Offshore Industry News

Eco Wave Power Expects a Boost to its U.S. Market Penetration Efforts

Eco Wave Power Global AB is pleased to announce that the U.S. President Joe Biden and Senate Majority Leader Chuck Schumer are promoting a $369 billion renewable energy bill. The proposed legislation, under the name the Inflation Reduction Act of 2022, would mark the nation’s largest federal investment, to date, in clean energy.

In remarks made at the White House earlier this week, President Joe Biden said: “We will invest $369 billion to secure our energy future and to address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. … This bill would be the most significant legislation in history to tackle the climate crisis and improve our energy security right away. And it’ll give us a tool to meet the climate goals that are set — that we’ve agreed to — by cutting emissions and accelerating clean energy. A huge step forward.”

“The United States is a respected global leader in climate initiatives, and such a massive investment into renewable energy – the largest investment ever – is critical towards building a cleaner and healthier planet,” said Inna Braverman, Eco Wave Power’s Founder and CEO. “The United States has over 95,000 miles of coastline and over 128 million Americans live in coastal counties, making blue energy a smart renewable energy solution for the United States, while positioning the United States as a key market for Eco Wave Power.”

This legislation initiative comes at an opportune time for Eco Wave Power, who announced earlier this year about the Company’s intent to focus its commercialization strategy on the European and the Unites States markets.

“The United States is a high priority market for Eco Wave Power. Thus, this year, we have operated in two parallel paths for the penetration of our pioneering technology into the U.S market: the first path is through the promotion of our first ever wave energy project in the State of California and second is through the promotion of a first of its kind legislation initiative in the State of New Jersey, dedicated to wave energy,” added Inna Braverman.

During 2022, Eco Wave Power has already acted upon its strategy for the U.S penetration through the promotion of its pioneering technology in the State of California and the State of New Jersey.

In California, the Company has entered an agreement with AltaSea at the Port of Los Angeles, for the installation of its very first wave energy project in the United States. Yesterday, Eco Wave Power announced that in accordance with the agreement with AltaSea, the wave energy conversion unit is already on its way to the Port of Los Angeles, set to arrive to the Port in September 2022, enabling the Company to start assembly and installation works.

Whereas, in parallel, the Company has worked closely with New Jersey State Assemblyman Robert Karabinchak, that announced in January 2022 his intent to introduce new legislation initiative to bolster wave energy as the next, up-and-coming renewable energy source, recognizing this technology’s incredible potential. Karabinchak has said that the state can aim to include wave energy in its Energy Master Plan and develop a streamlined process for its deployment along New Jersey’s coast. This action will help New Jersey become the first U.S. state or territory to have a commercial wave energy proof of concept.

In line with the announcement, in June 2022, New Jersey State Assemblyman Robert Karabinchak has introduced Bill A4483, which calls for the utility board to create a commercialization and deployment plan, and to offer financial incentives to companies and port owners for executing wave energy power stations.

Eco Wave Power believes that given that the $369 billion legislation initiative will be approved in its current format and combined with the Company’s recent progress in the states of California and New Jersey, this will serve as significant boost to the Company’s commercialization plans for the United States.

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