Eco Wave Power Global AB has announced the opening of a U.S. subsidiary, under the name Eco Wave Power U.S., to serve as a North American base for the company’s executives and team.
The company plans to also establish a corporate office in New York City.
Eco Wave Power said this decision reflects its commitment to expanding its footprint and impact in the U.S., an increasingly important market for renewable energy. The company’s wave energy technology has the potential to provide a reliable source of renewable energy to millions of people across the country’s 95,000+ miles of coastline, while also contributing to the fight against climate change, a release said.
“The United States is a global leader in clean energy and climate initiatives, so it was extremely important for us to further develop our U.S. operations,” said Inna Braverman, Eco Wave Power’s founder and chief executive officer. “The United States is a key market for Eco Wave Power because, according to the U.S. Energy Information Association, wave energy can supply up to 66% of all the United States energy needs. Could you imagine the impact the wave energy could have in the United States?”
In January 2022, Eco Wave Power signed an agreement with AltaSea at the Port of Los Angeles to bring its wave energy technology to the AltaSea campus. In just over a year, Eco Wave Power has modified, upgraded and transported the conversion unit to Los Angeles and will soon begin installation on the pilot project.
In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state – with its 130-mile coastline – to add wave energy to the master energy plan and provide funding for feasibility studies and pilot programs. Additionally, in California, State Senator Steven Padilla introduced SB 605 – a bill that aims to promote and facilitate the development and growth of wave energy, which will help California reach its clean energy goals.
In August 2022, US President Joe Biden signed into law the Inflation Reduction Act, which will allocate $128 billion toward renewable energy and grid energy storage. The legislation was well-timed for Eco Wave Power. Earlier in 2022, the company announced it would focus on the commercialization and implementation of its technology in two main markets: Europe and the U.S.
Eco Wave Power has a 404.7 MW project pipeline, with agreements to build power stations in Spain, Turkey, Portugal, the U.S., and other locations across the globe, according to a release.
Eco Wave Power is finalizing the construction of its grid-connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” The Company also holds concession agreements for commercial installations in Europe.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and European Commission’s Horizon 2020 framework program. The company has also received the “Global Climate Action Award” from the United Nations.
