Eco Wave Power to Achieve a Milestone with the Opening of Israel’s First Wave Energy Project

Eco Wave Power Global AB (Nasdaq: WAVE) (“Eco Wave Power”), a leading provider of onshore wave energy technology, is pleased to announce that Eco Wave Power and EDF Renewables IL, in collaboration with the Tel Aviv-Yafo Municipality and the municipal company Atarim, will inaugurate Israel's first pilot station for generating electricity from sea waves tomorrow, December 5, 2024, at Warehouse 2 in Jaffa Port. This groundbreaking global project combines innovation, sustainability, and the fight against climate change.

The launch represents a significant milestone in the effort to reduce greenhouse gas emissions and accelerate the transition to sustainable energy. It also underscores Tel Aviv-Yafo’s position as a global leader in innovation. The event will feature formal speeches by Tel Aviv-Yafo Mayor Ron Huldai, Israel’s Minister of Energy and Infrastructure, Mr. Eli Cohen, and Israel’s Minister of Environmental Protection, Mrs. Idit Silman.

In a special message, President of the State of Israel, Isaac Herzog, conveyed his official congratulations for the project’s launch, stating:

“It is not every day that we have the privilege of combining innovation and pioneering in one significant moment, as reflected in the inauguration of the power station being launched on Thursday. This initiative brings with it an important message: the supply of electricity directly from the waves of the sea to the homes of Israel's citizens.

The recent years have strengthened the understanding that the transition from polluting energy production to renewable energy sources constitutes a vital national and strategic interest. The current war has provided additional proof of this principle, teaching us that diversifying and decentralizing the sources upon which Israel's energy market relies - alongside the development of energy storage resources and infrastructure - contributes significantly to national resilience, even in particularly complex and challenging times.

For all the reasons I outlined above - and many more - the Jaffa power station is, quite literally, a beacon of light in Israel’s effort to expand the use of green energy. I sincerely hope this milestone will inspire additional stations along Israel’s coastline.

I wish to express my gratitude and appreciation to all the partners who have transformed this pioneering and inspiring project from a vision into reality. I wish you all great success.”

The Eco Wave Power project was developed in collaboration with EDF Renewables Israel, with support from the Chief Scientist of the Ministry of Energy, which recognized Eco Wave Power's technology as "Pioneering Technology," and with the backing of the Tel Aviv-Yafo Municipality.

This historic project marks the first time that electricity generated from sea waves will be supplied to the national grid, a key milestone in Israel's journey toward renewable energy and a cleaner, more sustainable future.