24/08/2022 – Energy / Eco Wave Power / Renewables / Clean / United States / US
Eco Wave Power anticipates boost to US market penetration from proposed $369bn Renewable Energy Bill Initiative
Eco Wave Power Global AB has welcomed the news that US President Joe Biden and Senate Majority Leader Chuck Schumer are promoting a US$369bn renewable energy bill. The proposed legislation would mark the nation’s largest federal investment in clean energy to date.
In remarks made at the White House earlier this week, President Joe Biden said: “We will invest $369 billion to secure our energy future and to address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. … This bill would be the most significant legislation in history to tackle the climate crisis and improve our energy security right away. And it’ll give us a tool to meet the climate goals that are set – that we’ve agreed to – by cutting emissions and accelerating clean energy. A huge step forward.”
Inna Braverman, Founder and CEO of Eco Wave Power, remarked that the United States is a respected global leader in climate initiatives, and such a massive investment into renewable energy – the largest investment ever – is critical towards building a cleaner and healthier planet. “The United States has over 95,000 miles of coastline and over 128 million Americans live in coastal counties, making blue energy a smart renewable energy solution for the United States, while positioning the US as a key market for Eco Wave Power.”
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 sees the new legislation initiative as coming at an opportune time regarding its growth ambitions – earlier this year, the company announced its intention to focus its commercialisation strategy on the European and US markets.
Pioneering wave energy technology to penetrate the US
“The United States is a high priority market for Eco Wave Power. Thus, this year, we have operated in two parallel paths for the penetration of our pioneering technology into the U.S market: the first path is through the promotion of our first ever wave energy project in the State of California and second is through the promotion of a first of its kind legislation initiative in the State of New Jersey, dedicated to wave energy,” added Inna Braverman.
This year, Eco Wave Power has already acted upon its strategy for the US penetration through the promotion of its pioneering technology in the State of California and the State of New Jersey.
In California, the company has entered an agreement with AltaSea at the Port of Los Angeles, for the installation of its very first wave energy project in the United States. Earlier this week, Eco Wave Power announced that in accordance with the agreement with AltaSea, the wave energy conversion unit is already on its way to the Port of Los Angeles, set to arrive to the port in September 2022, enabling the company to start assembly and installation works.
In parallel, the company has worked closely with New Jersey State Assemblyman Robert Karabinchak, who announced in January 2022 his intention to introduce a new legislation initiative to bolster wave energy as the next up-and-coming renewable energy source, recognising this technology’s incredible potential. Mr Karabinchak has said that the state can aim to include wave energy in its Energy Master Plan and develop a streamlined process for its deployment along New Jersey’s coast. This action would help New Jersey become the first US state or territory to have a commercial wave energy proof of concept.
In line with the announcement, in June 2022, New Jersey State Assemblyman Robert Karabinchak has introduced Bill A4483, which calls for the utility board to create a commercialisation and deployment plan, and to offer financial incentives to companies and port owners for executing wave energy power stations.
Eco Wave Power believes that given the US$369 billion legislation initiative will be approved in its current format and combined with the Company’s recent progress in the states of California and New Jersey, this will serve as significant boost to the Company’s commercialisation plans for the United States.
Total projects pipeline of 327.7MW internationally
Aside from its US developments, the leading onshore wave energy technology company is currently finalising the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognised the Eco Wave Power technology as ‘Pioneering Technology’. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 327.7MW.
Eco Wave Power was awarded 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. More information here
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