NEWS
Eco Wave Power Announces H1 Results; Unveils Data from its Grid-Connected Project That Won the EDF Pulse Award, Kicks-Off Portugal Project, and Announces Green Light for its Shares Repurchase Program
Eco Wave Power (Nasdaq: WAVE) reported its H1 2024 financial results and provided a corporate update. Key highlights include:
1. Operational improvements at the EWP-EDF One Project in Israel, with downtime decreasing from 4% to 0% and energy generation improving by 17%.
2. Strategic co-investment agreementwith Shell for the first U.S. project at the Port of Los Angeles.
3. Kickoff of the first MW-scale projectin Porto, Portugal.
4. Support for the Marine Energy Technologies Acceleration Act in the U.S., potentially providing $1 billion for marine energy advancement.
5. Approval for ADS repurchase program to enhance shareholder value.
Financial results show a 1.6% decrease in operating expenses compared to H1 2023, with $7.48 million in cash and short-term deposits at the end of the period.
1. Operational improvements at the EWP-EDF One Project in Israel, with downtime decreasing from 4% to 0% and energy generation improving by 17%.
2. Strategic co-investment agreementwith Shell for the first U.S. project at the Port of Los Angeles.
3. Kickoff of the first MW-scale projectin Porto, Portugal.
4. Support for the Marine Energy Technologies Acceleration Act in the U.S., potentially providing $1 billion for marine energy advancement.
5. Approval for ADS repurchase program to enhance shareholder value.
Financial results show a 1.6% decrease in operating expenses compared to H1 2023, with $7.48 million in cash and short-term deposits at the end of the period.
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