Eco Wave Power Global AB (NASDAQ: WAVE), a company specializing in wave energy technology, recently filed its annual report for the fiscal year 2024, indicating strong financial and operational performance. Last year, the company successfully reduced its operating expenses by 7%, while improving its cash position by 11% compared to the previous year. This allowed the company to strengthen its cash reserves, reaching $9.3 million at year-end, up from $8.4 million at the end of 2023.
In terms of revenue, Eco Wave Power recorded $393,000, marking a 21.7% increase compared to 2023. This figure includes $168,000 generated from the sale of pilot stations and $225,000 from grants and demonstration projects in the U.S. These results reflect the continued growth of the market for the company’s wave energy technology.
One of the highlights of 2024 was the implementation of the EWP-EDF One pilot project at the Port of Jaffa in Israel. This project marked a historic first by supplying clean energy to Israel’s national grid. The inauguration of this facility allowed Eco Wave Power to demonstrate the viability of its technology under real-world conditions, with an operational uptime of 78% in November 2024.
International Expansion and Key New Projects
2024 also saw Eco Wave Power reach crucial milestones in its international expansion. In the United States, the company secured the necessary federal license for its project at the Port of Los Angeles, the first wave energy project to be developed on the U.S. West Coast. The license granted allows the installation of eight wave energy floaters on existing structures at the Port of Los Angeles, with supply and installation works scheduled to begin in the first quarter of 2025.
Simultaneously, the company made progress on its large-scale project in Portugal, advancing in technical design and infrastructure improvements. The project, which aims to set up a 1 MW wave energy production system by 2026, has been bolstered by key appointments, including Juan Jose Gomez as Power Station Manager.
Strategic Partnerships and New Opportunities
Eco Wave Power has signed several strategic partnership agreements, notably with I-Ke International Ocean Energy Co. in Taiwan, aimed at introducing wave energy technology to the Asia-Pacific region. Additionally, in February 2025, the company signed a memorandum of understanding with Bharat Petroleum Corporation Limited (BPCL) in India to develop wave energy projects, with the first pilot project planned for Mumbai.
These agreements open the door to new opportunities in key markets where wave energy potential remains underexploited. The Asia and India markets, in particular, represent a strategic area for the company’s technology deployment.
Outlook for 2025
Eco Wave Power plans to continue its development in 2025, with ambitious goals for its projects in the United States, Portugal, and Asia. The company also announced its intention to refine its wave energy production processes by conducting further research and development on its systems. These efforts are expected to help Eco Wave Power maintain its position as a leader in technological innovation in renewable energy.
