Eco Wave Power Receives the Innovation Award from AltaSea at the Port of Los Angeles, as it Strides towards its First U.S. Based Wave Energy Project

USA - English

• USA - English

LOS ANGELES, Oct. 19, 2023 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or "EWP" or the "Company"), a leading, publicly traded onshore wave energy company, is pleased to announce that founder and CEO Inna Braverman was named the recipient of AltaSea's Innovation Award, given annually to companies or individuals that are creating innovative solutions to some of the world's most pressing problems.

The theme for this year's Blue Hour was "Women Stewarding the Ocean," and featured four women honored at the event, including Academy Award-winning director James Cameron's Avatar Alliance Foundation Creative Director Kim Butts, Santa Monica College Dean Dr. Patricia Ramos, and AltaSea Emeritus Founding Board Member Camilla Townsend.

John Molina, a philanthropist, and Founder of Pacific6, who built Molina Healthcare, Inc. from a fledgling start-up into a Fortune 200 company, won the Innovation Award last year for his groundbreaking work in aquaculture, and presented Braverman with this year's Innovation award.

While introducing Inna he said as follows: "Innovation is about turning ideas into reality. Lots of us have ideas, but it takes a certain person to build a certain team to take that to reality. Our award winner today, Inna Braverman, has a wonderful backstory that I'll let her tell you. She has overcome challenge after challenge after challenge, from the point of her birth until even last week. But through it all, she came up with a wonderful idea, and built a team that has taken a company public and is continuing with the vision that she had for a successful, sustainable company."

Braverman, in her acceptance speech, said: "I am extremely proud to be here today and be honored with the Innovation Award for women stewarding the ocean. This award embodies two of my greatest passions – one is my work with Eco Wave Power and the second is my efforts to promote gender equality in the STEM sector,". "I founded Eco Wave Power when I was 24, and back then everyone told me that wave energy is impossible, but I kept working hard to prove that wave energy is possible. I never gave up.

Now, Eco Wave Power has a grid connected power station in Jaffa Port, in Israel, a planned pilot station here in the Port of Los Angeles, which will be the first of its kind in California, and a first commercial scale power station in final planning phases in Portugal.

I strongly believe that wave energy, and Eco Wave Power, will be a significant part of the world's renewable energy mix, and a significant resource in the fight against climate change" added Inna.

Braverman concluded her acceptance speech by asking for prayers and support for her home country of Israel, receiving applause:

"While we are having a Blue Hour here, Israel is having one of its darkest hours, with over 1,300 citizens killed and more than 100 citizens kidnapped in Gaza. In these dark days, I would ask you to support Israel and stand with Israel. Because in the end, we will not remember the words of our enemies, but the silence of our friends."

For the full speech please view the following link:  Blue Hour Award

Previous Innovation Award recipients include Robert Downey Jr.'s FootPrint Coalition and Esri's Dr. Dawn Wright, the first Black person to dive to the deepest point on Earth. At previous Blue Hour events, ocean explorers Dr. Bob Ballard, Sylvia Earle, and Phillippe Cousteau were honored for their contributions to ocean innovation and exploration.

AltaSea is the home of Eco Wave Power's first-ever US pilot station, which is set to be installed in the coming months. The energy conversion unit has been on static display at AltaSea, allowing prominent policymakers, businesses, celebrities, and philanthropists to tour the station and see the technology in person.

At Saturday's award ceremony, the energy conversion unit was a part of a live art installation, with Los Angeles-based artist Stephanie Sherwood painting a compelling mural on the side of the conversion unit featuring sea creatures local to San Pedro, including sea lions.

"Blending art with important causes like ocean conservation is an important way to spur others into action," said Braverman. "Art is a powerful medium and by having our energy conversion as a part of a live art installation we hope to inspire others to get involved in growing the blue economy."

In the past year, Ms. Braverman has hosted multiple prominent celebrities, policymakers, and philanthropists at the station, including former California Governor Arnold Schwarzenegger, Dr. Melanie Lundquist, Kat Taylor, and others, to showcase the technology and the simplicity of Eco Wave Power's patented design.

About AltaSea at the Port of Los Angeles

AltaSea at the Port of Los Angeles, located on 35 acres at North America's leading seaport by both container volume and cargo value, is an ocean technology campus that has become the hub for marine science, research, and education. AltaSea has 27 tenants exclusively focused on ocean innovation and research collaborations with numerous colleges and universities, including USC and UCLA – all finding solutions to climate change through the ocean. AltaSea is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.

For more information on AltaSea, please visit: https://altasea.org.

About John Molina

John, with his father and family, built Molina Healthcare, Inc. from a fledgling start-up into a Fortune 200 company, serving nearly five million members and employing over 25,000 people nationwide. As Chief Financial Officer, John oversaw all financial activity including corporate finance, investor relations, accounting, treasury, and actuarial functions – and was responsible for executing the expansion efforts of Molina Healthcare's business development, mergers and acquisition program.

John's business and philanthropic connections to Long Beach are numerous and well-known. He has helped develop many forward-thinking enterprises and successful commercial properties in the city. John actively serves on the boards of the Long Beach Community Foundation, Long Beach Convention & Visitors Bureau, and the California State University Foundation. As a charter member and the current Chair of the Board of Directors for the Aquarium of the Pacific, John is intimately involved in the $53 million Pacific Visions expansion of the Aquarium. In 2010, John and his siblings funded the construction of the Aquarium's Molina Animal Care Center.

John received a Bachelor of Arts degree in Economics from California State University, Long Beach, where he was elected to the Phi Beta Kappa Honor society, and a Juris Doctorate from the University of Southern California School of Law.

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.

The Company completed construction of and received all approvals for its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power's technology as "Pioneering Technology." The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history. Eco Wave Power will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles, and plans to move towards its first commercial installation in Portugal. In addition, the Company holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7MW.

Eco Wave Power received 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.

Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact:
Inna Braverman, CEO
[email protected]
+97235094017

For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+14124457719
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

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