EXCLUSIVE: Eco Wave Power 2024 Earnings: 22% Topline Growth, Narrows Operating Losses
Financial Performance: Eco Wave Power Global AB reported its first revenues of $393 thousand for the fiscal year ending December 31, 2024, marking a 21.7% increase from the previous year, while operating expenses decreased by 7% to $2.46 million.
Future Projects and Partnerships: The company plans to expand operations with new projects in the U.S., Portugal, and Taiwan, and has signed a memorandum of understanding with Bharat Petroleum Corporation Limited to develop wave energy projects in India.
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EXCLUSIVE: Eco Wave Power Marks US Manufacturing Debut With Port Of Los Angeles Project
Manufacturing Deal Announcement: Eco Wave Power Global has signed a manufacturing agreement with All-Ways Metal, Inc. to produce floaters for its wave energy project at the Port of Los Angeles, with delivery expected in 70 days.
Regulatory Milestones and Project Impact: The project has received key regulatory approvals, paving the way for the first U.S.-based wave energy system, which aims to support local job creation and advance sustainable energy infrastructure.
EXCLUSIVE: Eco Wave Power Rides New Wave With LA Permit To Launch US Pilot Project
Permit Approval for Wave Energy Project: Eco Wave Power Global AB has received a Revocable Permit from the Port of Los Angeles to construct and demonstrate its wave energy system at Berth 70, marking a significant step in its U.S. expansion and enabling the start of construction on a pilot project co-funded by Shell Marine Renewable Energy.
Potential Impact of Wave Energy: The pilot project aims to advance clean energy technology and could serve as a model for future large-scale wave energy deployments, with the U.S. Department of Energy estimating that wave energy could generate enough power for approximately 130 million homes annually.
