STOCKHOLM, May 16, 2024 /PRNewswire/ — Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company, that developed a patented, smart, and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the three months ended March 31, 2024 and provide a corporate update.

Management Commentary

During the first quarter of 2024, Eco Wave Power continued to demonstrate resilience by decreasing its operating expenses by 3.5% compared to the first quarter of 2023, ending the quarter with $7.96 million in cash and in short term bank deposits. At the same time, we have achieved the following milestones:

• In Israel, the EWP-EDF One Project in the Port of Jaffa, has been delivering clean energy from the waves to the Israeli National electrical grid, since its connection to the grid in the end of 2023. An opening ceremony for the project will be held as soon as the Company deems the geopolitical situation in Israel has improved. Eco Wave Power and EDF Renewables IL have started an analysis of the first set of results from January 2024 to April 2024. The results from the project are encouraging, as we can see a month-by-month improvement both in terms of the energy generation results and in terms of significant decrease in down-time for the power station. For example, downtime has decreased from 35% in January 2024, to 26% in February 2024, to 13.4% in March 2024 and to only 3.6% in April 2024. In addition, the Company was able to get closer to its energy generation target for the site by 8%.
• At the Port of Los Angeles, in January 2024, we signed a strategic co-investment agreement with a major Energy Company (the full name of the company is disclosed in our annual report on Form 20-F for December 31, 2023), for the implementation of our first U.S-based project while we are also moving forward with the licensing process. We have submitted our comprehensive project engineering plans to the port authorities and have formally requested the final required licenses from both the Port of Los Angeles and the U.S. Army Corps of Engineers. As a response, we have been requested to submit a third-party opinion about the fact that our project site in the Port of Los Angeles, is not a historic site. We have received such a formal opinion on April 29, 2024, and have submitted it to all relevant parties. As soon as we receive the relevant licenses, we expect a very short implementation time of around 6 months for our first U.S. project. In May 2024, the founder and CEO of Eco Wave Power, Inna Braverman, also met with representatives from the U.S. Department of Energy and presented the progress and timeline for the implementation of the project.
  Due to rising interest and opportunity that we see in the U.S. market, we conducted a comprehensive feasibility study with the same major energy company, aimed at identifying the best locations for commercial onshore wave energy stations along the U.S. coastline and worldwide. The three-month, in-depth feasibility study which now has been completed, has shown favorable conditions for clean energy production in multiple locations in the U.S. and globally. In the study, we pointed out at least 77 sites in the U.S. that may be compatible with the implementation of Eco Wave Power’s technology.
• In Portugal, we received the final approval necessary for the commencement of the construction works of our first commercial-size project in Porto (TURH license) from APDL Port Authority. As a result, we have issued a performance bond to APDL, meant to solidify our commitment for the construction of the first commercial wave energy project within a 2-year period. We believe this will be the first wave energy project in the world to show significant energy production from the power of the waves. During Q1, 2024, we have finalized the construction plans for the energy conversion units and held an official project kick-off call on April 22, 2024 with the architect of the implementation site and APDL. The next steps include finalizing detailed construction plans for the full first 1 MW power plant (including the floaters) to be followed by an official site visit by Eco Wave Power’s engineering team and commencing actual construction, which is expected to take up to 24 months. The Portuguese project is expected to be Eco Wave Power’s first MW scale project, which we believe will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of wave energy globally.
• During the year 2023, Eco Wave Power was able to increase its cash flow and substantially decrease its net loss by providing feasibility studies services and other engineering services to major energy companies and other clients around the globe. In 2024, to increase the Company’s revenue and cash flow, the Company’s management decided to start supplying turnkey wave energy to clients around the world, while progressing with its core projects in Israel, the Port of Los Angeles, and Portugal.
• In December 2023, Eco Wave Power submitted an official request to the Financial Supervisory Authority of Sweden (“SFSA”), to receive authorization for the Company’s repurchase of American Depositary Shares representing up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by Swedish Law. In the meantime, the SFSA recognized that Nasdaq Capital Market is a regulated market for the purpose of such repurchase and has notified the Company that it is examining the prospect of approving such repurchase, based on the shareholder rights attached to the American Depository Shares. Once its examination is completed, the Company hopes that Eco Wave Power will be permitted to exercise such a repurchase and would intend to proceed with the repurchase action as soon as such approval is granted.

