Eco Wave Energy Continues to Advance Towards Key Operational Milestones, Reviews Third Quarter 2022 Monetary Outcomes

Official Opening of EWP-EDF One Undertaking in Israel Nears; Firm Creating Sturdy U.S Presence By way of Upcoming AltaSea Pilot on the Port of Los Angeles, Whereas Reinforcing its Deliberate Initiatives in Europe

STOCKHOLM, Dec. 1, 2022 /PRNewswire/ — Eco Wave Energy International AB (publ) (“Eco Wave Energy” or the “Firm”) (NASDAQ: WAVE), a number one, publicly traded onshore wave vitality know-how firm that developed a patented, sensible and cost-efficient know-how for turning ocean and sea waves into inexperienced electrical energy, as we speak offered a company replace and reported monetary outcomes as of and for the three and 9 months ended September 30, 2022.

Administration Commentary

“Eco Wave Energy’s onshore and nearshore know-how is way less complicated than legacy offshore wave vitality technology applied sciences and is thus cost-effective, creating the potential to faucet 1000’s of miles of shoreline and make the most of lots of of 1000’s of breakwaters, jetties, piers, and different marine buildings to create clear, renewable, vitality from the ocean. Consequently, Eco Wave Energy is expeditiously advancing with its core tasks in Israel, the USA, and the European Union, whereas concurrently working in direction of the creation of authorized frameworks and insurance policies meant to speed up the implementation and adoption of the wave vitality sector,” commented Inna Braverman, Founder and Chief Government Officer.

 “Our EWP-EDF One undertaking in Jaffa Port Israel (in collaboration and co-investment from the Israeli Vitality Ministry and EDF Renewables IL) nears completion, and on November twenty eighth, the undertaking was visited by the Director of Engineering Supervision of Low and Excessive Voltage from the Israeli Electrical Authority to instruct the Firm concerning the ultimate electrical inspection obligatory for Eco Wave Energy to obtain the approval of sending electrical energy from the waves to the Israeli nationwide electrical grid for the primary time within the historical past of Israel,” commented Ms. Braverman.

Concurrently, the vitality conversion unit of Eco Wave Energy’s pioneering know-how and the primary floater have arrived, absolutely assembled, to the Port of Los Angeles, and are presently being arrange as a static show by Eco Wave Energy’s engineering crew, which arrived in Los Angeles to speed up the method. After a pre-defined time during which the conversion unit will serve for instructional functions to all related entities in AltaSea within the Port of Los Angeles, the Firm will produce seven further floaters in California, to be put in on a devoted real-conditions website inside the Port, serving as the primary Eco Wave Energy implementation in the USA, and creating wave vitality associated workplaces within the area.

In Europe, Eco Wave Energy can also be displaying vital progress. In Portugal, after acquiring the licenses for the operation and grid connection of the primary 1MW within the metropolis of Porto from Direção-Geral de Energia e Geologia (DGEG), the Firm has retained the providers of Efiki Companions, to provide a social-economic report for its’ first 1MW, which can allow the Firm to obtain the ultimate required license for the undertaking, the Título de Utilização de Recursos Hídricos (TURH) license, which is anticipated to be granted by Administração dos Portos do Douro, Leixões e Viana do Castelo, SA (APDL) (the positioning proprietor) as soon as report is accomplished, to the satisfaction of all events.

In Port Adriano in Spain, as per the phrases of the Concession Settlement which was entered between the Firm and Port Adriano in April 2022, the Firm has commenced an in-depth feasibility examine within the Port. As soon as the examine is absolutely accomplished with favorable outcomes, the events will enter discussions concerning the licensing necessities and monetary phrases of the deliberate 2MW undertaking. Within the interim, the Port has been awarded the distinguished Innovation Award by the Port Authority of the Balearic Islands. The prize acknowledges the very best concept linked to technological progress that has been projected or carried out in any port of the Balearic Islands throughout this 12 months.

The originality, feasibility, and the technological contribution to fixing issues or inefficiencies in ports and marinas when it comes to atmosphere and security have been the weather that have been valued by the jury of the Innovation Award, which determined to award Port Adriano for its deliberate implementation of the Eco Wave Energy’s pioneering know-how.

