{"id":689511,"date":"2022-09-27T23:18:36","date_gmt":"2022-09-28T03:18:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eco-wave-power-presents-continued-operational-progress-and-reports-first-half-2022-financial-results\/"},"modified":"2022-09-27T23:18:36","modified_gmt":"2022-09-28T03:18:36","slug":"eco-wave-power-presents-continued-operational-progress-and-reports-first-half-2022-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eco-wave-power-presents-continued-operational-progress-and-reports-first-half-2022-financial-results\/","title":{"rendered":"Eco Wave Power Presents Continued Operational Progress and Reports First Half 2022 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n The Company is Gearing Towards the Official Opening of its Project in Israel<\/span>, while Also Creating a Strong U.S Presence through its Upcoming Pilot at the Port of Los Angeles<\/span>, and its Progress in Promoting the First Onshore Wave Energy Implementation in the State of New Jersey<\/span>. At the Same Time, Eco Wave Power is Reinforcing its European Presence with Planned Projects in Portugal<\/span> and Spain<\/span>, with a Clear Goal of Moving Towards Larger Scale Deployments.<\/i>\n <\/p>\n

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\n STOCKHOLM<\/span>
\n <\/span>, Sept. 28, 2022<\/span><\/span> \/PRNewswire\/ — Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (NASDAQ: WAVE), a leading, publicly traded onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity, today provided a corporate update and reported its financial results as of and for the six months ended June 30, 2022<\/span>.<\/p>\n

\n Management Commentary<\/b>\n <\/p>\n

“Eco Wave Power continues to advance important initiatives, with 2022 being a year thus far of executing new projects, broadening our project pipeline in Europe<\/span> and penetrating the U.S. market, with new initiatives in the State of California<\/span> and the State of New Jersey<\/span>,” commented Inna Braverman<\/span>, Founder and Chief Executive Officer. “We have previously proven our technology in Gibraltar<\/span> and are now advancing the build out of new deployments at Jaffa Port in Israel<\/span> and the Port of Los Angeles<\/span> in the State of California<\/span>, while also moving forward with new and exciting Concession Agreements in Portugal<\/span>, Spain<\/span> and additional areas of interest, with a clear goal of reaching large scale deployments in the near future.”<\/p>\n

Continued Braverman, “Our approach is well-aligned with global initiatives, including legislation and renewable energy mandates, such as the recent $369 billion<\/span> Renewable Energy Bill Initiative by the U.S. Government (The Inflation Reduction Act of 2022). According to the U.S. Energy Information Administration, wave energy off the American coasts could have generated the equivalent of about 66% of all the electricity generated across the country in 2020. I have been discussing the positive shift that we believe we are able to bring to the energy ecosystem at recent events, including the UN Ocean Conference, the New York Climate Week, the CODE conference in Los Angeles<\/span> and the Atlantic ‘Next Scientific Revolution’ Conference, while simultaneously meeting with forward-thinking legislators, seeking to integrate wave energy in their state’s respective renewable energy policies. Interest is growing, which we believe enables Eco Wave Power to promote new projects faster, enter into new Concession Agreements, and reduce legislation related barriers. As a result, we are increasingly confident in our ability to introduce wave energy as an innovative, exciting and viable renewable energy source.”<\/p>\n

\n Pipeline Development Update<\/b>\n <\/p>\n

Eco Wave Power has demonstrated continued progress expanding its presence in its core markets of interest, currently being its country of origin, Israel<\/span>, the U.S. and Europe<\/span>. This includes a gearing up towards the opening of its first grid connected wave energy project in Israel<\/span>, and progress towards its first deployment in the U.S., in parallel with advancements in Portugal<\/span> coupled with plans for further deployments in Spain<\/span> and other locations of interest. As of 2022, Eco Wave Power holds a project pipeline of up to 327.7 MW, which is expected to grow in the upcoming year.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n