployment across Atlantic coastal regions. This project will see collaboration with 11 organizations from countries such as Portugal, Spain, France, and Ireland. Additionally, shareholders have approved the renewal of Eco Wave Power’s American Depositary Shares repurchase program, allowing the company to repurchase up to 10% of its outstanding shares. Eco Wave Power has appointed Hilary E. Ackermann to its Board of Directors, enhancing its governance as it scales globally. The company emphasizes its commitment to local sourcing and job creation in the U.S. market.
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