Riding the Wave Energy Wave -Eco Wave Power (NASDAQ: $WAVE) Investors See Big Gains on News; @EcoWavePower
Investorideas.com (www.investorideas.com) a go-to platform for big investing ideas, including
water and renewable energy stocks, reports on developments for Eco Wave Power Global AB) (NASDAQ: WAVE),
a leading, publicly traded onshore wave energy technology company .
Today the stock is trading up at $8.07, gaining $1.51, or 23.02% on higher than average volume in this
morning’s session.
Today Eco Wave announced it has received the final
Nationwide Permit (NWP) from the U.S. Army Corps of Engineers for its
groundbreaking wave energy project at AltaSea's premises at the Port of Los
Angeles.
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news dissemination for WAVE
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This milestone marks a significant step forward in the
development of Eco Wave Power's pioneering wave energy project, which is set to
become the first onshore wave energy installation in the United States. 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 piles of an existing concrete wharf structure on the east side of Municipal
Pier One.
The system will also include an energy conversion unit,
comprised of two 20-foot shipping containers, which will be placed on the wharf
deck and connected to the floaters. With the conversion unit already shipped
and located on site, Eco Wave Power plans to complete installation by the end
of Q1 2025.
In addition to securing the final permit, this achievement
marks the completion of two key milestones under Eco Wave Power's agreement
with Shell International Exploration and Production Inc ("Shell"),
which is expected to boost the Company's revenues in Q4, 2024
The agreement between the parties was announced in April
2024, according to which, Eco Wave Power and Shell will collaborate for the
development of a wave energy pilot in the Port of Los Angeles. Now, with the
permit in place, the parties will enter the execution phase of the project, as
per the terms of the agreement.
"We are thrilled to receive this final permit and
move one step closer to bringing wave energy to the U.S.," said Inna
Braverman, Founder and Chief Executive Officer of Eco Wave Power. "This
project represents not only a technological breakthrough but also a crucial
step in advancing the global transition to renewable energy. We are deeply
grateful for the support of AltaSea, the Port of Los Angeles, Shell MRE, and
the U.S. Army Corps of Engineers as we work to make wave energy a key part of
the sustainable energy landscape."
The U.S. Department of Energy's National Renewable Energy
Laboratory estimates that wave energy has the potential to generate over 1,400
terawatt-hours per year—enough to power approximately 130 million homes. With
this project, Eco Wave Power is advancing the commercialization of wave energy
as a reliable and clean source of renewable power, further strengthening its
position as a leader in the industry.
Recent
news for WAVE
https://finance.yahoo.com/news/eco-wave-power-receives-final-132500972.html
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