Eco Wave Power Global AB, a company specializing in onshore wave energy, published its financial results for the first half of 2025, highlighting both a significant geographic expansion of its operations and an increase in R&D, administrative, and international growth-related expenditures. Active on multiple fronts — United States, Europe, Asia, and Africa — the company closed the period with $7.94 million in cash and short-term deposits, while recording a net loss of $1.89 million, up from the previous year.
Operating expenses rose by 18%, reaching $1.59 million, due to increased investments in research and development (+25%) and general and administrative expenses (+22%), notably related to staffing expansion in the United States and Portugal. Meanwhile, income from technology demonstrations in Asia nearly doubled, reaching $62,000.
Strategic Deployments Across Four Continents
In the United States, Eco Wave Power completed installation of all main components of its pilot station at the Port of Los Angeles, marking a key milestone in entering the North American market. The project, developed in partnership with AltaSea and Shell Marine Renewable Energy, is scheduled for official launch in September 2025.
In Europe, the company continued preparations for its 1 MW power station in Portugal under a 20 MW concession signed with the port authority APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A.). Work included the submission of the execution plan and the payment of 50% of the grid connection fee to the operator E-REDES.
Commercial Progress in Asia and Initial Studies in Africa
In Asia, two strategic agreements were signed. In India, a memorandum of understanding was concluded with Bharat Petroleum Corporation Limited (BPCL) for an initial site study at the Mumbai Oil Terminal. In Taiwan, a partnership with I-Ke International Ocean Energy Co. was launched, including the supply of a 100 kW conversion module and the start of local permitting procedures.
In Africa, Eco Wave Power established a partnership with Africa Great Future Development Ltd for a feasibility study at the Port of Ngqura, South Africa, a market identified as a priority for energy diversification. Existing port infrastructure and access to deep water are considered logistical advantages for a potential deployment.
European Support and Financial Developments
The company also joined the European Atlantic Wave Energy Sustainable Deployment Initiative (AWESDI), funded at €2.45 million by the Interreg programme. Eco Wave Power will receive €107,089 for its participation, within a multinational consortium led by the University of Vigo.
Financially, operating loss reached $1.588 million, while net financial loss amounted to $304,000, mainly affected by exchange rate fluctuations due to the appreciation of the Swedish krona against the US dollar. Consolidated net losses stood at $1.892 million, compared to $1.018 million in the same period last year.
Growth Outlook and Governance
The company strengthened its Board of Directors with the appointment of Hilary E. Ackermann, who brings over 30 years of experience in energy, finance, and corporate governance, including previous roles at Vistra Energy, Goldman Sachs, and UBS. Additionally, the company continues its American Depositary Shares (ADS) buyback program, supported by regulatory clarification from the Swedish Financial Supervisory Authority.
With a project pipeline totaling 404.7 MW and pilot projects in advanced stages across multiple continents, Eco Wave Power continues to industrialize its technology, backed by a multi-regional strategy and growing presence in public tenders and industrial partnerships.
