Eco Wave Power Global AB (WAVE) announced a monumental achievement on Monday: the receipt of the final Nationwide Permit (NWP) from the U.S. Army Corps of Engineers. This permit clears the path for the company’s innovative wave energy project at AltaSea, located within the Port of Los Angeles, to proceed. This project is poised to become the first onshore wave energy installation in the United States, a groundbreaking feat in the renewable energy sector.
The permit, issued under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, authorizes Eco Wave Power to install eight wave energy floaters on the existing concrete wharf structure at Municipal Pier One’s east side. The system will also incorporate an energy conversion unit housed within two 20-foot shipping containers, situated on the wharf deck and seamlessly connected to the floaters. With the conversion unit already on-site, the company aims to complete the entire installation by the end of the first quarter of 2025.
This accomplishment represents more than just a permit; it marks the successful completion of two crucial milestones outlined in Eco Wave Power’s agreement with Shell International Exploration and Production Inc., an agreement announced in April 2024. This collaboration is expected to significantly boost Eco Wave Power’s revenues in the fourth quarter of 2024. The secured permit propels both companies into the project’s execution phase, as detailed in their collaborative agreement.
Inna Braverman, CEO and Founder of Eco Wave Power, aptly highlighted the project’s significance. She emphasized that this technological advancement is pivotal in accelerating the global shift toward sustainable, renewable energy sources. The U.S. Department of Energy’s National Renewable Energy Laboratory estimates the immense potential of wave energy, projecting it could generate over 1,400 terawatt-hours annually – enough to power approximately 130 million homes. This project directly contributes to the commercial viability of wave energy, establishing Eco Wave Power as a key player in this burgeoning field.
This positive momentum follows Eco Wave Power’s November appointment of Ran Atias as Vice President of Engineering. Atias’s extensive experience in managing complex projects across various sectors, including automotive, defense, and robotics, will be instrumental in streamlining engineering processes and expediting project timelines. With three additional projects underway in the U.S., Taiwan, and Portugal, Atias’ expertise is expected to play a crucial role in the company’s scaling and growth strategy.
The news comes after WAVE stock closed down 1.80% at $6.56 on Friday. The successful securing of this crucial permit, however, is a significant positive indicator for the future of this ambitious and impactful renewable energy project. The successful implementation of this project will undoubtedly attract further investment and propel the advancement of wave energy technology globally.
