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It leverages its pioneering generation to promote projects in Israel, Los Angeles, Portugal and Spain
STOCKHOLM, May 31, 2022 /PRNewswire/ — Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (Nasdaq First North: ECOWVE) (“Eco Wave Power” or the “Company”), a leading publicly traded onshore company The wave power generation company that has evolved the patented, intelligent and cost-effective generation of ocean and offshore waves into green electricity, announced today its economic effects as of March 31, 2022.
“With our generation shown through real-world implementations in Gibraltar and Israel, we now aim to move towards larger-scale projects in Portugal and Spain and new and ongoing projects at the Port of Jaffa, Israel and the Port of Los Angeles in the United States. United,” said Inna Braverman, founder and CEO of Eco Wave Power. “The cutting-edge nature of our generation has allowed us to build strong relationships with visionaries, politicians and innovators from around the world, which has translated into significant short-term opportunities. in Europe and the United States that we are developing lately. Ongoing projects in those and other regions will serve as the basis for the next phase of our development, adapting our implementations to create a clean, renewable energy source on a megawatt scale. . »
Ms. Braverman continued, “Over the next few months, we will attach our EWP-EDF One assignment to Israel’s force network, building the first wave-driven facility in Israel’s history. In addition, our planned assignments in Europe are expected to constitute our largest and largest deployments to date, and we are excited about our opportunities with the Port of Leixões (APDL) in Porto, Portugal and Port Adriano, in Mallorca, Spain. At the same time, we have taken vital steps to enter new markets. , specifically in the United States through our collaboration with AltaSea at the Port of Los Angeles (“AltaSea”) and our meetings with legislators and leaders in Los Angeles and New Jersey. We continue to expect 2022 to be a very vital year in our progression plan, and we are confident that we are well placed to achieve our ambitious goals. “
“Our progress comes as governments around the world, specifically in the United States and Europe, seek more renewable energy resources and seek to decrease dependence on fossil fuels, especially those in Russia,” Braverman added. The herbal fuel of the European Union (EU) and 27% of its imported oil. The war and related sanctions have led to a significant increase in electricity costs in the EU, and the EU has announced plans to invest up to €300 billion ($316 billion) through 2030 to make the EU independent of Russian energy imports. Biden’s management has also proposed competitive blank energy targets and some states are following suit. I think wave energy is a source of baseload to make those efforts a reality. “
Operating summary for the first quarter of 2022
EWP EDF One Project – Eco Wave Power has completed the production of all floats and structures for the grid-connected EWP-EDF One assignment at the Port of Jaffa in Israel, and has completed the installation of 8 flotation mechanisms on the boardwalk of the port of Jaffa. On January 22, 2022, Eco Wave Power also officially completed the grid connection works for the assignment of EDF’s EWP One, in accordance with the technical coordination permit of the Tel Aviv Jaffa municipality for the deployment of the EDF – EDF One wave assignment network connection works.
EWP-OPT Collaboration: January 13, 2022, Eco Wave Power and Ocean Power Technologies, Inc. (“OPT”) announced that they are applying to use their complementary technologies and capabilities to power wave energy projects in accordance with a past signed agreement. Companies will work in combination on several fronts, adding knowledge sharing, joint grant submissions, and collaborative assistance to enter new markets. newly acquired robot functions in applicable Eco Wave Power projects.
U. S. Market Penetration: On January 19, 2022, Eco Wave Power announced a newly signed collaboration agreement with AltaSea at the Port of Los Angeles. Following the agreement, Eco Wave Power announced its goal of moving the energy conversion unit from Gibraltar to the AltaSea facility. at the Port of Los Angeles.
On January 20, 2022, New Jersey State Assembly Member Robert J. Karabinchak announced plans to introduce a new legislative initiative to incorporate wave energy into New Jersey’s energy master plan and assist New Jersey. Become the first U. S. state or territory. The U. S. Department of Homeland Security has advertising evidence of the concept of wave energy. On March 17, 2022, Inna Braverman testified before a New Jersey State Legislature hearing about the benefits of adding wave power to New Jersey’s power plan.
On February 25, 2022, Eco Wave Power announced its goal of seeking the removal of the Nasdaq First North Growth Market (Sweden) (“Nasdaq First North”) directory, as it focuses on its recent board at Nasdaq Capital Market in the United States. The formal withdrawal request from the board sent to Nasdaq First North on May 25, 2022. On May 30, 2022, Nasdaq First North accepted Eco Wave Power’s request to delist its non-unusual stocks. Nasdaq First North will be on June 13, 2022.
Eco Wave Power and its cutting-edge generation appeared in the Wall Street Journal article published on March 9, 2022, titled “The Future of Everything,” as one of the “Next Bets for Renewable Energy. “(see article here)
Other development
On April 11, 2022, Eco Wave Power signed an official agreement with Port Adriano on the island of Mallorca, Spain, for the prospective structure of a wave power plant of up to 2 megawatts. The agreement expands Eco Wave Power’s presence in Europe and will Spain meet its ambitious renewable power targets, taking advantage of its significant coastal capacity?
