Eco Wave Power Secures $3 Million Offering for Wave Energy Expansion in Portugal

On December 12, 2024, Eco Wave Power Global AB announced the completion of a $3 million registered direct offering of 300,000 American Depository Shares (ADSs). Each ADS represents eight common shares of the company.

This financial endeavor, executed at a public offering price of $10.00 per ADS, was orchestrated by Maxim Group LLC, who acted as the sole placement agent. The funds raised are earmarked to bolster the company’s pioneering projects, prominently featuring the establishment of its inaugural commercial-scale wave energy installation in Portugal.

Commitment to Clean Energy

Eco Wave Power stands at the forefront of innovation in onshore wave energy technology, dedicated to developing sustainable energy solutions aimed at combating climate change. The company’s technology has already been recognized on a global scale for its efficiency and reliability. With its patented systems, Eco Wave converts ocean and sea waves into clean energy, showing promise to revolutionize the green energy landscape.

Having initiated operations with the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, Eco Wave Power is preparing for a significant global expansion. Upcoming projects include installations at key sites such as the Port of Los Angeles and in Taiwan, contributing to an impressive project pipeline totaling over 404.7 MW.

Strategic Funding Advantages

The recent offering was made possible through an effective shelf registration statement declared by the U.S. Securities and Exchange Commission on December 6, 2023. This regulatory support underscores the company’s commitment to transparency and investor relations.

The prospect of utilizing such funding to advance its projects has garnered interest not only from investors but also from various governmental and private entities. The recent awards received, including recognition from the United Nations’ Global Climate Action Award, further highlight Eco Wave's global impact.

In terms of shareholder engagement, Eco Wave Power’s American Depositary Shares (WAVE) continue to trade on the Nasdaq Capital Market, enabling investors to partake in the company's mission to furnish sustainable energy solutions worldwide.

Future Outlook

As Eco Wave Power enhances its technological capabilities and extends its market reach, the emphasis on environmentally friendly energy becomes more crucial. The company remains optimistic about the future projects and their positive contributions to sustainable energy production.

In conclusion, as governments and consumers alike increasingly seek renewable energy sources, Eco Wave Power’s innovative approach and strategic funding maneuvers place it at a significant advantage in the growing clean energy sector. The company's advancements in wave energy technology could redefine energy strategies across various global markets.

For more information related to Eco Wave Power’s progress and initiatives, you can visit their official website at www.ecowavepower.com.