Eco Wave Power Receives Portuguese Government Approval for 20 MW Underwater Wave Farm

Concession Agreement and First-of-its-Kind Technology

PORTIMAO, Portugal (August 5, 2024) — Eco Wave Power Global AB (NASDAQ: WAVE), a leading developer of wave energy technology, has announced that it has received approval from the Portuguese government for the installation and operation of a 20 MW underwater wave farm at the Port of Sines.

Innovative Solution for Renewable Energy

This project is part of a 20 MW concession agreement between Eco Wave Power and the Port of Sines. It will feature Eco Wave Power's unique underwater wave energy technology, which is designed to harness the power of ocean waves to generate renewable electricity. This technology is the first of its kind in Portugal and is expected to provide a significant contribution to the country's renewable energy goals.

Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power, said, "We are thrilled to have received government approval for our 20 MW wave farm project in Portugal. This project is a testament to the potential of our technology and the growing demand for renewable energy solutions. We are confident that this project will be a success and will help to pave the way for the wider adoption of wave energy."