SACRAMENTO, Calif, Oct. 9, 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, applauds
California Governor Gavin Newsom for signing California Senate Bill 605 ("SB 605") into law
- a historic moment for wave energy in America. The legislation
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.
The legislation in its entirety can be found here.
"Ocean energy is one of the largest untapped sources of
renewable energy, and California
is now well-positioned to harness that energy and accelerate our
transition to 100% clean energy while creating high-paying jobs. I
thank Governor Newsom for signing this important legislation into
law," said Senator Steve Padilla
(D-San Diego), who introduced and
authored SB 605.
The California Energy Commission will work with various state
agencies and stakeholders to identify suitable locations for wave
energy and tidal energy projects in both Californian and federal
waters. This comes after California's State Legislature ("Legislature")
set 2045 as its target for a 100 percent renewable and zero-carbon
power grid, with its first benchmark target being 90 percent by
2035. As of 2022, net zero carbon and renewable energy made up
54.23 percent of California's
total energy supply.
"California leads the way on
climate initiatives, and SB 605 further demonstrates the state's
leadership across the world," said Eco Wave Power Founder & CEO
Inna Braverman. "We believe that
wave energy has massive potential, and we will soon be
demonstrating our pioneering technology at the Port of Los Angeles and showcasing that wave energy
can be a significant force in combating climate change and powering
our communities with clean, reliable energy sourced from the
endless power of the ocean."
The primary sponsor of SB 605 is AltaSea at the Port of
Los Angeles, a 35 acre ocean
technology campus. AltaSea will soon be home to Eco Wave Power's first US pilot station –
believed to be the first onshore wave energy station in
the United States. This pilot
station comes after Eco Wave Power
has officially connected its EWP-EDF One power station at the Port
of Jaffa in Israel to the
country's energy grid. Eco Wave
Power will soon officially "flip the switch" to commence
operations at its landmark station.
"We are grateful that Governor Newsom recognized the vast
potential of wave and tidal energy in meeting California's goals for renewable energy and
promoting economic growth through the blue economy," said
Terry Tamminen, President and CEO of
AltaSea. Tamminen served as Secretary of the California
Environmental Protection Agency under former Governor Arnold Schwarzenegger. "We are incredibly proud
to have sponsored this landmark legislation, and we look forward to
working with the California Energy Commission and our partners to
showcase the viability of wave energy."
SB 605 requires the California Energy Commission to produce a
written report by 2025 to the Governor and the Legislature on their
findings, including any "considerations that may inform legislative
and executive actions to facilitate, encourage, and promote the
development and increased use of technologically and economically
feasible wave energy and tidal energy technologies, infrastructure,
and facilities in the state."
A study by the National Renewable Energy Laboratory ("NREL")
found that wave and tidal energy have the potential to generate 30
percent of America's energy needs. The NREL, a research and
development center sponsored by the United States Department of
Energy, also found that California's wave energy potential can power
approximately 13 million homes.
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 and received all approvals
for its grid connected project in Israel, with co-investment from the Israeli
Energy Ministry, which recognized Eco Wave
Power's 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, and also plans to move towards
its first commercial installation in Portugal. In addition, the Company 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 when discussing how the California Energy Commission
will work to identify suitable locations for wave and tidal energy
projects, the California State Legislature's renewable energy
targets, that the Company will be demonstrating its pioneering
technology at the Port of Los
Angeles, that AltaSea will be home to the Company's first US
pilot station, that the Company will soon commence operations at
its landmark station, and that SB605 requires the California Energy
Commission to produce a written report by 2025 regarding
considerations to promote wave and tidal energy. 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. 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/18497/3850328/2347310.pdf
|
Release
|
https://news.cision.com/ewpg-holding-ab--publ-/i/inna-braverman-terry-tamminen-and-arnold-schwarzenegger,c3223600
|
Inna Braverman Terry
Tamminen and Arnold Schwarzenegger
|
View original
content:https://www.prnewswire.co.uk/news-releases/california-governor-gavin-newsom-signs-historic-wave-energy-legislation-into-law-301950851.html