SB 605 Puts California on the Path Towards a
New Energy Source
Sacramento, Calif., July 18,
2023 /PRNewswire/ -- Eco Wave Power Global AB (publ)
(Nasdaq: WAVE) ("Eco Wave Power" or the "Company"), a leading wave
energy developer, is pleased to announce that the California
Assembly Committee on Utilities and Energy unanimously approved
California Senate Bill 605 – Wave
and Tidal Energy ("SB 605") – in late June.
The bill aims to put California
on the path to developing a new source of clean, renewable energy
to help the state meet its carbon-free targets while bolstering its
electric grid.
Earlier this summer, the California Senate voted in favor of SB 605
after it was unanimously approved in five separate policy
committees.
SB 605, proposed by Senator Steve
Padilla (D-Chula Vista),
directs the California Energy Commission to work with relevant
state agencies to study the feasibility and potential for wave and
tidal energy development in California and sets deadlines to report its
findings to both the California Legislature and Governor.
SB 605 also calls for the Energy Commission to consider wave and
tidal energy pilot projects that "assess the technological
feasibility and provide research and demonstration of the
technology" in the investment planning process for the Electric
Investment Charge program. The Electric Investment Charge program
is a California Energy Commission program that "invests in
scientific and technological research to accelerate the
transformation of the electricity sector to meet the state's energy
and climate goals."
"To meet our ambitious and necessary climate goals,
California needs to explore every
new avenue for clean energy," said Senator Padilla. "Wave
power is clean, consistent, predictable, and, with over 1,000 miles
of shoreline, our state has a unique opportunity to capitalize on
this untapped energy source. We need to invest in innovation now to
remain a leader in the clean energy future."
The legislation is sponsored by AltaSea at the Port of
Los Angeles, a 35-acre ocean
technology campus that is home of Eco Wave Power's first wave
energy power station in North
America. The pilot project, believed to be the first onshore
wave energy station to be built in the
United States, is set to be installed in the coming
months.
"We are pleased that this important legislation continues to
make progress through the legislative process. This progress
underscores California's
commitment to quickly implement new and innovative renewable energy
sources throughout the state," said Inna
Braverman, founder and Chief Executive Officer of Eco Wave
Power. "We offer our continued support of SB 605 through the
legislative process – every step forward brings us closer to
building more sustainable infrastructure on California's vast coast."
"Continued innovation in our policies, technologies, and
financing of new clean, renewable energy sources is vital if we
hope to achieve our ambitious 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
former Governor Arnold
Schwarzenegger.
California has established 2045
as its deadline to achieve a carbon-free energy grid. The National
Renewable Energy Laboratory found that the energy potential in
California is 140 TWh/year, which
is the equivalent to the power needs of 13 million homes or 69% of
California's 2019 net electricity
generation.
SB 605 states that if developed and deployed at scale, wave and
tidal energy has the potential to provide economic and
environmental benefits to the state and the nation.
There is a lot of momentum from both coasts for wave energy in
America, with pending legislation also in New Jersey proposed by Assemblyman
Robert Karabinchak promoting
legislation. The Bill – AB 4483 – encourages New Jersey to explore a deployment plan for
wave energy technologies on the state's coastline and provide
funding for feasibility studies and pilot programs. The bill
currently awaits consideration from the New Jersey State Senate
Environment & Energy Committee.
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 is currently 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" and 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
+1.412.445.7719
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. 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 how SB 605 aims
to put California on the path to
developing a new source of clean, renewable energy, advantages and
benefits of wave energy, that the Company's pilot project, believed
to be the first onshore wave energy station to be built in
the United States, is set to be
installed in the coming months and the pending legislation in
New Jersey regarding a potential
deployment plan for wave energy technologies and funding for
feasibility studies and pilot programs. 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 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.
The following files are available for download:
https://mb.cision.com/Main/18497/3806707/2194709.pdf
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Inna Braverman Terry
Tamminen and Arnold Schwarzenegger
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SOURCE EWPG Holding AB