Historic Wave Energy Legislation Unanimously Passes California Legislature & Heads to Governor Newsom's Desk
SACRAMENTO, Calif., Sept. 20, 2023 /PRNewswire/ --Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy developer, commends the California State Senate for unanimously passing California Senate Bill 605 ("SB 605"), a legislative initiative that directs the California Energy Commission to evaluate the feasibility, costs, and benefits of using wave energy and tidal energy across California's 840-mile coastline.
The bill, introduced by Senator Steve Padilla (D-Chula Vista), now heads to Governor Gavin Newsom's desk for his consideration.
Per the amended bill, the California Energy Commission will work with various state agencies, including the California Coastal Commission, the Ocean Protection Council, and other stakeholders to identify suitable locations for wave energy and tidal energy projects in both state and federal waters.
Once signed into law by Governor Newsom, SB 605 will become the first legislation in America focused on the study, assessment, and promotion of wave energy.
"Wave and tidal energy present an incredible opportunity for California to meet their clean energy goals," said Senator Padilla. "SB 605 will help us explore the potential for wave energy to expand our portfolio of clean renewable energy sources. If we can capture even a fraction of the potential power generated by our oceans, we open the door to exciting energy and employment opportunities."
The legislation is supported by AltaSea at the Port of Los Angeles, a 35-acre ocean technology campus and will soon be home to some of California's first wave energy pilot stations. In the coming months, Eco Wave Power will install its first US pilot station after previously establishing energy stations in Gibraltar and Israel. The pilot project is believed to be the first onshore wave energy station to be installed in the United States.
"SB 605 is a landmark piece of legislation that continues to demonstrate California's leadership in renewable energy," said Eco Wave Power Founder & CEO Inna Braverman. "California's 840-mile coastline is an ideal home to the nation's first-ever wave and tidal energy legislation. Here at Eco Wave Power, we are aiming to have our innovative technology generating electricity at the Port of Los Angeles in the coming months to further demonstrate California's leadership. We urge Governor Newsom to sign SB 605 into law – a huge first step to unlock the full power of the ocean."
Wave energy is gaining momentum across the world. Later this fall, Eco Wave Power will officially "flip the switch" to commence operations at its landmark EWP-EDF One power station at Jaffa Port in Tel Aviv, Israel.
Wave and tidal energy have the potential to supply 30 percent of America's energy needs, according to a study by the National Renewable Energy Laboratory ("NREL"), a federally funded research and development center sponsored by the United States Department of Energy. In California alone, wave energy has an energy potential of 140 TWh/year – enough to power approximately 13 million homes.
Last year, California's state legislature set 2045 as its target for a 100 percent renewable and zero-carbon power grid, with their first benchmark target being 90 percent in 2035. In 2022, zero-carbon and renewable energy made up 54.23 percent of California's total energy supply.
"Utilizing wave and tidal energy is crucial to meeting California's important goals for clean air and a climate-resilient economy," said Terry Tamminen, President and CEO of AltaSea. Tamminen served as Secretary of the California Environmental Protection Agency under Governor Arnold Schwarzenegger. "SB 605 is another example of California's innovation and leadership in the fight against climate change. I'm hopeful that Governor Newsom will sign SB 605 into law."
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power's mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed 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 EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history. Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission's Horizon 2020 framework program. The Company has also received the "Global Climate Action Award" from the United Nations.
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+14124457719
jscott@vectisstrategies.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses that the Company is expected to be the first ever ocean energy power station in the United States, and that the Company's pilot station is set to be installed in the coming months. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. For example, the Company is using forward-looking statements when it discusses: the advantages and benefits of wave energy; that in the coming months the Company will install its first pilot station in the United States; and that later this fall the Company will commence operations at its EWP-EDF One power station in Jaffa Port in Tel Aviv, Israel. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading "Risk Factors" in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 27, 2023, which is available on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
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