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LOS ANGELES - Eco Wave Power Global AB (NASDAQ: WAVE), an onshore wave energy technology company with a market capitalization of $33.47 million, has announced a manufacturing agreement with All-Ways Metal, Inc. for the production of floaters essential to its wave energy project in the Port of Los Angeles. According to InvestingPro data, the company maintains strong financial flexibility with more cash than debt and an impressive current ratio of 4.22. This collaboration is a significant step in the development of the company’s first U.S. proof-of-concept installation.
The locally produced floaters are scheduled for delivery within 70 days and will be installed at Municipal Pier One, marking the project’s commencement. The agreement comes after Eco Wave Power received the final licensing approval from the Port of Los Angeles and a federal permit from the U.S. Army Corps of Engineers in November 2024. Despite the stock’s significant YTD decline of 47.91%, the company has demonstrated strong long-term potential with a 62.78% return over the past year.
The project, co-developed with Shell Marine Renewable Energy, aims to demonstrate the feasibility of wave energy as a scalable renewable energy source. Inna Braverman, CEO of Eco Wave Power, emphasized the partnership’s role in accelerating the project timeline and fostering job creation within the local sustainable energy sector.
All-Ways Metal, a woman-owned business known for precision metal fabrication, expressed pride in contributing to the clean energy industry. The company’s CEO, Rachelle Pickens, highlighted the alignment of the project with their commitment to local industry and environmental sustainability.
The installation in Los Angeles is positioned as a strategic demonstration, with the potential to expand Eco Wave Power’s wave energy technology across North America. The company emphasizes its support for environmental and social governance goals by engaging a domestic supply chain and has secured all necessary regulatory approvals for rapid project implementation. InvestingPro analysis reveals impressive gross profit margins of 75%, though analysts expect challenging near-term profitability. For deeper insights into WAVE’s financial health and growth prospects, investors can access comprehensive Pro Research Reports available on InvestingPro, covering over 1,400 US stocks.
Eco Wave Power, with a history of pioneering wave energy systems, including a grid-connected installation in Israel, is preparing to deploy additional projects in Taiwan and Portugal. With analysts setting a target price of $15, significantly above current levels, the company’s expansion plans have caught Wall Street’s attention. The company’s American Depositary Shares are traded on the Nasdaq Capital Market.
This news is based on a press release statement from Eco Wave Power Global AB.
In other recent news, Eco Wave Power reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -$0.01, which aligned with analyst projections. The company recorded revenue of $50,000 and a net loss of $2.1 million for the year, an increase from $1.87 million in 2023. In a significant development, Eco Wave Power secured the final permit needed for a wave energy pilot project at the Port of Los Angeles, expected to complete installation by mid-2025. This project is co-funded by Shell Marine Renewable Energy and aims to harness wave power for electricity generation. Additionally, Eco Wave Power expanded its advisory board by appointing energy expert Hilary E. Ackermann, who brings extensive experience in sustainability and risk management. The company is also making strides in reducing operating costs, achieving a 7% decrease from the previous year. Eco Wave Power continues to expand its project pipeline with installations planned in Taiwan and Portugal, backed by support from the European Union Regional Development Fund and Innovate UK.
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