Eco Wave Power reported a 1.6% reduction in operating expenses in the first half of 2024, compared with the same period in 2023.
The company retains $7.48 million in cash and short-term bank deposits, supporting its development efforts in several markets.
These financial results reflect rigorous cost management in a context of heightened energy market volatility. The EWP-EDF One project at the port of Jaffa in Israel has been generating electricity since its connection to the national grid in 2023.
Between April and June 2024, the project’s performance shows a 17% increase in energy production and a reduction in interruptions to 0%.
These positive results strengthen the partnership with EDF Renewables IL.
The project was awarded the EDF Pulse prize, recognizing its contribution to decentralized energy models.
Strategic advance in the United States
In the United States, Eco Wave Power is advancing the development of its project at the Port of Los Angeles in partnership with Shell International Exploration and Production Inc.
Local authorities are validating the engineering plans, and final approval from the Army Corps of Engineers is pending.
Once this stage has been completed, the facility could be operational within six months.
This strategic project aims to demonstrate the commercial feasibility of wave energy conversion in the North American market.
The introduction of the Marine Energy Technologies Acceleration Act in the US Congress provides $1 billion in funding to stimulate innovation in the marine energy sector.
This legislative support is crucial for companies looking to deploy new technologies and clear regulatory hurdles, boosting the momentum of projects like the one in Los Angeles.
Political issues and industrial prospects
Recent developments illustrate the growing interest of political decision-makers in marine energy technologies.
US representative Nanette Barragán’s visit to the Eco Wave Power site in California underlines this interest.
Decision-makers see in these technologies the potential to diversify renewable energy sources and support emission reduction targets.
With the Marine Energy Technologies Acceleration Act, the United States is positioning itself to significantly support research, development and the implementation of pilot projects.
This regulatory framework could accelerate the adoption of marine energy as a viable and sustainable source in the energy mix.
Implications for the energy market
Interest in marine energy and growing legislative support in North America are creating a favorable environment for companies in the sector.
Eco Wave Power, through its strategic partnerships and pilot projects, is seeking to capture a share of the emerging marine energy market.
The development of such projects could have a major impact on the competitiveness of renewable energies and on the evolution of energy infrastructures.
Future advances, both in terms of technology and regulation, will determine the ability of marine energy players to meet the growing need for clean energy while navigating a complex and competitive market environment.
