Eco Wave Power to study wave energy potential at South African port

STOCKHOLM - Eco Wave Power Global AB (NASDAQ:WAVE), a $50.24 million market cap renewable energy company with impressive gross profit margins of 75%, has signed an agreement with Africa Great Future Development Ltd (AGFDL) to conduct a feasibility study for a potential wave energy power station at the Port of Ngqura in South Africa, the company announced Thursday.

The agreement represents Eco Wave Power’s first venture into the African market, targeting a country where more than 80% of electricity is currently generated from coal-fired power plants and where persistent power shortages continue to be a challenge. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 3.74, providing flexibility for international expansion.

The Port of Ngqura, located in Eastern Cape Province and operated by Transnet National Ports Authority, was selected for its robust breakwater infrastructure and direct ocean exposure, which make it technically suitable for wave energy implementation.

"Eco Wave Power is excited to explore South Africa’s wave energy potential in partnership with AGFDL," said Inna Braverman, Founder and CEO of Eco Wave Power, according to the press release.

The company currently operates a grid-connected power station in Jaffa Port, Israel, in partnership with EDF Renewables IL, and is finalizing its first U.S. power station in the Port of Los Angeles, scheduled for launch in September 2025.

Eco Wave Power is also advancing projects in Portugal, Taiwan, and India as part of its international expansion strategy.

South Africa’s 2,800-kilometer coastline offers substantial wave energy potential that could help diversify the country’s energy mix, according to the company statement. The stock has shown strong momentum with a 23.92% return over the past week, and analysts have set a target price of $15. For deeper insights into WAVE’s growth potential and financial health metrics, InvestingPro subscribers have access to over 15 additional ProTips and comprehensive analysis.

In other recent news, Eco Wave Power Global AB has made significant strides with its first U.S. wave energy project at the Port of Los Angeles. The company has completed the production of all wave energy floaters, a crucial milestone in establishing the first onshore wave energy station in the United States. These custom-engineered devices were manufactured by All-Ways Metal, Eco Wave Power’s official U.S. manufacturing partner. The installation of these floaters will be managed by C&S Welding Inc., marking the final step before deployment begins. Additionally, Eco Wave Power has appointed Hilary E. Ackermann to its Board of Directors, enhancing its leadership team as it gears up for the project’s official opening. Beyond U.S. developments, the company has joined the €2.45 million Atlantic Wave Energy Sustainable Deployment Initiative, aiming to advance wave energy across Atlantic coastal regions. This initiative, funded by the European Union’s Interreg Atlantic Area Programme, involves collaboration with organizations from Portugal, Spain, France, and Ireland. These recent developments highlight Eco Wave Power’s continued commitment to expanding its wave energy projects.

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