Eco Wave Power Publishes First Financial Quarter Update While Announcing that an Interim Report for Q1 2021 Will Not be Published in Accordance with the Financial Calendar Previously Announced
25/05/2021- Stockholm, Sweden – EWPG Holding AB (publ) (Eco Wave Power) announces today that the Company will not publish an Interim Report for January–March 2021, in part due to an ongoing regulatory process with the U.S. Securities and Exchange Commission , related to the potential registration of Eco Wave Power’s shares in the U.S.
Publication of Interim Reports for the first and third financial quarters is not mandatory under the First North rulebook and has historically been upheld by Eco Wave Power on a voluntary basis. The Company will be continuously evaluating the relevant frequency and format of financial reporting, taking all regulatory obligations into careful consideration and will keep its stakeholders updated accordingly. Eco Wave Power will publish its Half-Year Report for 2021 in August 2021, in accordance with its financial calendar.
In order to keep shareholders up to date with the latest development of the Company, Eco Wave Power has today published an operational summary of the first quarter of 2021. The first quarter update, available below and attached, comprises a list of important events during the year so far, as well as an official letter from the Company’s founder and Chief Executive Officer, Inna Braverman.
Significant events, January–March 2021
- Pursuant to the engineering coordination permit secured, in January, from the Municipality of Tel-Aviv Jaffa (permit number 2020-4345), for the deployment of the grid connection works for the EWP-EDF One wave energy project, Eco Wave Power officially commenced the grid connection works in the Port of Jaffa, Israel.
- In February, Eco Wave Power announced that it had secured an engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-3249) required for the cement works and installation of ten floaters for the EWP-EDF One project. As a result, the company has begun the wall preparation works for the installation of the floaters in the Port of Jaffa. All works are being performed by a local sub-contractor, during days of calm sea state, to enable safe working conditions.
- In March, the Company announced that it had confidentially submitted a draft registration statement on Form F-1 with the SEC in the US, relating to the proposed public listing of its common shares. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.
- Additionally, in March Eco Wave Power entered new Letters of Intent with the Port of Las Palmas in the Canary Islands, and a 6MW LOI with the Port of Valparaiso in Chile.
- Eco Wave Power continued to receive industry accolades during the first quarter of 2021 as the company became the Public Vote winner of the Global Innovation Award 2021, in the "Life Below Water" category, which is organized by Globally on behalf of the United Arab Emirates Ministry of Climate Change and Environment (MOCCAE).
- In addition, Eco Wave Power won the Smart Port Challenge Competition held by Morocco’s National Ports Agency and the National Single Window for Foreign Trade PORTNET, together with the Global Alliance for Trade Facilitation and Morocco’s port community. The award granted to Eco Wave Power is 100,000 MAD, as well as an opportunity for Morocco to become an Eco Wave Power testing and implementation hub.
- The Company also received the People's Choice Award at the BlueInvest Awards 2021, by the European Commission, in the "Energy from the Ocean" category for innovative solutions and technologies in the field of ocean renewables.
- Furthermore, Eco Wave Power and its innovative technology were featured in a new video report on the wave energy sector by Bloomberg named “Wave Power Could Be the Next Big Thing in Renewable energy”. Also, in a new video by The Sustainable Markets Initiative (in collaboration with The Bank of America and The World Economic Forum), Prince Charles presented the Eco Wave Power technology alongside additional innovative technologies, which will help the global fight against climate change, as well as in Sky News.
Significant events after the first quarter
- In April, the Company published a Notice to attend an Extraordinary General Meeting (EGM) to be held on 31st of May 2021. The full agenda of the EGM is included in the official press release, and will include (among other things) an authorization for the Board of Directors to increase the share capital, mainly to enable the upcoming listing of American Depositary Shares (ADS) on the Nasdaq US Capital Market, and resolutions to amend the Company’s Articles of Association. Due to the corona pandemic, the meeting will be held through postal voting only. For more information, see the Notice to attend Extraordinary General Meeting which is available on the Company’s website.
- In May, Eco Wave Power was pleased to announce that it nears completion of the wall reinforcement works, meant to enable the installation of floaters on the sea wall of the Port of Jaffa, Israel. In parallel, the Company is in an advanced production process of the first set of floaters. Upon production completion, Eco Wave Power will gradually commence installation of floaters, supporting structures and hydraulic pipes onto the new cement layers.
