Core Insights - Eco Wave Power has made significant operational and strategic advancements in the first half of 2025, including project developments in the U.S., Europe, Asia, and Africa, positioning itself as a leader in wave energy commercialization [2][3][20] Financial Overview - Operating expenses increased by 18% year-over-year to $1.59 million, driven by a 25% rise in R&D spending and a 22% increase in general and administrative costs [18][30] - The company ended the period with $7.94 million in cash and short-term deposits, providing a solid foundation for future growth [19][29] - Net loss widened to $1.89 million, influenced by foreign exchange movements and growth-related expenses [18][35] Project Developments - In the U.S., the installation of the first wave energy project at the Port of Los Angeles was completed, with an official launch scheduled for September 9, 2025 [6][7][12] - The first megawatt-scale wave energy project in Portugal is progressing, with plans for grid connection in 2026 [8][15] - In Asia, partnerships have been established in India and Taiwan, with a focus on deploying wave energy technology [9][10][25] - The company has initiated a feasibility study for a wave energy project in South Africa, targeting the country's energy diversification needs [16][26] Strategic Partnerships and Grants - Eco Wave Power secured a €107,089 grant as part of the €2.45 million Atlantic Wave Energy Sustainable Deployment Initiative, aimed at accelerating wave energy adoption across the Atlantic region [17][27] - Collaborations with industry leaders and government-backed partners have been established to enhance project execution and market penetration [3][5] Leadership and Governance - Hilary E. Ackermann joined the Board of Directors, bringing extensive experience in energy, finance, and governance, which will support the company's growth strategy [23][28]

Core Viewpoint - Eco Wave Power Global AB has achieved a significant milestone in the development of its first 1MW wave energy power station in Porto, Portugal, by paying 50% of the grid connection fee, indicating progress in the project's implementation [1][4]. Project Development - The payment made to E-REDES, the Portuguese electricity distribution system operator, represents a crucial step in securing access to the national distribution grid [4]. - Eco Wave Power has accepted the connection conditions for the public grid related to the UPP/5089 power plant, which is part of the formal application process [5][6]. - A tentative grid-connection date has been set for 2026, subject to final permitting and construction procedures [6]. Strategic Importance - The project is a cornerstone of Eco Wave Power's European growth strategy and marks its first megawatt-scale deployment in the region, with a 20MW concession agreement signed with APDL [8]. - The trajectory of the project accelerated after receiving the final permit from APDL in March 2024, allowing physical works to commence [9]. Infrastructure and Management - Key infrastructure enhancements began in February 2025 at "The Gallery," preparing it for equipment installation and public access [10]. - The company appointed Juan José Gómez as Power Station Manager and engaged MOQ Engineering for final design work, ensuring a robust execution of the project [11]. Industry Context - Portugal aims to source 85% of its electricity from renewables by 2030, up from 61% in 2023, making it a strategic partner for Eco Wave Power's technology [13]. - The country is recognized as a leader in wave energy commercialization, providing a favorable regulatory framework for marine renewable innovations [13].