Eco Wave Power sees grid-connection of Israeli project in next few months

Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) expects to connect its 100-kW EWP-EDF One wave energy project to Israel’s power grid in the next few months.

The onshore wave energy technology developer said so while reporting its financial results for the first quarter of 2022.

“With our technology proven through real conditions deployments in Gibraltar and Israel, we are now aiming to progress towards larger scale projects in Portugal and Spain and new and ongoing projects in Jaffa Port, Israel and the Port of Los Angeles in the United States,” commented Inna Braverman, founder and CEO of Eco Wave Power.

Earlier this year, the company announced the start of installation of floaters to the sea wall on the project site at the Port of Jaffa. At the time, Braverman stated that the goal is to produce first power in the third quarter of the year.

For the first three months of the year, Eco Wave Power reported an expanded net loss of SEK 6.7 million (USD 685,000/EUR 639,000) against SEK 3.9 million a year earlier on revenues of SEK 0.24 million compared to SEK 0.26 million in the same period of 2021. The firm’s operating loss nearly doubled to SEK 8.4 million from SEK 4.5 million as total operating expenses made the same jump.

The company noted it is building out a pipeline of ancillary technology services for customers and research institutions. These services currently include feasibility studies for potential clients of wave energy conversion (WEC) technology.

(SEK 1.0 = USD 1.022/EUR 0.953)

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