Historic Wave Energy Legislation Initiative Takes a Significant Step Forward in California

California’s legislative initiative is the second invoice launched within the US centered on exploring and implementing wave vitality expertise, reflecting the rising consciousness of the numerous potential of wave vitality in america.

Los Angeles, California (March 30, 2023) – Eco Wave Energy World AB (publ) (Nasdaq Capital Market: WAVE) (“Eco Wave Energy” or the “Firm”) applauds the introduction of California Senate Invoice 605 – Wave and Tidal Vitality – by California State Senator Steve Padilla of Chula Vista. The invoice goals to advertise and speed up the event and progress of wave vitality within the state, which can assist California meet its formidable clear vitality objectives.

The invoice, launched by State Senator Padilla on February 15, requires a complete and collaborative research to “consider the feasibility and advantages of utilizing wave vitality and hydropower.” It additionally requires the state Vitality Fee to develop a strategic plan for the deployment of wave and hydropower applied sciences, infrastructure, and services.

SB 605 acknowledges the various advantages that wave vitality offers, stating that if developed and deployed at scale, wave and water vitality “will present financial and environmental advantages to the state and the nation.” As well as, it additionally states that ocean vitality represents “the third largest supply of renewable vitality and the most important supply of underutilized renewable vitality.”

The invoice states:
“California has set formidable clear vitality targets on the way in which to carbon neutrality by 2045, however the want for cleaner vitality is speedy. Wave and tidal vitality, or hydrokinetic vitality, have the potential to supply that vitality in a sooner manner like blue. California’s financial innovators at the moment are seeking to convey the expertise to scale.”

SB 605 is the second invoice launched centered on exploring wave vitality expertise that was launched final 12 months. In March 2022, New Jersey Assemblyman Robert Karabinchak launched laws that may require the state of New Jersey so as to add wave vitality to New Jersey’s vitality grasp plan and supply funding for feasibility research and pilot packages. The invoice is at present within the State Senate Setting & Vitality Committee and shall be introduced earlier than the committee within the coming weeks.

“We’re excited to see that wave energy is gaining momentum in California – one of many world’s main leaders find revolutionary options to local weather change,” stated Eco Wave Energy Founder and CEO Inna Braverman. “In response to the US Vitality Info Administration, wave vitality has the potential to supply as much as 66% of the vitality wants of america, and the 840-mile coast of California and our future AltaSea undertaking within the Port of Los Angeles, California is a perfect location to discover this new expertise.”

Eco Wave Energy has been on the forefront of wave vitality expertise since its founding in 2011, with installations of its revolutionary applied sciences in Israel, Gibraltar, and shortly in Los Angeles. The corporate’s new expertise transforms the motion of ocean and sea waves into clear electrical energy, offering a dependable and sustainable supply of vitality.

In January 2023, Eco Wave Energy unveiled what’s believed to be the primary onshore wave vitality unit in america, on the AltaSea web site within the Port of Los Angeles. Final 12 months, Eco Wave Energy entered into an settlement with AltaSea to implement a first-of-its-kind wave vitality pilot at AltaSea’s Port of Los Angeles web site. In simply over a 12 months, Eco Wave Energy efficiently modified, upgraded, and introduced the conversion unit to Los Angeles. The undertaking timeline exhibits one other good thing about Eco Wave Energy’s patented expertise – its skill to be simply transported and replicated to swimsuit the nation’s coastal vitality wants.
“Wave vitality offers not solely clear vitality, however it additionally creates clear jobs that may stimulate the native financial system for years to return,” Braverman stated. “We’re happy to see progress and look ahead to extra states following the lead of California and New Jersey.”

About Eco Wave Energy World AB (publ)
Eco Wave Energy is a number one onshore wave vitality expertise firm that has developed a patented, sensible and cost-efficient expertise for turning ocean and sea waves into inexperienced electrical energy. Eco Wave Energy’s mission is to assist battle local weather change by making business electrical energy manufacturing from oceans and ocean waves.

The Firm is at present finalizing the development of its grid related undertaking in Israel, with co-investment from the Israeli Vitality Ministry, which acknowledged the Eco Wave Energy expertise as “Pioneering Know-how” and can quickly start the set up of his new pilot at AltaSea’s premises. within the Port of Los Angeles. The Firm additionally holds concession agreements for business installations in Europe and has a complete pipeline of initiatives of 404.7MW.
Eco Wave Energy receives funding from the European Union Regional Improvement Fund, Innovate UK and the Horizon 2020 framework program of the European Fee. The Firm additionally acquired the “World Local weather Motion Award” from the United Nations.
Eco Wave Energy’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Learn extra about Eco Wave Energy at www.ecowavepower.com. Info on, or accessible via, the web sites talked about above will not be a part of this press launch.