On the similar time, the Firm has additionally signed a feasibility examine settlement for a possible 1MW undertaking in Morocco, to be finalized within the subsequent few months. The undertaking is anticipated to maneuver ahead upon favorable outcomes from the feasibility examine for the chosen website.  

Ms. Braverman added that, “It’s fascinating that after Gibraltar adopted laws and enabled implementation of our wave vitality know-how, it served as a direct catalyst for neighboring jurisdictions to do the identical. Portugal, Spain and Morocco are all international locations that neighbor Gibraltar and have all entered completely different agreements with Eco Wave Energy for the promotion of our pioneering know-how of their respective international locations. I’ve all the time commented that some of the vital obstacles for the commercialization of wave vitality is lack of wave vitality associated laws and laws, and the case of Gibraltar makes me extraordinarily optimistic, as I’m seeing {that a} good undertaking is ‘contagious’, and as soon as we execute a undertaking in a single nation, different international locations will observe, thereby slowly eradicating this barrier.”

The Firm can also be progressing with completely different R&D grants which were secured previously and continues to obtain new grants. This contains the grant from Innovate UK in collaboration with the College of Queen Marry in London, The Inexperienced Deal grant secured by the ILIAD consortium,  Eco Wave Energy’s participation in a grant for the manufacturing of an in-depth feasibility examine for a 1MW wave vitality energy plant in Halki island in Greece, a grant for Eco Wave Energy’s participation for the planning of a undertaking in Heraklion Port in Greece, and a brand new grant by ERDF (European Union Regional Growth Fund)  referred to as “Ports In direction of Vitality Self Sufficiency” (PORTOS) that was permitted for a analysis undertaking in Porto, led by the College of Porto, on November 24, 2022.

“The above exhibits that world governments proceed to embrace clear vitality as key to our financial vitality,” mentioned Ms. Braverman. “Our progress in Europe and the U.S., mixed with new insurance policies which can be being adopted, and new grants obtained for wave vitality analysis and implementation reinforces the rising dedication for the commercialization of wave vitality. We consider that as our know-how turns into extra broadly adopted, it would result in wave vitality commercialization, and the acceptance of wave vitality, as a major a part of the world’s renewable vitality combine.”

 “I’ve been highlighting the significance of the wave vitality sector at excessive profile occasions all over the world, together with the WIRED Influence Convention in London, and every engagement creates extra believers. The arduous work of 2022 is anticipated to translate to development in 2023,” concluded Ms. Braverman

First 9 Months 2022 Monetary Overview

• For the 9 months ended September 30, 2022, revenues have been $26,000 in comparison with $31,000 in the identical interval final 12 months, with income in each intervals associated to feasibility examine providers in Asia. The Firm is constructing out a pipeline of ancillary know-how providers that it might present to its clients and different events, resembling different corporations and analysis establishments, along with the Firm’s WEC know-how. These providers presently embody feasibility research for potential purchasers of WEC know-how.
• Working bills have been $2.8 million, up 32% year-over-year.
• Analysis and growth bills have been $755,000 in comparison with $516,000 in the identical interval final 12 months. Analysis and growth prices elevated resulting from a non-recurring lack of $278,000 pertaining to a disposal of the floater mechanisms of the Gibraltar wave vitality array, as a result of relocation of the Gibraltar Conversion Unit to the Port of Los Angeles. The floater mechanisms of the Gibraltar energy station have been despatched to metal recycling, whereas the conversion unit was absolutely overhauled and refurbished and shipped to Los Angeles. Eco Wave Energy intends to develop and provide new and upgraded floaters for its deliberate pilot in AltaSea’s premises within the Port of Los Angeles, to optimally meet the native marine circumstances.
• Gross sales and advertising and marketing bills have been $435,000 in comparison with $314,000 in the identical interval final 12 months.
• Common and administrative bills have been $1,610,000 in comparison with $1,290,000 in the identical interval final 12 months. This improve was primarily the results of a rise in insurance coverage prices in addition to a rise in skilled providers expenditures related to the capital reorganization in 2021.
• Different revenue of $18,000 was generated primarily from administration charges in a three way partnership.
• Working loss was $2.8 million in comparison with $2.1 million in the identical interval final 12 months.
• Internet loss was $2.0 million, or $0.05 per fundamental and diluted share, in comparison with a web lack of $1.8 million, or $0.05 per fundamental and diluted share in the identical interval final 12 months.
• The Firm ended the interval with $10.8 million in money and money equivalents and short-term financial institution deposits as of September 30, 2022, in comparison with $14.6 million as of December 31, 2021.

