Eco Wave Power to set up US subsidiary as it targets local wave energy potential

Business Developments & Projects

April 18, 2023, by Amir Garanovic

Swedish-Israeli wave energy company Eco Wave Power has set out plans to open a subsidiary in the United States, under the name Eco Wave Power US.

The company plans to also establish a corporate office in New York City, which will be Eco Wave Power’s first office in the United States.

The subsidiary will serve as a North American base for Eco Wave Power’s executives and team.

Eco Wave Power’s decision reflects its commitment to expanding its footprint and impact in the United States, an increasingly important market for renewable energy.

Inna Braverman, Eco Wave Power’s founder and CEO, said: “The United States is a global leader in clean energy and climate initiatives, so it was extremely important for us to further develop our US operations.

“The United States is a key market for Eco Wave Power because, according to the US Energy Information Association, wave energy can supply up to 66% of all the United States energy needs. Could you imagine the impact the wave energy could have in the United States?”

To remind, Eco Wave Power became publicly listed company in the United States on the Nasdaq Capital Market in 2021.

Since, the company signed an agreement with AltaSea at the Port of Los Angeles – the nation’s leading hub for the blue economy – to bring its innovative wave energy technology to the AltaSea campus.

In just over a year, Eco Wave Power modified, upgraded, and transported the conversion unit to Los Angeles and will soon begin installation on the pilot project.

In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey – with its 130-mile coastline – to add wave energy to the state’s master energy plan and provide funding for feasibility studies and pilot programs.

Additionally, in California, State Senator Steven Padilla introduced SB 605 – a bill that aims to promote and facilitate the development and growth of wave energy in the state, which will help California reach its ambitious clean energy goals.

Eco Wave Power believes that California’s 840-mile coastline is an ideal location to explore this virtually untapped natural resource of renewable energy.

Both bills are making progress through the various committees, with a vote on New Jersey’s wave energy legislation expected in the coming weeks.

Eco Wave Power has conducted deployments of its patented, environmentally safe technology across the globe. Currently, the company has a 404.7MW project pipeline, with agreements to build power stations in Spain, Turkey, Portugal, the United States, and other locations across the globe.