Eco Wave Power’s deal with AltaSea in LA, NJ legislation, $1B Build Back Better challenge and more

January 23, 2022 |

It’s been wave after wave of news from Eco Wave Power lately. Just hours before they rang the bell on the Nasdaq Capital Market on Friday to celebrate becoming a public company – a measure of success by many – Eco Wave Power shared the news that they signed a collaboration agreement with AltaSea at the Port of Los Angeles. They also were chosen as a finalist in the Economic Development Administration (EDA) Build Back Better Regional Challenge. But wait, that’s not all! Also on Friday, a new legislation initiative was announced to bolster wave energy in New Jersey.

In today’s Digest, deal details between Eco Wave Power and nonprofit AltaSea and what it means, the EDA challenge, the New Jersey new legislation news, and more.

The Deal with AltaSea

Just a few hours prior to Eco Wave Power’s official bell-ringing ceremony, that was held at 9:15 AM ET on Friday on the Nasdaq Capital Market, Eco Wave Power Global AB, a leader in the production of clean electricity from ocean and sea waves, announced a collaboration with AltaSea at the Port of Los Angeles. Eco Wave Power will work with AltaSea, a nonprofit that accelerates scientific collaboration and advances an emerging blue economy, to locate and submit grants to implement Eco Wave Power’s technology.

Already taking action, both organizations participated in a grant submission led by the Los Angeles Economic Development Corporation (LAEDC), which was chosen as a finalist in the $1 billion Build Back Better regional challenge, led by the LAEDC. As a finalist, the coalition has been awarded $500,000 to further develop plans for several coordinated projects to advance more equitable and sustainable growth in the region. The coalition will advance to Phase 2 and compete for up to $100 million in American Rescue Plan funding to develop and scale blue and green growth innovations within the Goods Movement Ecosystem (GME) in Southern California. This next step includes a proposal for the implementation of a first of its kind, wave energy pilot system at AltaSea at the Port of Los Angeles. More on the LAEDC challenge here.

In addition, Eco Wave Power plans to implement a pilot program on the AltaSea campus, located in the Port of Los Angeles. Together, Eco Wave and AltaSea will look to secure other locations for future implementation.

“The U.S. is a high priority market for Eco Wave Power,” stated Inna Braverman, founder and CEO of Eco Wave Power. “We are officially listed on Nasdaq U.S. and are looking forward to establishing a strong operational presence, including a local office and a first grid-connected wave energy project – on AltaSea’s premises in the Port of LA. We believe that AltaSea and its inspirational commitment to the blue economy can significantly assist in achieving our goals, while also advancing the U.S.’s ambitious target of cutting emissions to net zero no later than 2050.”

Eco Wave Power will also participate in AltaSea’s outreach activities, including but not limited to the AltaSea Renewable Energy Open House (scheduled for February 26, 2022) and the AltaSea Blue+Green webinar series, which allows supporters to meet and collaborate with relevant researchers, scientists, and engineers. This collaboration will also serve as an avenue to present Eco Wave Power to AltaSea audiences and receive assistance in connecting the company with American policy makers to support potential, future regulations and policies for the development of wave energy projects in the U.S.  To support this progress, Eco Wave Power will also aspire to establish an office on the AltaSea campus.

Terry Tamminen, CEO of AltaSea, commented,“We believe that Eco Wave Power aligns well with the AltaSea vision, creating a new way of using renewable energy.  We are looking forward to a productive collaboration.”

Now, don’t get this deal confused with another recent one. Just a few weeks ago, The Digest reported on Eco Wave Power’s deal signed with Ocean Power Technologies to utilize their complementary technologies and skills to accelerate wave energy projects. The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets. In addition, joint solutions can be developed utilizing each company’s respective offshore and onshore technologies and leveraging OPT’s offshore engineering and newly acquired robotics capabilities in Eco Wave Power’s applicable projects.

New Jersey’s New Legislation

So Friday was a big day for Eco Wave Power. During Eco Wave Power’s Bell-Ringing Ceremony on Nasdaq Capital Market, New Jersey Assemblyman Robert J. Karabinchak announced his intent for the introduction of new legislation initiative to include wave energy in New Jersey’s Energy Master Plan and help New Jersey become the first U.S. state or territory to have a commercial wave energy proof of concept.

During the ceremony, Robert J. Karabinchak, who serves in the New Jersey General Assembly for the 18th legislative district, shared his vision for supporting legislation to promote wave energy in New Jersey.

“Clean energy is at the center of the United States’ economic future,” said Asm. Karabinchak. “My home state of New Jersey has been a leader of energy innovation since the days of Thomas Edison for whom my hometown is named after.”

Asm. Karabinchak plans to introduce new legislation initiative in this session to bolster wave energy as the next, up-and-coming renewable energy source. Recognizing this technology’s incredible potential, 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 will help New Jersey become the first U.S. state or territory to have a commercial wave energy proof of concept.

“Our governor has laid out one of the most ambitious clean energy goals in the country – 35% by 2025 and 100% by 2050,” said Asm. Karabinchak. “Largely these goals will be met by offshore wind and solar, which I was proud to sponsor several pieces of enabling legislation. However, our renewable energy goals can only be met when all renewable sources work together, including wave energy.”

“Not only do we see this as another step toward to reducing our reliance on fossil fuels and combating climate change, but also a way to build our economy and create numerous jobs,” continued Asm. Karabinchak: “It is how we keep the pioneering spirit of Thomas Edison alive today – we embrace new ideas and innovation in our country, especially companies like Eco Wave Power, which has proven itself to be the leader in global wave energy development and implementation. With that, I’m proud to extend an enthusiastic welcome and congratulations to Eco Wave Power for being publicly listed on Nasdaq U.S. Capital market.”

Bottom Line

There is significant interest in renewables in the United States and according to Eco Wave Power, it was estimated that renewable energy made up to 57% of new capacity additions in the U.S. during the first half of 2020. However, the U.S. is also the second largest emitter of greenhouse gas emissions in the world. Wave energy’s potential in the U.S. is estimated at 3500 TW/h per year. As a result, the commercial deployment of wave energy in the United States can substantially reduce emissions from traditional polluting energy generation methods.

So keep an eye out on Eco Wave Power as we wouldn’t be surprised to see more waves of news coming as they fight against climate change by enabling commercial power production from the ocean and sea waves. Their work in Israel, Portugal, now the U.S. is just showing this tech can be implemented pretty much anywhere there are waves and considering the planet is made up of 71% water and that oceans hold about 96.5 percent of all Earth’s water, the possibilities are endless.

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