Eco Wave Power is Featured in a new Report by the International Renewable Energy Agency (IRENA) saying Future Projections point towards Point Absorbers Being the Technology to Dominate the Market

STOCKHOLM, Dec. 16, 2020 /PRNewswire/ -- The International Renewable Energy Agency (IRENA) has published a report examining the different tidal and wave energy technologies that exist in the ocean energy market, and provides a formal forecast for the growth of such industries.

The report, titled "Innovation Outlook, Ocean Energy Technologies", states that of the oscillating body category of wave energy converters, the largest share are Point Absorbers, such as Eco Wave Power's onshore wave energy technology, and that future projections point towards Point Absorbers will dominate the wave energy sector.

According to the report, "Point absorbers is the technology that has been tested and deployed with the most operational projects in the water. This is due in part to their universal nature, as they can be scaled down to very small few-kW, purpose-built projects . . . up to large-scale units of 1 MW."

As a result, the majority of high TRL (technology readiness level) technologies are Point Absorbers, the report says, concluding that "Future projections point towards Point Absorbers being the technology to dominate the market."

Commenting on the report, Inna Braverman CEO of Eco Wave Power (Stock Symbol: ECOWVE) said: "The report by IRENA is affirmation to Eco Wave Power's technological direction and it seems that there is consensus being formed within the wave energy sector, according to which Point Absorber wave energy devices are the correct path forward and that technologies of this kind are expected to dominate the wave energy industry in the near future. This combined with new collaborations that we recently announced with large scale electric companies, such as EDF Renewables and Meridian, reinforces the fact that wave energy is rising on the renewable energy agenda, and Eco Wave Power's technology is taking the lead."

For the full report, please use the following link : https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2020/Dec/IRENA_Innovation_Outlook_Ocean_Energy_2020.pdf

About IRENA

The International Renewable Energy Agency (IRENA) serves as the principal platform for international co-operation, a centre of excellence, a repository of policy, technology, resource and financial knowledge, and a driver of action on the ground to advance the transformation of the global energy system. An intergovernmental organisation established in 2011, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.

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 sea and ocean waves.

EWP is recognized as a "Pioneering Technology" by the Israel's Ministry of Energy and was labelled as an "Efficient Solution" by the Solar Impulse Foundation. EWP's project in Gibraltar  received funding from the European Union Regional Development Fund and from the European Commission's HORIZON2020 framework program. The company was also recently recognized by the United Nations in receiving the "Climate Action Award".

The Eco Wave Power share, ECOWVE, is traded on Nasdaq First North Growth Market.

FNCA is the company's Certified Advisor (+46 8-528 00 399, [email protected]).

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

Press images and other media material is available for download via the following link: https://www.ecowavepower.com/gallery/photos/.

For more information, please contact:

Inna Braverman, CEO
[email protected]
+97235094017

Aharon Yehuda, CFO
[email protected]

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SOURCE EWPG Holding AB (publ)