California Senate Approves Wave and Tidal Renewable Energy Bill
Sacramento, California, (June 20, 2023) – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”) commends the California State Senate for unanimously passing California Senate Bill 605 – Wave and Tidal Energy (“SB 605”). The bill was unanimously approved in three separate policy committees: the Energy, Utilities and Communications Committee; the Natural Resources and Water Committee; and the Appropriations Committee.
The bill now moves to the State Assembly for consideration.
The legislative initiative directs the California Energy Commission to work with the relevant California state agencies to study the feasibility and potential for wave and tidal energy development in California and sets deadlines to report its findings to the California Legislature and Governor.
“I’m extremely pleased that California is moving fast to implement this historic legislation that will bring wave energy to California,” said Inna Braverman, Founder and CEO of Eco Wave Power. “Wave energy is the largest untapped source of clean energy, and its widespread implementation in California will have a large positive impact – both environmentally and economically, as it will create a steady stream of clean jobs through manufacturing, transportation, construction, engineering, and other areas.”
Ms. Braverman also provided written testimony to both the Energy, Utilities and Communications Committee and the Natural Resources and Water Committee in support of this bill. Both committees voted to approve the bill unanimously earlier this past spring.
The bill aims to put California on the path to developing a new source of clean, renewable energy that will help the state meet its carbon-free targets while bolstering its grid. The National Renewable Energy Laboratory (NREL) found that wave and tidal energy has the technical feasibility to supply 30 percent of the United States’ energy needs. The NREL report also found that California’s coast has the potential wave energy resources to power 13 million homes in California. If California is to reach its targets for clean energy, it needs to draw from every possible source of clean power, including wave energy, which is one of the most abundant sources of energy that has less variability than other forms of renewable energy like solar and wind.
SB 605 recognizes the vast potential and benefits that wave energy provides, stating that if developed and deployed at scale, wave and tidal energy can provide both economic and environmental benefits to the state and the United States. The bill has received support from a broad coalition of businesses, environmental organizations, and economic development groups, who realize the potential of wave energy to reduce greenhouse gas emissions, create jobs, and stimulate economic growth in coastal communities. SB 605 is a critical step towards unlocking the full potential of the emerging blue economy industry and establishing California as a leader in the development of clean, renewable energy.
"Onshore and offshore wave and tidal energy should be developed in a manner that protects coastal and marine ecosystems," the bill declares. "The state should use its authority under state programs and policies to ensure the avoidance, minimization, and mitigation of significant adverse impacts and the monitoring and adaptive management for offshore wave and tidal energy projects and their associated infrastructure."
Former California Environmental Protection Agency Secretary and current AltaSea President and CEO Terry Tamminen also testified before the California Senate policy committees. AltaSea is the home of Eco Wave Power’s first-ever US pilot station, which is believed to also be the first-ever onshore wave energy unit in the United States.
“We need to continue to innovate the policies for, technologies of, and financing of new clean, renewable energy sources for our state if we hope to achieve our ambitious goals for clean air and a climate-resilient economy,” said Tamminen. “This important measure would set California on the path towards becoming a global leader in ocean energy and developing this untapped source of clean, resilient, abundant, and renewable energy.”
SB 605 is the second bill introduced in the United States focusing on exploring wave energy technology in recent years. In March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey to add wave energy to New Jersey’s energy master plan and provide funding for feasibility studies and pilot programs. The bill is currently in 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, Eco Wave Power is using forward-looking statements when it discusses the potential impact to the environment and economy with the implementation of wave and tidal energy, the potential of the bill to put California on the path to developing a new source of clean and renewable energy, the findings of the NREL report, the bill’s recognition that wave and tidal energy can provide economic and environmental benefits to California and the United States, that the bill is a critical step towards unlocking the full potential of the blue economy industry and establishing California as a leader in the development of clean, renewable energy, and that the bill would set California on the path towards becoming a global leader in ocean energy and the development thereof. 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.
