Assembly Committee Passes Wave and Tidal Renewable Energy Bill
SB 605 Puts California on the Path Towards a New Energy Source
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| Inna Braverman, Terry Tamminen and Former Governor Schwarzenegger, in Eco Wave Power’s wave energy pilot at AltaSea, Port of LA, several days before the testimony on Bill 605 |
Sacramento, California (July 18, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a leading wave energy developer, is pleased to announce that the California Assembly Committee on Utilities and Energy unanimously approved California Senate Bill 605 – Wave and Tidal Energy (“SB 605”) – in late June.
The bill aims to put California on the path to developing a new source of clean, renewable energy to help the state meet its carbon-free targets while bolstering its electric grid.
Earlier this summer, the California Senate voted in favor of SB 605 after it was unanimously approved in five separate policy committees.
SB 605, proposed by Senator Steve Padilla (D-Chula Vista), directs the California Energy Commission to work with relevant state agencies to study the feasibility and potential for wave and tidal energy development in California and sets deadlines to report its findings to both the California Legislature and Governor.
SB 605 also calls for the Energy Commission to consider wave and tidal energy pilot projects that “assess the technological feasibility and provide research and demonstration of the technology” in the investment planning process for the Electric Investment Charge program. The Electric Investment Charge program is a California Energy Commission program that “invests in scientific and technological research to accelerate the transformation of the electricity sector to meet the state's energy and climate goals.”
“To meet our ambitious and necessary climate goals, California needs to explore every new avenue for clean energy,” said Senator Padilla. “Wave power is clean, consistent, predictable, and, with over 1,000 miles of shoreline, our state has a unique opportunity to capitalize on this untapped energy source. We need to invest in innovation now to remain a leader in the clean energy future.”
The legislation is sponsored by AltaSea at the Port of Los Angeles, a 35-acre ocean technology campus that is home of Eco Wave Power’s first wave energy power station in North America. The pilot project, believed to be the first onshore wave energy station to be built in the United States, is set to be installed in the coming months.
“We are pleased that this important legislation continues to make progress through the legislative process. This progress underscores California’s commitment to quickly implement new and innovative renewable energy sources throughout the state,” said Inna Braverman, founder and Chief Executive Officer of Eco Wave Power. “We offer our continued support of SB 605 through the legislative process – every step forward brings us closer to building more sustainable infrastructure on California’s vast coast.”
“Continued innovation in our policies, technologies, and financing of new clean, renewable energy sources is vital if we hope to achieve our ambitious goals for clean air and a climate-resilient economy,” said Terry Tamminen, President and CEO of AltaSea. Tamminen served as Secretary of the California Environmental Protection Agency under former Governor Arnold Schwarzenegger.
California has established 2045 as its deadline to achieve a carbon-free energy grid. The National Renewable Energy Laboratory found that the energy potential in California is 140 TWh/year, which is the equivalent to the power needs of 13 million homes or 69% of California’s 2019 net electricity generation.
SB 605 states that if developed and deployed at scale, wave and tidal energy has the potential to provide economic and environmental benefits to the state and the nation.
There is a lot of momentum from both coasts for wave energy in America, with pending legislation also in New Jersey proposed by Assemblyman Robert Karabinchak promoting legislation. The Bill – AB 4483 – encourages New Jersey to explore a deployment plan for wave energy technologies on the state’s coastline and provide funding for feasibility studies and pilot programs. The bill currently awaits consideration from the New Jersey State Senate Environment & Energy Committee.
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 is currently finalizing the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology” and will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles. The Company also 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
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
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. 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. For example, the Company is using forward-looking statements when it discusses how SB 605 aims to put California on the path to developing a new source of clean, renewable energy, advantages and benefits of wave energy, that the Company’s pilot project, believed to be the first onshore wave energy station to be built in the United States, is set to be installed in the coming months and the pending legislation in New Jersey regarding a potential deployment plan for wave energy technologies and funding for feasibility studies and pilot programs. 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.
