Eco Wave Power Global AB (publ) is a wave energy company that develops a smart and cost efficient wave energy converter technology to turn ocean and sea waves into clean electricity. The company’s system uses floating devices called floaters that are attached to existing marine structures such as piers breakwaters and jetties. Movement of the floaters drives hydraulic pistons which pressurize accumulators on land, turning a hydromotor and generator to produce electricity…
Eco Wave Power Global AB (publ) is a wave energy company that develops a smart and cost efficient wave energy converter technology to turn ocean and sea waves into clean electricity. The company’s system uses floating devices called floaters that are attached to existing marine structures such as piers breakwaters and jetties. Movement of the floaters drives hydraulic pistons which pressurize accumulators on land, turning a hydromotor and generator to produce electricity that is sent to the grid through an inverter. The technology is designed for onshore or nearshore deployment to avoid the high costs and environmental challenges of offshore installations. Eco Wave Power Global AB (publ) was incorporated in Sweden in 2019 and maintains its principal executive offices in Tel Aviv Israel. Its American depositary shares are listed for trading on the Nasdaq Capital Market under the ticker WAVE. The firm states its corporate mission is to revolutionize energy production with proprietary wave technology and to become a leader in the renewable energy industry.
To date Eco Wave Power Global AB (publ) has not generated significant revenue from its operations. The company expects to earn income from three commercial models when its wave energy converter technology is deployed at scale. Under a Build Own Operate arrangement the company would own and operate the power station and sell electricity under long term power purchase agreements to utilities or grid operators. In a Build Own Transfer model the company would construct a power station and then sell the completed facility to an investor or utility. A Joint Venture or Turnkey approach would see Eco Wave Power Global AB (publ) provide the technology engineering services and an exclusive license while the partner supplies land permits financing and grid connection; revenue would be recognized from fees for technology and construction services. Additionally the company plans to monetize feasibility studies for prospective clients and to license its smart Wave Power Verification software that offers real time production verification and predictive maintenance capabilities. These ancillary services are intended to create additional revenue streams while the company advances its core wave energy projects.
Eco Wave Power Global AB (publ) positions itself as a developer of nearshore wave energy solutions that it claims are more cost efficient reliable insurable and environmentally friendly than offshore wave energy converters. The company cites internal estimates that its capital expenditure per megawatt ranges from 1 point 2 million euros to 1 point 8 million euros, which is markedly lower than the offshore competition that can require between 5 point 2 million euros and 15 point 6 million euros per megawatt. It also notes that its levelized cost of energy could be as low as 42 euros per megawatt hour based on its own calculations using International Energy Agency methodology. A storm protection mechanism that lifts the floaters during extreme waves reduces the risk of damage and improves reliability compared to offshore systems exposed to harsh marine conditions. The modular nature of the technology allows scaling from small kilowatt projects to large multi megawatt installations without redesigning core components. By locating converters on existing breakwaters piers and jetties the company shortens grid connection distances and situates generation close to population centers data centers and industrial hubs that require reliable electricity.
The company’s customers include governmental agencies utility companies and private industrial firms that seek clean electricity or technology services. Specific partners mentioned in the filing are Shell International Exploration and Production Inc. which engaged Eco Wave Power Global AB (publ) for a feasibility study of potential United States sites. EDF power solutions Israel Ltd. is a joint venture partner for the EWP EDF One project at Jaffa Port in Israel. The Port of Los Angeles working through AltaSea has hosted the company’s first United States wave energy pilot project. The Israeli Electric Corporation has entered into a power purchase agreement to buy electricity from the Jaffa Port installation. The Port Authority of Douro Leixões and Viana do Castelo in Portugal granted a concession for a planned twenty megawatt wave energy plant. A Taiwanese ocean energy company has agreed to locally manufacture floaters and purchase a conversion unit for a pilot station in Taiwan. Bharat Petroleum Corporation Limited in India signed a nonbinding memorandum of understanding to pursue feasibility studies and a potential 100 kilowatt pilot project at its Mumbai oil terminals. Eco Wave Power Global AB (publ) also works with research institutions such as Florida Atlantic University on the WaveGPT artificial intelligence platform and with various engineering consultants for feasibility studies and project development.