Porto, Portugal--(Newsfile Corp. - May 28, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE), a leading onshore wave energy technology company, is pleased to announce a key milestone in the development of its first 1MW wave energy power station in the City of Porto, Portugal. Eco Wave Power has successfully paid the first installment - representing 50% of the grid connection fee - for the planned 1MW station, marking significant progress in the project's implementation. To view an enhanced version of t ...

Financial Data and Key Metrics Changes - For Q1 2025, Ecowave Power recorded a net loss of $500,005, an improvement from $527,000 in the same period last year, reflecting ongoing cost discipline while supporting project development [2][6] - Operating expenses increased to $765,000 from $659,000 in Q1 2024, primarily due to growth in engineering and execution work related to projects in Los Angeles and Portugal [3] - Cash and short-term deposits as of March 31, 2025, were $8,800,000, down from $9,300,000 at the end of 2024, attributed to development stage spending [4] Business Line Data and Key Metrics Changes - In Los Angeles, the company moved from permitting to production, with a floater manufacturing agreement signed in April [6][7] - In Portugal, engineering designs were finalized, and groundwork has begun, with equipment procurement and installation expected later this year [7] - The AWP EDF-one installation at Jaffa Port achieved zero downtime in Q1, with successful testing of 10 floaters demonstrating an average power output of 13 kilowatts [8] Market Data and Key Metrics Changes - Partnerships in India and Taiwan reached new milestones, with a MOU in India setting the stage for site assessment and a sale agreement in Taiwan moving into detailed permitting [7][8] - The company anticipates a purchase order in Q2 from Bahad Petroleum in India [7] Company Strategy and Development Direction - The company is focused on maintaining a healthy balance sheet while advancing the commercialization of its Wave Energy technology [4] - An advisory board was established to strengthen governance and strategic direction, with Hilary Ackerman joining as the first member [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue investing in its global pipeline while preserving flexibility for new opportunities [6] - The company remains committed to building a diversified and resilient wave energy business, with ongoing R&D efforts aimed at reducing floater costs and streamlining installation [9] Other Important Information - The company expects to finalize floaters in Los Angeles by the end of Q2 2025 and is on track for a 2026 startup in Portugal [4][7] Q&A Session Summary Question: What are the updates on the projects in Los Angeles and Portugal? - The company has moved swiftly from permitting to production in Los Angeles, with a floater manufacturing agreement signed, and in Portugal, engineering designs have been finalized with groundwork underway [6][7] Question: How is the company managing its cash flow amid project developments? - The company reported a reduction in net loss and maintains a cash balance that allows for continued investment while managing development stage spending [2][4]

Financial Data and Key Metrics Changes - For Q1 2025, Ecowave Power recorded a net loss of $500,005, an improvement from $527,000 in the same period last year, reflecting ongoing cost discipline while supporting project development [2][6] - Operating expenses increased to $765,000 from $659,000 in Q1 2024, primarily due to growth in engineering and execution work related to projects in Los Angeles and Portugal [3] - Cash and short-term deposits as of March 31, 2025, were $8,800,000, down from $9,300,000 at the end of 2024, attributed to development stage spending [4] Business Line Data and Key Metrics Changes - In Los Angeles, the company moved from permitting to production, with a floater manufacturing agreement signed in April, expected to be completed by the end of Q2 2025 [6][7] - In Portugal, engineering designs were finalized, and groundwork has begun under a 20 megawatt concession agreement, with equipment procurement and installation anticipated later this year [7] - The AWP EDF-one installation at Jaffa Port in Israel logged zero downtime in Q1, with successful testing of 10 floaters demonstrating an average power output of 13 kilowatts [8] Market Data and Key Metrics Changes - Partnerships in India and Taiwan reached new milestones, with a site assessment planned at the Mumbai oil terminal and a sale agreement in Taiwan moving into the detailed permitting phase [7][8] - The company anticipates a purchase order in Q2 for the Indian project, indicating progress in international markets [7] Company Strategy and Development Direction - The company is focused on maintaining a healthy balance sheet while advancing the commercialization of its wave energy technology [4] - An advisory board was established to strengthen governance and strategic direction, with a member appointed who has extensive experience in energy and sustainability [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue investing in its global pipeline while preserving flexibility for new opportunities [6] - The company remains committed to building a diversified and resilient wave energy business, with expectations for further progress throughout the year [10] Other Important Information - The company is focusing its R&D efforts in 2025 on reducing floater costs and streamlining installation processes [8] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [11]

Core Viewpoint - Eco Wave Power has received the final permit necessary to begin construction of its wave energy pilot project at the Port of Los Angeles, marking a significant step in the company's expansion into the U.S. market [1][6]. Group 1: Project Details - The company has been granted Revocable Permit 25-05 for the construction and demonstration of its wave energy technology at Berth 70 in San Pedro, California [1][3]. - The pilot project is co-funded by Shell Marine Renewable Energy and will utilize approximately 10,396 square feet of land and 2,016 square feet of water area for the installation of its wave energy conversion system [4]. - Up to eight wave energy floaters will be installed on an existing concrete wharf structure, with an energy conversion unit consisting of two 20-foot shipping containers placed on the wharf deck [5]. Group 2: Timeline and Implementation - With all necessary permits secured, Eco Wave Power plans to complete the installation within 2-3 months, aiming for completion by the end of the second quarter of 2025 [3][5]. - The conversion unit has already been shipped and is located on-site, indicating readiness for the next steps in the project [5]. Group 3: Industry Impact and Future Prospects - The U.S. Department of Energy's National Renewable Energy Laboratory estimates that wave energy could generate over 1,400 terawatt-hours per year, enough to power approximately 130 million homes, highlighting the potential of wave energy as a clean power source [6]. - This pilot project is expected to serve as a model for future large-scale wave energy installations across the United States and beyond, reinforcing Eco Wave Power's position as a leader in the industry [7]. Group 4: Company Background - Eco Wave Power is recognized for its patented technology that converts ocean and sea waves into sustainable electricity, with a project pipeline totaling 404.7 MW [8]. - The company has received support from various prestigious institutions, including the European Union Regional Development Fund and the United Nations' Global Climate Action Award, underscoring its commitment to combating climate change [8].