Eco Wave Power wins the Prestigious Innovation Award by the Port Authority of the Balearic Islands for its Planned Wave Energy Installation at Port Adriano, Spain

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Dec 12, 2022, 09:12 ET

STOCKHOLM, Dec. 12, 2022 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq: WAVE) ("Eco Wave Power" or the "Company") is pleased to announce that it has won the Timón de Innovación Award (the "Innovation Award"), granted by the Port Authority of the Balearic Islands (APB) in collaboration with Gaceta Náutica, a publication focused on ports in the Balearic Islands, for the Company's planned innovative wave energy project at Port Adriano in Spain.

The annual award recognizes the best technological advancements and ideas at APB's ports in the past year, using originality, viability, and problem-solving capabilities as its main criteria.

The jury of the Innovation Award was formed by the director of Quality, Environment, Innovation and Corporate Social Responsibility of the APB, Jorge Martín; the Professor of Computer Architecture and Technology and head of the Systems, Robotics and Vision research group at the University of the Balearic Islands (UIB), Gabriel Oliver; the coordinator of the Master of Nautical Industry of the UIB, Juan Poyatos; and the director of Gaceta Náutica, Elena Pipó.

This award has been granted in continuity to the Concession Agreement, that was entered in April 2022, between Eco Wave Power and Port Adriano for the construction of a wave energy power project of up to 2 MW, in the Port's premises.

Isabel Teruel, Director of Operations of Port Adriano, pointed out that Port Adriano is proud to win the Innovation Award for Eco Wave Power's upcoming project and shared her desire to see other ports introducing Eco Wave Power's technology as well.

Teruel also explained that the Eco Wave Power project is expected to produce clean energy in much higher capacities than solar panels and has assured that the Eco Wave Power's pilot in Port Adriano opens the way for application of the Eco Wave Power's wave energy technology in other port facilities.

"We are proud to win this Innovation Award – and are looking forward to working closely with Adriano Port for the implementation of our pioneering technology in Spain," said Eco Wave Power Founder and CEO Inna Braverman.

In May 2021, Spain enacted its first climate law, committing the country to an electricity system where 74 percent of the country's energy is generated by renewable energy sources by 2030, scaling to 100 percent by 2050. With approximately 8,000 kilometers (4,970 miles) of coastline, Spain can turn to wave energy to help reach those goals.

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 is currently finalizing the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as "Pioneering Technology" and will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. The Company also 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.

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

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 is using forward-looking statements when it discusses the Company's planned innovative wave energy project at Port Adriano in Spain and implementation of the Company's technology in Spain; the expectation that Eco Wave Power's will produce clean energy in much higher capacities than solar panels; Eco Wave Power's pilot's potential to open the way for application of the Eco Wave Power's wave energy technology in other port facilities, and the Company ability to help Spain achieve its energy goals. These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave 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 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 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, 2021 filed with the SEC, which is available on the on the SEC's website, www.sec.gov.

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 Inquiries:

Jacob Scott, Vectis Strategies