Eco Wave Power: Harnessing the Power of Waves for Global Expansion

Eco Wave Power Global AB (publ) (NASDAQ: WAVE), a leader in onshore wave energy technology, has reached a significant milestone in its Portuguese wave energy project, paving the way for a 2026 launch and global expansion. The company's innovative approach to wave energy conversion, coupled with strategic collaborations and advancements in technology, positions it as a strong contender in the renewable energy sector.



The Portuguese project, located in the city of Porto, is a part of a 20 MW Concession Agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL). This project features Eco Wave Power's proprietary wave energy technology and includes a first-of-its-kind underwater wave energy museum and education center, set to be housed in "The Gallery" – the room underneath the breakwater where the Company's energy conversion equipment will be installed. The innovative project aligns with Portugal's renewable energy goals, aiming to generate 85% of its electricity from renewable sources by 2030.

Eco Wave Power's collaboration with MOQ Engineering, a renowned Portuguese engineering firm, is a key milestone in the project's advancement. MOQ will perform the final design and load calculations for the floaters, which are key components of Eco Wave Power's wave energy conversion system. This work ensures the safe and efficient installation of the floaters on the marine structure at the project site, positioning the project for a targeted launch during 2026.

The project is expected to have significant environmental and economic impacts. By generating clean energy, the project will help reduce Portugal's carbon footprint and contribute to the fight against climate change. The underwater wave energy museum and education center will serve as a public awareness tool, educating visitors about the potential of wave energy as a sustainable power source. Additionally, the project is expected to create new jobs in Portugal, contributing to the local economy and stimulating the growth of a new industry in the country.



Eco Wave Power is also advancing additional projects globally, including upcoming initiatives in Taiwan and the Port of Los Angeles. Moreover, the company plans to announce new projects in additional countries, further expanding its footprint in the wave energy sector and reinforcing its position as a leader in renewable energy innovation.

Inna Braverman, CEO of Eco Wave Power, commented on the collaboration with MOQ Engineering: "This collaboration represents significant progress in the development of our Portuguese project. Their expertise in engineering and design ensures that we are meeting the highest safety and operational standards. With their work on track for completion this February, we are steadily moving closer to the production phase and the realization of our goal to make wave energy an integral part of Portugal's renewable energy mix."

Manuel Cardoso, Partner of MOQ Engineering, commented on the collaboration: "We are honored to partner with Eco Wave Power on this innovative wave energy project. Their commitment to meeting the highest safety and operational standards aligns with our own values and expertise. We look forward to delivering the final design and load calculations for the floaters, ensuring the safe and efficient installation of the project."

In conclusion, Eco Wave Power's Portuguese wave energy project represents a significant step towards the commercialization of wave energy technology. With its innovative approach, strategic collaborations, and advancements in technology, the company is well-positioned to lead the global expansion of wave energy and contribute to a more sustainable future.