U.S. congresswoman visits first onshore wave energy pilot in America

LOS ANGELES - U.S. Congresswoman Nanette Barragán (CA-44) visited Eco Wave Power Global’s (NASDAQ:WAVE) onshore wave energy pilot station at AltaSea in the Port of Los Angeles on Tuesday, marking the first installation of its kind in the United States. The company, currently valued at $43.83 million, maintains impressive gross profit margins of 75% and strong liquidity with a current ratio of 3.38, according to InvestingPro data.

During her visit, Barragán highlighted her proposed $1 billion Marine Energy Technologies Acceleration Act, which aims to accelerate research, development, and deployment of marine energy technologies across the country.

"As we transition away from fossil fuels, this type of innovative technology will be a critical part of our future," Barragán said during the visit.

The pilot station demonstrates technology that harnesses ocean wave power along existing marine infrastructure such as breakwaters, piers, and jetties to generate electricity. According to information provided in a company press release, California’s coastlines have potential to generate significant wave energy.

Inna Braverman, Founder and CEO of Eco Wave Power, called the congressional visit "a milestone for wave energy in the U.S."

"Our pilot demonstrates that wave energy is not only feasible but ready to scale, offering predictable, reliable, and sustainable electricity directly from our oceans," Braverman said.

The company’s system is designed to be installed on existing marine structures and convert wave motion into electricity. Eco Wave Power has previously launched a grid-connected wave energy power station in Israel and is developing projects in Portugal, Taiwan, and India.

The Port of Los Angeles installation represents the company’s first U.S.-based demonstration site, developed in collaboration with Shell Marine Renewable Energy.

In other recent news, Eco Wave Power Global AB reported its second-quarter 2025 earnings, which revealed a mixed performance. The company missed earnings per share (EPS) expectations, posting an EPS of -0.13 compared to the forecasted -0.0727, resulting in a negative surprise of 78.82%. However, Eco Wave Power achieved a significant revenue milestone, generating $100,000, which was double the forecasted $50,000, marking a 100% revenue surprise. In addition to financial results, Eco Wave Power has launched its first U.S. wave energy project at the Port of Los Angeles. This onshore wave energy installation, developed with AltaSea and Shell Marine Renewable Energy, has now entered its operational phase. The project was highlighted on Good Morning America, showcasing the successful installation and testing of its innovative floaters. Furthermore, Eco Wave Power’s partner in Taiwan, I-KE International Ocean Energy Co., secured a land use tender at Suao Port to establish Taiwan’s first onshore wave energy pilot station. This marks a significant development in wave power testing at a Taiwanese commercial port.

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