Ambassador of Portugal, Mr. Jorge Cabral, Arrives for an Official Visit to the EWP-EDF One Project During Installation of the First Floater in Port of Jaffa, Israel

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Feb 24, 2022, 09:12 ET

STOCKHOLM, Feb. 24, 2022 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq Capital Market:WAVE, Nasdaq Stockholm: ECOWVE) ("Eco Wave Power" or the "Company") was pleased to host the visit of Ambassador of Portugal to Israel, Mr. Jorge Cabral, along with Deputy Head of Mission and the First Secretary of the Embassy, Mrs. Joana Espirito Santo de Araujo, to the EWP-EDF One wave energy project during an important milestone - the installation of the first floater of the project in the Port of Jaffa, Israel.

This visit has a significant importance for both parties, especially in light of Eco Wave Power's clear interest and near future plans for expansion in the Portuguese market, which is emphasized by the 20MW Concession Agreement between Eco Wave Power and Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A (APDL) entered into during the year 2020, as well as Eco Wave Power's recent announcement about securing the licenses for the first 1MW of the project, by Eco Wave Power's fully owned Portuguese subsidiary, EW Portugal-Wave Energy Solutions Unipessoal Lda. ("EW Portugal").

During the visit, Ambassador Cabral said: "I hope to have this pioneering technology installed in Portugal soon. I was impressed with the simplicity of the concept and its modular design. Wave energy is extremely relevant given the wave climate in Portugal, as well as the European and Portuguese efforts to promote renewable energy and reach net zero emissions in the near future. I truly believe that wave energy should be a significant part of Portugal's renewable energy mix."

This project is in line with Portugal's National Energy and Climate Plan for 2021-2030, otherwise known as PNEC 2030, which has set an objective for Portugal to ensure 47% of renewable sources in its gross final energy consumption by 2030.

Portugal has an immense wave energy resource, which, according to estimates by the Government of Portugal, can supply 3-4 GW of power capacity. Eco Wave Power's project will be a significant milestone in the adoption of wave and ocean energy in Portugal and will contribute greatly towards the country's goal under the PNEC 2030 plan, of implementing 70MW of wave power capacity by 2030.

Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, stated: "We were delighted to welcome Ambassador Jorge Cabral and the Deputy Head of Mission and First Secretary of the Embassy, Mrs. Joana Espirito Santo de Araujo. We wanted them to get acquainted with our innovative technology, which will hopefully soon become a reality in the Portuguese market. At the same time, we would like to express our gratitude to the Ambassador and First Secretary of the Embassy, and all the other parties who are involved in supporting this first-of-a-kind project in Portugal. We believe that the successful execution of this project will mark the start of a new and exciting era for the wave energy sector in Portugal and around the globe."

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.

Eco Wave Power is recognized as a "Pioneering Technology" by the Israeli Ministry of Energy and was labeled 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 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 common shares (ECOWVE) are traded on Nasdaq First North and its ADSs (WAVE) are traded on the Nasdaq Capital Market.

Vator Securities is the Company's Certified Advisor (+46 8 580 065 99, [email protected]).

Read more about Eco Wave Power at: www.ecowavepower.com.

Information on, or accessible through, the website mentioned above does not form part of this press release.

For more information, please contact:

Inna Braverman, CEO
[email protected]
+97235094017

For additional investor/media inquiries, please contact:

Investor Contact:

Matt Chesler, CFA
FNK IR
+1.646.809.2183
[email protected]

Media Contact:

Allison & Partners
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Forward Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave Power is using forward-looking statements when it discusses Eco Wave Power's interest and plans for expansion in the Portuguese market, advantages of Eco Wave Power's technology, the hope to have Eco Wave Power's pioneering technology installed in Portugal soon, PNEC 2030 and Portugal's plans thereunder, and that the successful execution of this EWP-EDF One wave energy project will mark the start of a new and exciting era for the wave energy sector in Portugal and around the globe. These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the 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 Registration Statement on Form F-1 filed with the SEC, which is available on the SEC's website, www.sec.gov.