Eco Wave Power has released its Q3 2024 results, highlighting a power station sale in Taiwan, a milestone in an Israel-based project, a share buyback, and more. In the first nine months of 2024, Eco Wave Power said it achieved several milestones, in addition to reducing expenses from the second quarter to the third quarter of 2024 by 10%.
In Taiwan, Eco Wave Power signed a first wave energy project sale agreement with I-Ke International Ocean Energy, a subsidiary of Lian Tat Company, a maritime engineering company, to bring wave energy technology to Taiwan. Under the agreement, I-Ke will fully finance a 100KW pilot wave energy project by purchasing a turnkey conversion unit from Eco Wave Power, which includes hydraulic, electric, and automated control components. I-Ke will oversee the project’s local components, including the production of floaters, hydraulic cylinders, and all other components of the technology, which are located on the seaside of the marine structure. Additionally, I-Ke is responsible for securing permits, land use approvals, and other necessary licenses.
In Israel, in early September 2024, an advanced automation system was implemented at the company’s EWP-EDF One Project at the Port of Jaffa. The company said this new system enables power generation from waves as low as 0.4m, improves operational data accuracy, and enhances system safety. In the third quarter of 2024, EDF-EWP One concluded its first operations and maintenance year with operating expenses (OPEX) amounting to only 3.66% of the CAPEX, successfully meeting the target of less than 4%, Eco Wave Power said. The EWP-EDF One Project at the Port of Jaffa has been supplying wave-generated energy to the Israeli national electrical grid since its connection in late 2023. An opening ceremony for the project is scheduled for December 5, 2024.
In the third quarter of 2024, Eco Wave Power and EDF Renewables IL continued analyzing the project’s operational results, which the company says “remain encouraging,” with energy generation improving and power station downtime remaining at 0% as of September 30, 2024. Additionally, the company made progress toward its energy generation target, achieving an additional 27% improvement from June to September 2024, reaching 83% of the forecasted energy for the site.
In Los Angeles, California, Eco Wave Power recently received the final Nationwide federal Permit (NWP) from the U.S. Army Corps of Engineers for its wave energy project at AltaSea’s premises in the Port of Los Angeles. This wave energy project is set to become the first onshore wave energy installation in the United States. The permit, issued under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, authorizes Eco Wave Power to install eight wave energy floaters on the piles of an existing concrete wharf structure on the east side of Municipal Pier One. The system will also include an energy conversion unit, comprised of two 20-foot shipping containers, which will be placed on the wharf deck and connected to the floaters. With the conversion unit already shipped to the site, Eco Wave Power plans to complete installation by the end of Q1 2025.
In Portugal, Eco Wave Power officially kicked off its first megawatt-scale wave energy project in Porto. In September, the Company engaged with local civil engineering companies to prepare the full execution plans and began coordinating with E – Redes – Distribuição De Eletricidade, S.A. (EDP – Distribuição Energia) on the grid connection for the first 1MW and related infrastructure. This project is in line with a 20MW Concession Agreement with APDL.
Earlier this month. Eco Wave Power announced the appointment of Ran Atias as vice president of engineering, bringing experience in managing mega projects, driving research and development, and handling engineering teams.
In December 2023, Eco Wave Power submitted a request to the Financial Supervisory Authority of Sweden (SFSA) to authorize the repurchase of American Depositary Shares (ADS) representing up to 10% of the company’s total number of shares, the maximum allowed under Swedish law. In August of this year, the SFSA clarified that in its opinion, ADS are not considered equivalent to shares under Chapter 19 of the Swedish Companies Act, allowing Eco Wave Power to proceed with repurchases according to Swedish law. Following this decision, Eco Wave Power entered into an agreement with Oppenheimer & Co. Inc. to facilitate the buyback process, and in September the company commenced the repurchases of its ADSs and plans to continue such repurchases during the open trading windows in November and December 2024.