Capital Markets

As beforehand introduced, Eco Wave Energy has accomplished the transition to a single change for buying and selling in its securities. The final day of buying and selling for the Firm’s frequent shares on Nasdaq First North was June 13, 2022, and starting on June 14, 2022, Eco Wave Energy’s solely listed securities are its American Depositary Shares (“ADSs”) which commerce on the Nasdaq Capital Market beneath the ticker “WAVE”.

Convention Name and Webcast Info

Eco Wave Energy’s CEO Inna Braverman will host a convention name to debate the monetary outcomes and outlook on Thursday, December 1, 2022, at 9 a.m. Japanese time.

A replay might be out there by phone roughly two hours after the decision’s completion till Thursday, December 15, 2022. Chances are you’ll entry the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for worldwide callers, utilizing the Replay ID 47163. The archived webcast will even be out there on the investor relations part of the Firm’s web site.

Particular person Assembly Info

In an effort to extend relations with institutional buyers, administration has devoted time to internet hosting particular person conferences with portfolio managers and analysts on December 1, 2022. If you’re fascinated by scheduling a gathering with administration, please contact [email protected].

About Eco Wave Energy International AB (publ)

Eco Wave Energy is a number one onshore wave vitality know-how firm that developed a patented, sensible and cost-efficient know-how for turning ocean and sea waves into inexperienced electrical energy. Eco Wave Energy’s mission is to help within the battle in opposition to local weather change by enabling business energy manufacturing from the ocean and sea waves.

The Firm is presently finalizing the development of its grid related undertaking in Israel, with co-investment from the Israeli Vitality Ministry, which acknowledged the Eco Wave Energy know-how as “Pioneering Expertise” and can quickly start the set up of its latest pilot in AltaSea’s premises within the Port of Los Angeles. The Firm additionally holds concession agreements for business installations in Europe and has a complete tasks pipeline of 327.7MW.

Eco Wave Energy obtained funding from the European Union Regional Growth Fund, Innovate UK and the European Fee’s Horizon 2020 framework program. The Firm has additionally obtained the “International Local weather Motion Award” from the United Nations.

Eco Wave Energy’s ADSs are traded on the Nasdaq Capital Market beneath the ticker “WAVE”.

Learn extra about Eco Wave Energy at www.ecowavepower.com. Info on, or accessible by way of, the web sites talked about above doesn’t kind a part of this press launch.

For extra info, please contact:

Inna Braverman, CEO
[email protected]
+97235094017

Aharon Yehuda, CFO
[email protected] 

Investor Relations  contact:

Matt Chesler, FNK IR
+1 646 809 2183
[email protected]

Ahead-Wanting Statements

This press launch accommodates forward-looking statements inside the which means of the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995 and different Federal securities legal guidelines. Phrases resembling “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and related expressions or variations of such phrases are meant to determine forward-looking statements. For instance, Eco Wave Energy is utilizing forward-looking statements when it discusses: the Firm’s pipeline of tasks and timelines associated to them, together with with respect to tasks situated in Israel, the Port of Los Angeles and within the European Union and a possible undertaking in Morocco and Greece; producing further floaters in California and creating wave vitality associated workplaces; the granting of a license in reference to the Firm’s undertaking in Portugal; that the Firm’s know-how changing into extra broadly adopted will result in wave vitality commercialization and acceptance of wave vitality as a major a part of the world’s renewable vitality combine. These forward-looking statements and their implications are primarily based on the present expectations of the administration of Eco Wave Energy and are topic to quite a few components and uncertainties that would trigger precise outcomes to vary materially from these described within the forward-looking statements. Besides as in any other case required by legislation, Eco Wave Energy undertakes no obligation to publicly launch any revisions to those forward-looking statements to replicate occasions or circumstances after the date hereof or to replicate the incidence of unanticipated occasions. Extra detailed details about the dangers and uncertainties affecting Eco Wave Energy is contained beneath the heading “Danger Elements” in Eco Wave Energy’s Annual Report on Type 20-F for the fiscal 12 months ended December 31, 2021 filed with the SEC, which is obtainable on the on the SEC’s web site, www.sec.gov.

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SOURCE EWPG Holding AB (publ)