New federal legislation to invest $1 billion to develop offshore energy toward full commercialization

Congresswomen Barragán and Bonamici Introduce Historic Wave Energy Legislation to Advance Offshore Energy as a Clean Energy Solution

WASHINGTON, August 1, 2024 /PRNewswire/ — Eco Wave Power Global AB (publ) (NASDAQ Capital Markets: WAVE) (“Eco Wave Energy“or the “Company”), a leading publicly listed developer of onshore wave energy, commends the representatives of Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) for the purpose of introduction Act on Accelerating the Development of Marine Energy Technologies legislation that would invest 1 billion dollars in order to develop offshore energy towards full commercialization.

Marine energy harnesses the energy of waves, tides, currents and other water resources to produce a clean energy source that can provide reliable, clean electricity to communities 24/7.

This Act on Accelerating the Development of Marine Energy Technologies would provide unprecedented levels of funding to the Department of Energy’s Office of Water Technologies for demonstration projects, research and development, detailed resource potential mapping, workforce development and more efficient permitting processes.

“Nearly 40 percent of the U.S. population lives in coastal communities where abundant marine energy resources exist, offering enormous potential to power our communities with clean, renewable energy, including California, said MP Barragan. “WITH Act on Accelerating the Development of Marine Energy TechnologiesWe can introduce a new, clean energy source to help our nation and our communities achieve clean energy and decarbonization goals, reduce pollution and create good-paying jobs.”

“The scale of the climate crisis requires us to use every possible approach to rapidly transition to a clean energy economy. Marine energy has the potential to harness the vast power of the ocean, but the industry’s progress has been hampered by inconsistent and limited federal investment. I am grateful to have introduced the Marine Energy Technologies Acceleration Act with Representative Barragan to accelerate the growth of the marine energy sector and support coastal communities where technology demonstrations are taking place. These investments will create good clean technology jobs and reduce climate-warming greenhouse gas emissions.” said MP Bonamici.

This federal law comes in parallel with an upcoming wave energy demonstration project to be implemented by Eco Wave Energy and Shell MRE in the port of Altasea Los AngelesWhere Eco Wave Energy intends to install the first U.S. land-based wave energy pilot station in the coming months. A representative Barragan has already visited The Power of Eco Wave installation site and I was impressed by the numerous possibilities of using wave energy in California and in United States.

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“We are grateful that Representatives Barragán and Bonamici have recognized the enormous potential of wave energy to advance the United States’ renewable energy goals and promote economic growth through the blue economy,” he said. Inna BravermanFounder and CEO Eco Wave Energy.

“The United States is becoming a global leader in climate initiatives, and this new federal legislation further demonstrates U.S. leadership around the world. We believe that wave energy has enormous potential, and we will soon be showcasing our pioneering technology at the Port of Los Angeles and showing that wave energy can play a significant role in combating climate change and providing our communities with access to clean, reliable energy from the inexhaustible power of the ocean,” added Pani. Braverman.

“For a long time, this useful source of energy has been sidelined in the face of investment in other renewable and non-renewable forms of energy” he said Terry Tamminen, CEO of AltaSea. “With this bill, Representative Barragán is putting wave and tidal energy on the map — and doing so in a very significant way.”

The co-authors of the act are representatives Suzanne Bonamici (Ore.), Ed’s Case (Hawaii), Rashida Tlaib (Michael), Kevin Mullin (California), Val Hoyle (Ore.), Troy Carter (La.), Hail Queen (California) and Anna Kuster (New Horizons).

The full text of the bill can be found here.

About the congresswoman Nanette Barragan

Represented by Congresswoman Nanette Barragan California 44^t District. She serves on the House Energy and Commerce Committee and works on environmental justice and health care issues. She is also chair of the Congressional Hispanic Caucus (CHC).

About Eco Wave Power Global AB (publ)

Eco Wave Energy is a leading onshore wave energy company that has developed a patented, intelligent and cost-effective technology to convert ocean and sea waves into green electricity.

The Power of Eco Wave The mission is to help fight climate change by enabling commercial energy production from ocean and sea waves.

The company owns and operates a grid-connected wave energy project Israelin co-investment by EDF Renewables IL and the Israeli Ministry of Energy, which recognized The Power of Eco Wave Technology as “Pioneering Technology.” Israeli Wave Energy Project Marks First-Ever Grid-Connected Wave Energy System Israel history.

Eco Wave Energy will soon begin installing its third and fourth wave energy projects at the port Los Angelesand in PortugalThe company also has a portfolio of projects with a total capacity of 404.7 MW.

Eco Wave Energy received funding from the European Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 Framework Programme and was awarded the Global Climate Action Award by the United Nations.

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

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

*The information contained on or accessible via the above-mentioned websites does not form part of this press release.

For more information, please contact the company:
[email protected]
+97235094017

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. For example, the Company uses forward-looking statements in this press release when it discusses potential 1 billion dollars investments in the development of offshore energy towards full commercialization, potential benefits and advantages of the act on accelerating the development of offshore energy technologies, Eco Wave Energy intends to install the first American pilot wave energy station on land at the port of Altasea Los Angeles in the coming months and the Company’s belief that wave energy has enormous potential and can be a significant force in combating climate change and powering communities with clean, reliable energy. 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 results and are based on management’s current expectations Eco Wave Energy and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be beyond the control of The Power of Eco Wave controls that could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not rely on any of these forward-looking statements. Except as required by law, Eco Wave Energy undertakes no obligation to release publicly 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 Energy is located in the chapter “Risk Factors” The Power of Eco Wave Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on March 28, 2024which is available on the SEC website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof. References and links to websites are provided for convenience, and the information contained on such websites is not incorporated by reference into this press release.

This information was provided by Cision http://news.cision.com.

https://news.cision.com/ewpg-holding-ab–publ-/r/new-federal-legislation-to-invest–1-billion-to-advance-marine-energy-toward-full-scale -commercialization,c4020487

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