Eco Wave Power AB (publ)(WAVE) - 2023 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Eco Wave Power reported a significant decrease in net financial loss for the nine months of 2023, with a net loss of approximately $1 million compared to around $2 million in the same period last year [12]. Business Line Data and Key Metrics Changes - The EWP EDF One Project in Israel has been completed with an installed capacity of 100 kilowatts, marking the first time wave energy was connected to Israel's national grid [3][4]. - The company is planning a project in the Port of Los Angeles, which will be its first entry into the U.S. market, pending final licenses [5][6]. - A concession agreement has been signed for a 20 megawatt power station in Porto, Portugal, with plans to start construction of 1 megawatt [7][8]. Market Data and Key Metrics Changes - The U.S. market is viewed as strategic, with wave energy capable of supplying 66% of the country's energy needs [5]. - California's recent legislation (Senate Bill 605) aims to evaluate the feasibility of wave and tidal energy, indicating a supportive regulatory environment [6]. Company Strategy and Development Direction - The company aims to demonstrate that wave energy can be cost-efficient, reliable, and environmentally friendly, positioning it as a significant part of the renewable energy mix [8]. - Eco Wave Power is actively pursuing collaborations and feasibility studies with global organizations, including Chevron and Shell, to explore wave energy potential [11]. Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and commitment to advancing wave energy projects despite previous financial losses [12]. - The company plans to hold quarterly calls to update investors on strategic collaborations and project developments [12]. Other Important Information - Eco Wave Power has received grants totaling $1.83 million from the European Union and the UK government [9]. - The collaboration with Lian Tat Company in Taiwan is progressing, with plans for a joint wave energy pilot [10]. Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.