CEO Commentary:

According to an article published by Fidelity International titled “Three reasons clean energy stocks could come back in 2024” on January 26, 2024, high interest rates and a weaker global economy have challenged clean energy equities over the past year, mirroring Eco Wave Power’s stock performance.^[1] Despite this, global renewable power installation surged by nearly half in 2023, hinting at optimism for 2024. Clean energy ETFs now outperform those that are tied to oil and gas, reflecting a broader trend according to the article. Our Company’s share price similarly rose during this period, outpacing the MSCI Global Alternative Energy Index by 136.42% in the last three months.

We believe that what enabled the growth and rising interest in the Company’s share price is the fact that the Company constantly delivers on its promises, and reaches significant progress during each quarter, while cutting down its operational expenses and boosting revenues.

In the first quarter of 2024, we were able to keep the low level of expenses and thus demonstrate our resilience by decreasing our operating expenses by 3.5% compared to the first quarter of 2023, ending the year with $7.96 million USD in cash and in short term bank deposits.

There was progress across all projects, including key improvements in the operational results of the EWP-EDF One project at the Port of Jaffa in Israel, submissions of final licensing documents for the installation of the project at the Port of Los Angeles, and moving forward with Eco Wave Power’s first MW-scale project in the city of Porto in Portugal.

We have also reinforced our engineering team and are planning on establishing a U.S. based sales and business development team to enable the Company to enter deals for turnkey wave energy projects which we believe will, in turn, significantly boost the Company’s revenues, to be added to the revenues that the Company has been generating from feasibility studies and other related engineering services.

The expansion of the engineering team in Israel and the new business development and sales team in the U.S. will require some time. However, we believe that such an enhanced company structure will lead to positive financial results and accelerated project delivery.

According to an article published by Reuters titled “Clean energy ETFs start to outperform key oil and gas  ETF” on May 7, 2024,  if the momentum seen over the past month is sustained, all major clean power ETFs, may soon register positive returns for the year so far, which will serve to boost sentiment across the clean energy space, and if that sentiment is further boosted by supportive macro-level changes regarding geopolitical tensions and interest rate regimes, additional investor momentum into the broader clean energy ETF space can be expected.^[2]

I would like to finish by thanking all our existing shareholders, and the new ones that joined us in recent months and reiterate our excitement about the new deal with the major energy company, and the progress with all our projects. Let’s change the world, One Wave at a Time.

First Quarter 2024 Financial Overview

• There were no revenues as of and for the three months ended March 31, 2024
• Operating expenses were $659,000, down by 3.5% from the same period last year.
  • Research and development expenses were $177,000 compared to $210,000 in the same period last year, down by 15.7% on the same period last year.
  • Sales and marketing expenses were $65,000 compared to $76,000 in the same period last year, down by 14.5% on the same period last year.
  • General and administrative expenses were $408,000 compared to $397,000 in the same period last year, up by 2.8% on the same period last year.
  • Other income of $4,000 was generated mainly from management fees in a joint venture.
  • Share of net loss of a joint venture accounted for using the equity method was $13,000.
• Operating loss was $659,000 compared to $683,000 in the same period last year, which is down by 3.5%.
• Net financial income was $132,000 compared to $160,000 in the same period last year.
• Net loss was $527,000, or $0.01 per basic and diluted share, compared to a net loss of $523,000, or $0.01 per basic and diluted share in the same period last year.
• The Company ended the period with $7.96 million in cash and cash equivalents and in short term bank deposits. ($7.74 million in cash and cash equivalents and $0.22 million in short-term bank deposits).

Conference Call and Webcast Information

The Chief Executive Officer of Eco Wave Power, Inna Braverman, will host a conference call to discuss the financial results and outlook on Friday, May 17, 2024, at 9:00 a.m. Eastern time.

• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
  If requested, please provide participant access code: 193251
• The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/50651

A replay will be available by telephone approximately four hours after the call’s completion until Friday, May 31, 2024. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 50651. The archived webcast will also be available on the investor relations section of the Company’s website.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.

Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.

The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.

Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power at www.ecowavepower.com

Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact:
Inna Braverman, CEO
[email protected]

Aharon Yehuda, CFO
[email protected]
+97235094017

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the prospective approval of requite licenses for its U.S-based wave energy project at the Port of Los Angeles and expected implementation time should the licenses be granted, the Company’s belief that the wave energy project in Portugal will be the first to show significant wave energy production, the finalization of construction plans and implementation time of the project in Portugal, that the project in Portugal is expected to be the Company’s first MW scale project that may position the Company as a leading wave energy developer, the  pending SFSA decision on whether the Company is permitted to exercise a repurchase of its American Depositary Shares, the Company’s belief that its expansion in its engineering, business development and sales teams may lead to improved financial results, and certain projected positive trends in the green energy market. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”, or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on March 28, 2024, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

^[1] https://www.fidelityinternational.com/editorial/article/three-reasons-clean-energy-stocks-could-come-back-in-2024-e3b803-en5/

^[2] https://www.reuters.com/business/energy/clean-energy-etfs-start-outperform-key-oil-gas-etf-maguire-2024-05-07/

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion

GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.

The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”

“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”

77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.

CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.

In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  

With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.

To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 

Website: www.caymanenterprisecity.com
LinkedIn: @CaymanEnterpriseCity
Twitter:  @CEC_Cayman
Instagram: @CaymanEnterpriseCity
Facebook: @CaymanEnterpriseCity
YouTube: @ceccayman

About Cayman Enterprise City 

Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.

About Enterprise Cayman 

Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!

Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg

FOR MORE INFORMATION:

Contact: Kaitlyn Elphinstone  
Email: [email protected]  

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CHISINAU, Moldova, May 16, 2024 /PRNewswire/ — Moldova is positioning itself as a rising tech hub with the release of the “IT Investment Guide for Moldova“, prepared by Emerging Europe. This guide provides detailed insights into Moldova’s dynamic IT sector, showcasing strategic advantages, opportunities, and incentives for investors.

The Moldova Innovation Technology Park (MITP) is central to this transformation, driving the nation’s digital agenda and fostering a robust innovation ecosystem. Hosting over 21,190 IT specialists, MITP significantly contributes to Moldova’s GDP and IT exports.

Key Advantages of MITP:

• Single Tax Rate: MITP residents enjoy a single tax rate of 7%, replacing the entire tax burden for companies and employees.
• Zero Corporate Income Tax: Resident companies are exempt from corporate income tax, local taxes, real estate, and road taxes.
• Work Permits: The IT Visa Programme offers four-year work permits for top managers and two-year permits for IT specialists and their families.
• Talent and Education: Moldova has a strong pool of IT graduates, supported by leading universities and training programs.

Growth and Achievements:

Moldova’s IT sector has shown remarkable growth and resilience. Between 2016 and 2022, the sector achieved a 37.1% annual revenue growth rate and a 40% annual growth in IT exports. The IT sector now constitutes a significant part of Moldova’s economy, with MITP accounting for about 80% of the sector and five percent of the nation’s exports.

The guide highlights success stories of international and local companies thriving in Moldova’s business environment, including Amdaris, Endava, Bloomcoding, and Crunchyroll. These companies have leveraged MITP’s benefits to expand and innovate in their respective fields.

Strategic Positioning:

Moldova’s alignment with the European Union’s Digital Transformation Strategy enhances its appeal to investors. The country’s commitment to digitalization is evident in its advanced public services and robust infrastructure. Moldova ranks highly in the IT Competitiveness Index, surpassing many regional peers in talent availability, business environment, and economic impact.

A Promising Future:

Moldova’s digital transformation strategy aims for 100% digitalization of public services, setting a high standard for tech-driven economic development. For investors and businesses exploring opportunities in Eastern Europe, Moldova offers a compelling proposition. The “IT Investment Guide for Moldova” showcases the country’s achievements and serves as a roadmap to its digital future.

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