Eco Wave Power Global has announced the establishment of its U.S. subsidiary, Eco Wave Power U.S. This move comes as part of the company's strategy to expand its impact and footprint in the United States, which is an increasingly important market for renewable energy. The new subsidiary will also serve as a North American base for Eco Wave Power's executives and team.
Inna Braverman, Eco Wave Power's Founder and CEO, said, “The United States is a global leader in clean energy and climate initiatives, so it was extremely important for us to further develop our U.S. operations. The United States is a key market for Eco Wave Power because, according to the U.S. Energy Information Association, wave energy can supply up to 66% of all the United States energy needs. Could you imagine the impact the wave energy could have in the United States?”
The establishment of Eco Wave Power U.S. reflects the company's commitment to providing a reliable source of renewable energy to millions of people across the country's 95,000+ miles of coastline, while also contributing to the fight against climate change. Eco Wave Power's cutting-edge wave energy technology has the potential to transform the energy landscape and meet the growing demand for clean and sustainable energy.
In 2021, Eco Wave Power became publicly traded in the United States on the Nasdaq Capital Market, which drew the attention of activists and legislators across the country. In January 2022, the company signed an agreement with AltaSea at the Port of Los Angeles, the nation's leading hub for the blue economy, to bring its innovative wave energy technology to the AltaSea campus. The project has successfully gone from concept to reality in just over a year, demonstrating the technology's mobility and scalability to fit the energy needs of any given coastline.
Moreover, in March 2022, New Jersey Assemblyman Robert Karabinchak introduced legislation that would require the state of New Jersey to add wave energy to the state's master energy plan and provide funding for feasibility studies and pilot programs. Additionally, in California, State Senator Steven Padilla introduced SB 605, a bill that aims to promote and facilitate the development and growth of wave energy in the state.
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The Inflation Reduction Act, signed into law by US President Joe Biden in August 2022, provides a significant investment in clean energy that could serve as a significant boost to Eco Wave Power's continued commercialization plans for the United States. The law allocates $128 billion towards renewable energy and grid energy storage, making it the largest piece of federal legislation ever that addresses climate change.
Eco Wave Power has a 404.7 MW project pipeline, with agreements to build power stations in Spain, Turkey, Portugal, the United States, and other locations across the globe. The company's decision to expand its presence in the United States reflects its dedication to meeting the growing demand for clean and sustainable energy while contributing to the fight against climate change.
