(Información remitida por la empresa firmante)
Operating loss was $683,000 compared to $896,000 in the same period last year.Net financial income was $160,000, compared to $173,000 in the same period last year.
Net loss was $523,000, or $0.01 per basic and diluted share, compared to a net loss of $723,000, or $0.02 per basic and diluted share in the same period last year.
The Company ended the period with $4.7 million in cash and cash equivalents and $5 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
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.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
For media inquiries, please contact:
Jacob Scott, Vectis Strategies
+1.412.445.7719
jscott@vectisstrategies.com
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. For example, the Company is using forward-looking statements in this press release when it discusses that once EWP-EDF One’s wave energy project is officially connected to the energy grid, this will mark the first time in Israel’s history that electricity produced by the power of waves will be transmitted to the national electric grid, advantages and benefits of its technology, the Company’s focus on the European market, its plans to establish a corporate office in New York City, that establishment of a U.S. subsidiary reflects the Company’s commitment to expanding its presence in the United States, a crucial market for renewable energy, and that the recent Inflation Reduction Act signed by President Joe Biden allocates significant funding for renewable energy, which could further support Eco Wave Power’s commercialization plans in the United States . 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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