Financial effects by and for the 3 months ended March 31, 2022
Revenue of SEK 0. 24 million compared to SEK 0. 26 for the same period in 2021 (USD 26,000 vs. USD 31,000, respectively) from the feasibility examination in Asia. The Company is building an auxiliary generation pipeline that it can supply to its consumers and other third parties, such as other corporations and think tanks, in addition to the Company’s wave energy conversion (WEC) generation. The latter come with feasibility studies for potential WEC generation consumers.
Operating loss above SEK-8. 4 million from SEK-4. 5 million in the same era in 2021 (-$0. 89 million from -$0. 53 million, respectively). Research and progression expenses in excess of SEK 1. 8 million from SEK 1. 3 million in the same era in 2021 (USD 0. 19 million vs. USD 0. 16 million, respectively), sales and marketing expenses amounted to SEK 1. 5 million versus SEK 0. 8 million in the same era. era in 2021 (USD 0. 16 million vs USD 0. 09 million, respectively). General and administrative expenses amounted to SEK 5. 0 million compared to SEK 2. 4 million for the same time in 2021 (USD 0. 54 million vs. USD 0. 28 million, respectively).
The loss for the era above SEK -6. 7 million from SEK -3. 9 million for the same era in 2021 (-$0. 72 million from -$0. 48 million, respectively).
The loss consistent with the constant percentage was -0. 15 SEK versus -0. 11 SEK of the same constant period in 2021 (-0. 02 USD vs. -0. 01 USD, respectively).
As of March 31, 2022, money and money equivalents amounted to SEK 127. 9 million (USD 13. 8 million) and equity to SEK 126. 3 million (USD 13. 6 million).
The total number of non-unusual stocks stands out 44,394,844 compared to 35,194,844.
To view the full provisional in Swedish Krona (SEK), click here.
For the full interim report in USD, click here
About Eco Wave Power Global AB (publication)
Eco Wave Power is a leading onshore wave power generation company that has developed a patented, intelligent and cost-effective generation to convert ocean and sea waves into green electric power. energy from the ocean and the waves.
Eco Wave Power is identified as a “pioneering technology” through Israel’s Ministry of Energy and has been classified as an “effective solution” through the Solar Impulse Foundation. Eco Wave Power has obtained investments from the European Union’s Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 Framework Programme. The Society won the United Nations ” Global Climate Action Award”.
Eco Wave Power’s (ECOWVE) non-unusual shares are traded on Nasdaq First North and its U. S. deposit shares. U. S. (WAVE) is traded on Nasdaq Capital Market.
More information: www. ecowavepower. com
Information about or available through the above is not part of this press release.
Vator Securities is the company’s qualified advisor on the Nasdaq First North Growth market (46 8 580 065 99, ca@vatorsec. se).
For more information, please contact:
Inna Braverman, PDGinna@ecowavepower. com 97235094017
For additional investor/media inquiries, please contact:
Contact for investors:
Matt Chesler, CFAFNK IR 1. 646. 809. 2183wave@fnkir. com
Media Contact:
Jacob Scott, Vectis 1. 412. 445. 7719jscott@vectisstrategies. com Strategies
Forward-looking statements
This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of those words are intended to identify forward-looking statements. For example, Eco Wave uses forward-looking statements when analyzing portfolio of auxiliary generation services, comes up with feasibility studies for potential WEC generation consumers, expansion, collaboration with OPT, new legislative initiative to come with wave force at New Jersey Energy Master plan. and to help New Jersey become the first U. S. state or territory to have an advertising waveforce proof-of-concept, the agreement with Port Adriano for the prospective structure of a waveforce plant up to 2 megawatts, and that the agreement expands the capacity of Eco Wave Power. presence in Europe and will help Spain meet its competitive targets for renewable power, estimates of European power needs and that, once completed, the Eco Wave Power assignment in Jaffa port will be the first wave power facility in the history of Israel. These forward-looking statements and their implications are based on Eco Wave’s existing control expectations and are subject to a number of issues and uncertainties that may cause actual effects to differ materially from those described in the forward-looking statements. Array Except as otherwise required by law, Eco Wave assumes no legal responsibility to publicly disclose any revisions to such forward-looking statements to reflect events or events after the date hereof or to reflect the occurrence of unforeseen events. More detailed data on the hazards and uncertainties affecting Eco Wave is included under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the SEC, which is available on the SEC’s website, www. sec. gov.
These data were provided through Cision http://news. cision. com
https://news. cision. com/ewpg-holding-ab–publ-/r/eco-wave-power-reports-first-trimestre-2022-financial-results,c3577193
The following files are available for download:
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WAVE – Interim report Q1 2022 SEK 2022 05 31
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SOURCE EWPG Holding AB (publ)