Eco Wave Power Global AB (WAVE) secures a final permit from the U.S. Army Corps of Engineers, paving the way for the first onshore wave energy installation in the US at the Port of Los Angeles. This marks a significant milestone in the company’s collaboration with Shell and signifies a major step towards commercializing wave energy as a clean and reliable power source.
The global ocean power market is poised for substantial growth, with projections indicating a surge from USD 1.14 billion in 2024 to USD 3.98 billion by 2031, fueled by a rising demand for renewable energy sources. This growth is driven by the increasing awareness of climate change and the global push for environmentally sustainable solutions, leading to a shift away from fossil fuels.