- Finally, in May Eco Wave Power entered a new MOU with the Port of Pecem in Brazil for the joint exploration and pre-feasibility studies for a potential wave energy project of up to 9MW in the port.
Letter from the CEO
The first quarter of 2021 presented both achievements as well as challenges. We have continued the efficient work we started in 2020 by progressing with the construction of the EWP-EDF One Project, moving forward with the licensing of our planned project in Portugal, working hard on the submission of the confidential draft registration statement with the Securities and Exchange Commission relating to the proposed public listing of our common shares to Nasdaq US, and receiving multiple awards and recognitions; including but not limited to the Global Innovation Award in the UAE, the Blue Invest Award by the European Commission, and The Smart Port Challenge Competition in Morocco.
During this time our company has also received significant media coverage by well-known media outlets such as Sky News, Bloomberg NEF, and the Sustainable Markets Initiative of Prince Charles, in collaboration with the Bank of America and the World Economic Forum.
It is key that governments, public and private companies, as well as individuals are aware of the immense possibilities that the wave energy sector presents, while also gaining awareness of the Eco Wave Power technology and its advantages in terms of cost, reliability, safe connection to the electrical grid, and environmental impact.
Part of our mission is creating a stronger brand around “Eco Wave Power”. As a result, in the EGM to be held on the 31st of May, we are proposing to modify the company’s name from “EWPG Holding AB (publ)” to “Eco Wave Power Global AB (publ)”, which we believe will strengthen the company’s global presence and its global recognition by potential partners, investors, and other stakeholders.
To further raise awareness of the benefits of the Eco Wave Power solution, during this quarter we were pleased to have had our technology chosen to take part in the final list of the Solar Impulse Foundation of the 1000+ profitable solutions to the environmental crisis.
Eco Wave Power is excited to collaborate with the Solar Impulse Foundation, The Sustainable Markets Initiative, and other ventures, to create stronger awareness and promote the commercial implementation of wave energy, as part of the solution against climate change.
Even though we are pleased of what we have accomplished during the first quarter, we must admit that we were not able to progress as quickly as we would have liked, and our goal moving forward will be working harder to make up for this as the conditions normalize. At the same time, even during the restrictions created by the Covid-19 pandemic, which makes it difficult to travel and meet customers face to face, our company was able to secure new potential projects that were added to the company’s projects pipeline, such as the 9MW MoU entered earlier this month with the Port of Pecem in Brazil and two new letters of intent in the Canary Islands and Chile.
More and more ports are showing interest in the Eco Wave Power technology, indicating a positive shift in the market towards new and unexplored renewable energy sources, such as the power of the waves.
To meet the demand, we continue to expand our team, by picking the most passionate and experienced individuals, to assist us in meeting future deliveries. This expansion will extend our ability to support our customers with shortened project timelines. We also continue to develop our technology to create an even more efficient solution, with better performance and higher profitability. Constant improvement is something that Eco Wave Power is constantly striving for. Part of our vision in achieving this is commencing the EWP-EDF One project, in collaboration with EDF Renewables IL and the Israeli Energy Ministry, which will introduce a variety of upgrades and innovative features to the Eco Wave Power technology.
Eco Wave Power has an innovative and pioneering technology and is investing significant resources in the commercialization efforts of a new industry. There is a lot of work to do, but we truly believe that wave energy will become an integral part of the world’s renewable energy mix.
We look forward to a keep changing the world one wave at a time and proving that wave energy is possible!
Inna Braverman,
Founder and CEO
For the full report, please click here.
About EWPG Holding AB (SE0012569663)
EWPG Holding 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 ocean and sea waves.
EWP is recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. Eco Wave Power’s project in Gibraltar has received funding from the European Union Regional Development Fund and from the European Commission’s Horizon 2020 framework program. The company has also received the “Climate Action Award” from the United Nations.
Eco Wave Power’s common shares (ECOWVE) are traded on Nasdaq First North Growth Market.
FNCA is the company’s Certified Advisor (+46 8-528 00 399, info@fnca.se).
Read more about Eco Wave Power at: www.ecowavepower.com
For more information, please contact:
Inna Braverman, CEO
inna@ecowavepower.com
+97235094017
Aharon Yehuda, CFO