Wave Energy Tech Co. Makes Progress on Many Fronts

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Eco Wave Power Global AB (WAVE:NASDAQ) recapped its 2024, remarkable for first revenue, expense reduction, cash flow improvement, a strengthened balance sheet and major project achievements, according to a news release. This Israel-based company aims to convert ocean wave energy into sustainable electricity, through its propriety, patented technology.

"As we look back at 2024, I am proud of the significant progress Eco Wave Power has made in both financial and operational aspects," Chief Executive Officer (CEO) Inna Braverman said in the release. "Our team has worked tirelessly to deliver on our strategy of efficiency, innovation, and growth, which has  positioned us strongly for the years to come."

As for the 2024 financials, they were "a bit better than our expectations," wrote Alliance Global Partners Analyst Jeff Grampp in a March 5 research report.

In Q4/24, Eco Wave Power recorded its first revenue of US$168,000 (US$168K) from a wave energy project, more than triple Alliance Global's US$50K estimate. Other revenue totaled US$225K, taking the total to US$393K, up 21.7% year over year (YOY).

In 2024, the wave energy tech company reduced operating expenses by 7% and cash used in operations by 30%, YOY. In Q4/24 operating expenses were US$500K, better than Alliance Global's US$700K projection.

"The higher revenue and lower opex drove a narrower Q4/24 operating loss of US$400K compared to our estimate of US$700K," Grampp noted.

At 2024E, Eco Wave Power had US$9.3 million (US$9.3M) in cash and deposits after raising US$3M in gross proceeds in December. According to Grumpp, this amount is sufficient to fund activities through 2026.

Various Project Milestones

Operationally, the alternative energy firm made progress on its existing projects and continued expanding its global reach with entry into two more markets: Taiwan and India.

Israel: Eco Wave Power's maiden project, the 100 kilowatt (100 KW) EWP EDF One, at the Port of Jaffa, began moving electricity to the national power grid in December. This first grid-connected clean energy project in Israel "serves as a testbed for advancing the company's technology," noted the release.

United States: The company secured the final federal permit for its onshore wave energy project in the Port of Los Angeles, on track to become the country's first. The permit allows for the installation of eight wave energy floaters on the piles of an existing concrete wharf structure. An energy conversion unit will be placed on the wharf deck and connected to the floaters.

Portugal: Plans for Eco Wave Power's first 1 megawatt (1 MW) wave energy project in Porto, potentially the industry's first on a commercial scale, call for transforming The Gallery, an existing breakwater tunnel, into a multipurpose facility. It will house the company's energy conversion equipment and serve as a public underwater wave energy museum and educational center. Initial completed prep work, detailed in a separate release, included sand and debris removal, structural reinforcements, and waterproofing measures.

Further, waves and the energy they generate could help in the fight against climate change, purported a Feb. 22 article in The Guardian.

In other related moves, the company appointed Juan Jose Gomez as power station manager to lead execution of the Portugal project and oversee operation and maintenance once the system is up and running. Further, Eco Wave Power engaged MOQ Engineering to finalize the civil engineering design and load calculations for the project's floaters. Once MOQ completes this work, the clean energy firm will submit the full execution plan to the Port of Leixões for production of the floaters and other components.

Taiwan: Regarding this 100 KW pilot-scale project, Eco Wave Power entered an agreement with I-Ke International Ocean Energy Co., a maritime engineering company, to provide wave energy technology to the country. I-Ke will manufacture the floaters using the Israeli company's design, purchase a conversion unit, oversee the project's local technological components, and secure any necessary approvals. This project has the potential to expand to 20 MW over time and to 400 MW further out.

India: Eco Wave Power signed a nonbinding memorandum of understanding with Bharat Petroleum Corp. Ltd. (BPCL), a government-owned Fortune 500 oil and gas company, to jointly develop wave energy projects in India. This will start with a feasibility study, followed by deployment of a 100 KW pilot project at BPCL's Mumbai Oil Terminal. BPCL will oversee regulatory approvals, permits and land use consent, and Eco Wave will provide its wave energy converter technology, carry out research and maximize power generation efficiency.

Leader in Its Field

Founded in 2011, Eco Wave Power developed technology that converts ocean waves into clean electricity, Grampp described. The company differentiates itself by focusing solely on onshore and nearshore applications, requiring simpler designs and lower capex than offshore deployments.

"WAVE has become a leader in wave energy generation technology, in our view," Grampp wrote in his Feb. 3 initiation report. "Over the years, the company has generated multiple 'firsts' in the wave energy market that demonstrate the leading position it has created. It seems the furthest along towards commercial operations of any wave companies."

SkyQuest, a global market intelligence firm, described Eco Wave Power as "a top player in the wave energy market" in its February 2025 "Global Wave Energy Market" report.

On March 5, Alliance Global's Grampp maintained his Buy rating.

The renewable power firm has five projects on three continents, all in various stages. Its pipeline contains an estimated 400-plus MW of projects for existing and prospective customers.

