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Water Stock News Bite - Eco Wave Power (Nasdaq: WAVE) Makes Big Splash for Investors on News of Being Chosen by Major International Energy Company to Conduct Wave Energy Feasibility Studies for the U.S. Coastline


April 9, 2024 ( Newswire) ( Water Stock News Bite - Eco Wave Power (Nasdaq Capital Market: WAVE) made the NASDAQ top ten percentage gainers in today's trading, currently trading at $2.6100, up $1.2950 or 97.7432% on volume of over 3 Million shares.

Today Eco Wave announced that it was selected by a major energy company (full name can be seen in the company's recent 20F report) to conduct a comprehensive feasibility study aimed at identifying the top locations for commercial onshore wave energy stations in the U.S. and across the globe, using its Eco Wave Power proprietary technology.

Per the terms of the agreement, Eco Wave Power has initiated a three-month, in-depth feasibility study in the United States and key regions across the globe. The studies explore the best proposed implementation sites for commercial installations, and reviews 77 sites in-detail in the U.S. coastline, in terms of wave availability and compatible marine structures, with encouraging results, while also proposing a five and a ten years roadmap for wave energy commercialization.

"Wave energy can power communities with clean, reliable energy and be a strong force in combating climate change," said Eco Wave Power Founder & CEO Inna Braverman. "We are thrilled to help provide in depth analysis about wave energy to an industry leader that is  exploring many avenues for clean energy."

Since its establishment, Eco Wave Power has rapidly changed the landscape of the ocean energy industry. Through a decade of relentless innovation, Eco Wave Power has built and demonstrated the scalability and reliability of its technology with various power stations. Just few months ago, Eco Wave Power announced that its landmark EWP-EDF One power station in Jaffa Port is officially connected to the grid, providing power from wave energy to Israel's national energy grid for the first time.

Eco Wave Power also has a pilot station located at AltaSea at the Port of Los Angeles. Currently on static display, the station is set to be installed in the coming months and will be the first onshore wave energy pilot station in the United States.

Recently, California Governor Gavin Newsom signed new legislation, Senate Bill 605, that directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology across the state's coastline. In New Jersey, similar legislation is awaiting consideration from the New Jersey State Senate Environment & Energy Committee.

The United States Department of Energy's National Renewable Energy Laboratory found that wave energy in the United States alone has the technical resource potential to produce over 1,400 TWh/year - enough to power 130,000,000 homes.

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