November 18, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.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.
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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