"The company is generating favorable momentum with an increase in size of projects and number of projects, with an inflection to profitability possible over the next couple of years (we estimate earnings profitability in 2027)," Grampp wrote. The expansion also suggests Eco Wave Power's technology is becoming increasingly accepted.

Currently, Eco Wave Power's capex for its pilot-scale deployments is about US$3.5M/MW, Grampp noted but added he expects experience and economies of scale to help bring this down over time to about US$2M/MW. At this lower cost, the internal rate of return would be about 16%.

"We believe [the company's] technology has the potential to generate healthy economics that can compete with other green technologies," Grampp commented.

Market Growth Forecasted

"The potential of wave power is enormous due to its significant potential for clean energy production," Elena Bou wrote in a Feb. 20 Forbes article. Wave energy could possibly generate more than 1,400 terrawatt hours per year, enough to power about 130 million (130M) homes, a statistic Bou cited from the U.S. Department of Energy's National Renewable Energy Laboratory.

Grampp provided an estimate by the Department of Mechanical Engineering at the University of Galati in Romania, which is that wave energy could generate about 188 gigawatts, or roughly 10% of Europe's electricity needs, by 2050.

With this vast potential, posited Bou, perhaps wave energy could supply a large portion of the copious amounts of power artificial intelligence and data centers need. Were these tech facilities built near or in coastal areas, they could directly tap the ocean for lots of clean energy. Island and coastal communities could benefit from wave energy, too, given it can be deployed onshore or nearshore, and connected to the grid or delivered straight to industrial locations.  

Maxim Group Managing Director Tate Sullivan initiated coverage on Eco Wave Power on March 11 with a Buy recommendation.

Further, waves and the energy they generate could help in the fight against climate change, purported a Feb. 22 article in The Guardian.

"There are a couple of big value propositions with wave power," Dr Wiebke Ebeling, manager of The University of Western Australia's Marine Energy Research Australia, told The Guardian. "It's more power-dense than solar and wind. And because waves are 24/7, you effectively have no intermittency."

Wave energy is predictable and can be harnessed with minimal harm to the environment, noted SkyQuest. Because its counterparts in the renewables space, solar and wind, lack these characteristics, wave energy could be their stabilizing partner, Bou added. Wave energy could further diversify the world's energy mix, bolstering energy security, the marketing intelligence firm pointed out.

For all of these reasons, "wave energy is gaining traction as a promising renewable energy sector," SkyQuest wrote.

Along with electricity generation, the applications of global wave energy are water desalination, water pumping, and environmental protection, Allied Market Research reported on March 5.

According to SkyQuest, the global wave energy market is forecasted to more than triple to US$272.62M by 2032 from US$78.17M in 2024, reflecting a 16.9% compound annual growth rate during the period. Onshore is the market's largest segment, and nearshore is its fastest growing.

The world's shift to green energy and carbon neutrality will continue to be a primary market growth driver. Others, according to Allied, will be the abundance and availability of ocean wave energy along with coastal communities' rising demand for electricity,

Growth is happening in an increasing number of countries with a lot of coastline, as they are investing in wave energy research and development, SkyQuest wrote. Europe, particularly Portugal and the United Kingdom, is leading the way. Collaborations between governments, research institutions and private companies are leading to technological advancements and commercialization.

Several obstacles could hinder future market growth and, therefore, need to be dealt with and overcome. These include insufficient existing infrastructure, high implementation capex, and competition with other renewable energy sources.

"We believe the potential of wave energy is meaningful to the global clean energy landscape but is largely under the radar due to the lack of meaningful commercial deployments and lack of well-capitalized companies chasing this market," Grampp wrote.

The Catalyst: Building on Momentum

Eco Wave Power will continue advancing its projects, and further progress in this regard could boost its share price. The installation of the U.S. project is expected to be finished soon, and the Portugal project could come online next year.

Other catalysts could include capex reductions, more project announcements additional field operating data and new legislation supporting adoption of wave energy projects, Grampp noted.

"Looking ahead, we believe 2025 will be a year of continued growth and innovation," CEO Braverman said. "We remain focused on advancing our projects and refining our technology to maximize energy production."

Two Analysts, Two Buy Ratings

On March 5, Alliance Global's Grampp maintained his Buy rating and his target price, suggesting a 90% uplift from where the stock was trading at the time of the report. In his initiation report, the analyst highlighted Eco Wave Global's market position, its project momentum, its modest spending, and its technology as all having the potential for strong economics.

Grampp forecasts Eco Wave Power's revenue to be US$600K, US$3.2M and US$66M, in 2025, 2026 and 2030, respectively, he wrote.

Maxim Group Managing Director Tate Sullivan initiated coverage on Eco Wave Power on March 11 with a Buy recommendation, noted a Fintel article.

Ownership and Share Structure

According to the company, management and insiders hold 50% of the company. The rest is with retail. 

Refintiv reports that Eco Wave Power has 5.84M outstanding shares and 5.84M free float traded shares. Its market cap is US$43.46M. Its 52-week range is US$1.01–17.63 per share.