SACRAMENTO, Calif.,
Sept. 20, 2023 /PRNewswire/ --Eco
Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco
Wave Power" or the "Company"), a leading, publicly traded onshore
wave energy developer, commends the California State Senate for
unanimously passing California
Senate Bill 605 ("SB 605"), a legislative initiative that directs
the California Energy Commission to evaluate the feasibility,
costs, and benefits of using wave energy and tidal energy
across California's 840-mile
coastline.
The bill, introduced by Senator Steve Padilla
(D-Chula Vista), now heads to
Governor Gavin Newsom's desk for his
consideration.
Per the amended bill, the California Energy Commission will work
with various state agencies, including the California Coastal
Commission, the Ocean Protection Council, and other stakeholders to
identify suitable locations for wave energy and tidal energy
projects in both state and federal waters.
Once signed into law by Governor Newsom, SB 605 will become the
first legislation in America focused on the study, assessment, and
promotion of wave energy.
"Wave and tidal energy present an incredible opportunity for
California to meet their clean
energy goals," said Senator Padilla. "SB 605 will help us explore
the potential for wave energy to expand our portfolio of clean
renewable energy sources. If we can capture even a fraction of the
potential power generated by our oceans, we open the door to
exciting energy and employment opportunities."
The legislation is supported by AltaSea at the Port of
Los Angeles, a 35-acre ocean
technology campus and will soon be home to some of California's first wave energy pilot stations.
In the coming months, Eco Wave Power will install its first US
pilot station after previously establishing energy stations in
Gibraltar and Israel. The pilot project is believed to be
the first onshore wave energy station to be installed in
the United States.
"SB 605 is a landmark piece of legislation that continues to
demonstrate California's
leadership in renewable energy," said Eco Wave Power Founder &
CEO Inna Braverman. "California's 840-mile coastline is an ideal
home to the nation's first-ever wave and tidal energy legislation.
Here at Eco Wave Power, we are aiming to have our innovative
technology generating electricity at the Port of Los Angeles in the coming months to further
demonstrate California's
leadership. We urge Governor Newsom to sign SB 605 into law – a
huge first step to unlock the full power of the ocean."
Wave energy is gaining momentum across the world. Later this
fall, Eco Wave Power will officially "flip the switch" to commence
operations at its landmark EWP-EDF One power station at Jaffa Port
in Tel Aviv, Israel.
Wave and tidal energy have the potential to supply 30 percent of
America's energy needs, according to a study by the National
Renewable Energy Laboratory ("NREL"), a federally funded research
and development center sponsored by the United States Department of
Energy. In California alone, wave
energy has an energy potential of 140 TWh/year – enough to power
approximately 13 million homes.
Last year, California's state
legislature set 2045 as its target for a 100 percent renewable and
zero-carbon power grid, with their first benchmark target being 90
percent in 2035. In 2022, zero-carbon and renewable energy made up
54.23 percent of California's
total energy supply.
"Utilizing wave and tidal energy is crucial to meeting
California's important goals for
clean air and a climate-resilient economy," said Terry Tamminen, President and CEO of AltaSea.
Tamminen served as Secretary of the California Environmental
Protection Agency under Governor Arnold
Schwarzenegger. "SB 605 is another example of California's innovation and leadership in the
fight against climate change. I'm hopeful that Governor Newsom will
sign SB 605 into law."
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology
company that developed a patented, smart and cost-efficient
technology for turning ocean and sea waves into green electricity.
Eco Wave Power's mission is to assist in the fight against climate
change by enabling commercial power production from the ocean and
sea waves.
The Company completed construction of its grid
connected project in Israel, with
co-investment from the Israeli Energy Ministry, which recognized
the Eco Wave Power technology as "Pioneering Technology." The
EWP-EDF One station project marks the first grid-connected wave
energy system in Israeli history. Eco Wave Power will soon commence
the installation of its newest pilot in AltaSea's premises in the
Port of Los Angeles. The Company
also holds concession agreements for commercial installations in
Europe and has a total projects
pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional
Development Fund, Innovate UK and the European Commission's Horizon
2020 framework program. The Company has also received the "Global
Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on
the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above
does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+14124457719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements in this press release when it discusses that the Company
is expected to be the first ever ocean energy power station in
the United States, and that the
Company's pilot station is set to be installed in the coming
months. Forward-looking statements can be identified by words such
as: "anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "will", or variations of such words, and similar
references to future periods. For example, the Company is using
forward-looking statements when it discusses: the advantages and
benefits of wave energy; that in the coming months the Company will
install its first pilot station in the
United States; and that later this fall the Company will
commence operations at its EWP-EDF One power station in Jaffa Port
in Tel Aviv, Israel. These
forward-looking statements and their implications are neither
historical facts nor assurances of future performance and are based
on the current expectations of the management of Eco Wave Power and
are subject to a number of factors, uncertainties and changes in
circumstances that are difficult to predict and may be outside of
Eco Wave Power's control that could cause actual results to differ
materially from those described in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Except as otherwise required by law, Eco Wave Power
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting Eco Wave Power is contained under the heading "Risk
Factors" in Eco Wave Power's Annual Report on Form 20-F for the
fiscal year ended December 31, 2022,
filed with the SEC on April 27, 2023,
which is available on the SEC's website, www.sec.gov, and other
documents filed or furnished to the SEC. Any forward-looking
statement made in this press release speaks only as of the date
hereof. References and links to websites have been provided as a
convenience and the information contained on such websites is not
incorporated by reference into this press release.
The following files are available for download:
https://mb.cision.com/Main/18497/3838337/2305577.pdf
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