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LOS ANGELES - Eco Wave Power Global AB (NASDAQ:WAVE), a $33 million market cap renewable energy company with impressive 75% gross profit margins and strong liquidity metrics, will unveil the first onshore wave energy pilot project in the United States on September 9, 2025, at AltaSea in the Port of Los Angeles, the company announced Wednesday.
The project represents a significant development in renewable energy technology for the U.S. market, utilizing Eco Wave Power’s patented system that converts wave motion into electricity through land-based conversion units attached to existing marine infrastructure.
Inna Braverman, Founder and CEO of Eco Wave Power, and Terry Tamminen, CEO of AltaSea, confirmed the launch date during a strategic meeting at the Port of Los Angeles. The company’s stock has shown significant momentum, posting a 122% return over the past year despite recent volatility. The event is expected to attract stakeholders from the clean energy sector, government, academia, and media.According to InvestingPro analysis, WAVE maintains a healthy balance sheet with more cash than debt and a strong current ratio of 3.74, positioning it well for this expansion phase.
"This project is not just a first for the U.S.—it’s a model for how ports around the world can transform into clean energy hubs," said Tamminen in the press release.
Recent progress on the installation includes completion of the first three floaters, which are currently in final preparation at All-Ways Metal, a California-based fabrication company. The manufacturing process highlights the project’s focus on local production and U.S.-based innovation.
The installation has received support from Shell’s Marine Renewable Program and is being manufactured locally, emphasizing job creation and climate leadership initiatives. Discover more insights about WAVE’s financial health and growth potential with InvestingPro, which offers 14+ additional exclusive tips and comprehensive analysis through the Pro Research Report, helping investors make informed decisions in the renewable energy sector.
Eco Wave Power’s technology differs from traditional wave energy systems by positioning its conversion units on land rather than at sea, which the company states offers cost-effective and reliable renewable energy generation for coastal areas.
The information in this article is based on a press release statement from Eco Wave Power.
In other recent news, Eco Wave Power Global AB has made significant progress in its wave energy projects. The company has paid 50% of the grid connection fee for its upcoming 1MW wave power station in Porto, Portugal, marking a crucial step toward its planned 2026 grid-connection goal. This project is part of a larger 20MW concession with APDL and includes plans for an underwater wave energy museum and education center. In Los Angeles, Eco Wave Power has signed a manufacturing agreement with All-Ways Metal, Inc. for the production of floaters for its wave energy project at the Port of Los Angeles. This collaboration marks the beginning of the company’s first U.S. proof-of-concept installation. The company has also secured the final permit required to begin construction on its pilot project in Los Angeles, with installation expected to be completed by the second quarter of 2025. Co-developed with Shell Marine Renewable Energy, the project aims to showcase the feasibility of wave energy as a scalable renewable source. Eco Wave Power’s initiatives align with its broader goal of expanding wave energy technology across North America and Europe, supported by a robust project pipeline totaling 404.7 MW.
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