Photo: Eco Wave Power's Gibraltar wave energy plant (Courtesy of Eco Wave Power)

Eco Wave Power cuts loss

Swedish company Eco Wave Power has reported a decrease in losses for the third quarter of 2020 as opposed to the same period a year earlier.

A photo of Eco Wave Power's Gibraltar wave energy plant (Courtesy of Eco Wave Power)
Eco Wave Power’s Gibraltar wave energy plant (Courtesy of Eco Wave Power)

The wave energy developer marked a loss of SEK 3.5 million (€345,000), compared to the loss of SEK 8.2 million (€807,000) the company booked for the same period a year before.

Operating costs decreased to SEK 0.7 million (€69,000) in the quarter, from SEK 1.3 million (€128,000) in the same period in 2019.

Administrative expenses also decreased to SEK 3.3 million (€325,000) from SEK 7.1 million (€700,000), as the period last year was affected by IPO related costs, according to Eco Wave Power.

Mainly pertaining to grants, the company’s operating income stands at SEK 0.3 million (€30,000) in the third quarter of 2020, from SEK 0.9 million (€89,000) for the comparable period last year.

No revenues were booked for the third quarter of 2020.

Inna Braverman, CEO of Eco Wave Power, said: “In this quarter, Eco Wave Power is proud to be profiled in the Sustainable Market Initiative by HRH Prince of Wales, The World Economic Forum, and the Bank of America. The initiative reinforces the rising commitment of global leaders for the implementation of clean and sustainable energy production solutions, to catalyse green recovery from the Covid-19 pandemic and stresses the fact that now more than ever, wave energy is being acknowledged as a significant part of the green recovery plan.

“In our annual report, we communicated that our company is planning to expand its product offering by providing increased project development products and services. One of the services presented in the report, was commencing feasibility studies for our potential clients, which will add costumer value and provide an additional revenue stream for the company.

In this quarter, I am very pleased to present that we have achieved this goal, with the first MOU and Feasibility Study Agreement signed with MSMART Future Technology in Vietnam, and several additional such agreements on the way (to be announced soon).

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“In addition, we are even further expanding our product portfolio through the development of our new preventative-predictive and corrective smart Wave Power Verification (WPV) software. As soon as we will finalize the software’s development, we will add it to our product portfolio and position Eco Wave Power not only as a technology provider, but also as a world-leader in a proprietary software for the growth of the whole industry”, concluded Braverman.