Eco Wave Power Reports First Quarter 2022 Financial Results
Leverages its Pioneering Technology to Advance Projects in
"With our technology proven through real conditions deployments in
"Our progress comes as governments around the world, especially in
Operational Summary During the First Quarter of 2022
EWP EDF One Project- Eco Wave Powerfinalized the production of all floaters and supporting structures for the grid-connected EWP-EDF One project at the Port of Jaffain Israel, and finalized the installation of eight floater mechanisms to the Jaffa Port Seawall. On January 22, 2022, Eco Wave Poweralso officially completed the grid connection route works for the EWP EDF One Project, pursuant to the engineering coordination permit from the Municipality of Tel-Aviv Jaffafor the deployment of the grid connection works of the EWP-EDF One wave energy project.
- EWP-OPT Collaboration - On
January 13, 2022, Eco Wave Powerand Ocean Power Technologies, Inc. ("OPT") announced that they are working to utilize their complementary technologies and skills to accelerate wave energy projects pursuant to an agreement previously signed. The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets. In addition, joint solutions can be developed utilizing each company's respective offshore and onshore technologies and leveraging OPT's offshore engineering and newly acquired robotics capabilities in Eco Wave Power'sapplicable projects.
- Penetration of the U.S. Market - On
January 19, 2022, Eco Wave Powerannounced a newly signed collaboration agreement with AltaSea at the Port of Los Angeles. As part of this agreement, Eco Wave Powerannounced it intends to relocate the energy conversion unit from Gibraltarto AltaSea's premises at the Port of Los Angeles.
January 20, 2022, during Eco Wave Power'sbell ringing ceremony at the Nasdaq Capital Market, New Jersey State Assemblyman Robert J. Karabinchakannounced his intention to introduce new legislation initiative to include wave energy in New Jersey'sEnergy Master Plan and to help New Jerseybecome the first U.S.state or territory to have a commercial wave energy proof of concept. On March 17, 2022, Inna Bravermantestified before a New Jersey State Legislaturehearing about the advantages of including wave energy in New Jersey'sEnergy Plan.
February 25, 2022, Eco Wave Powerannounced it plans to apply for delisting from Nasdaq First North Growth Market ( Sweden) ("Nasdaq First North"), as it shifts attention to its recent listing on the Nasdaq Capital Market in the United States. The formal application for delisting was submitted to the Nasdaq First North on May 25, 2022. On May 30, 2022, the Nasdaq First North accepted Eco Wave Power'sapplication to delist its common shares. As a result, the last day of trading for the Company's common shares on Nasdaq First North will be June 13, 2022.
Eco Wave Powerand its innovative technology was featured in The Wall Street Journalarticle published on March 9, 2022, titled "The Future of Everything," as one of the "Next Bets for Renewable Energy." (see article here)
April 11, 2022, Eco Wave Powerentered into an official agreement with Port Adriano on the island of Mallorca, Spain, for the potential construction of a wave energy power plant of up to 2 megawatts. The agreement expands Eco Wave Power'spresence in Europeand will help Spainto achieve its aggressive goals for renewable power, leveraging its significant coastline capacity.
Financial Results as of and for the three months ended
- Revenues of
SEK 0.24 millioncompared to SEK 0.26in the same period in 2021 (USD 26 thousand compared to USD 31 thousand, respectively) from feasibility study services in Asia. The Company is building out a pipeline of ancillary technology services that it may provide to its customers and other parties, such as other companies and research institutions, in addition to the Company's wave energy conversion (WEC) technology. These services currently include feasibility studies for potential clients of WEC technology.
- Operating loss increased to
SEK -8.4 millioncompared to SEK -4.5 millionin the same period in 2021 (USD -0.89 million compared to USD -0.53 million, respectively). Research and development expenses increased to SEK 1.8 millioncompared to SEK 1.3 millionin the same period in 2021 (USD 0.19 million compared to USD 0.16 million, respectively), sales and marketing expenses amounted to SEK 1.5 millioncompared to SEK 0.8 millionin the same period in 2021 (USD 0.16 million compared to USD 0.09 million, respectively). General and administrative expenses amounted to SEK 5.0 millioncompared to SEK 2.4 millionin the same period in 2021 (USD 0.54 million compared to USD 0.28 million, respectively).
- Net loss for the period increased to
SEK -6.7 millioncompared to SEK -3.9 millionin the same period in 2021 (USD -0.72 million compared to USD -0.48 million, respectively).
- Loss per share was
SEK -0.15compared to SEK -0.11in the same period in 2021 (USD -0.02 compared to USD -0.01, respectively).
- As of
March 31, 2022, cash and cash equivalents amounted to SEK 127.9 million( USD 13.8 million) and shareholders' equity amounted to SEK 126.3 million( USD 13.6 million).
- Total number of outstanding common shares amounted to 44,394,844 compared to 35,194,844.
For the full interim report in Swedish kronor (SEK), please click here.
For the full interim report presented in USD please click here
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.
Eco Wave Power is recognized as a "Pioneering Technology" by the
Eco Wave Power's common shares (ECOWVE) are traded on Nasdaq First North and its American Depository Shares (WAVE) are traded on the Nasdaq Capital Market.
More info: www.ecowavepower.com
Information on, or accessible through, the websites mentioned above does not form part of this press release.
Vator Securities is the Company's Certified Advisor on Nasdaq First North Growth Market (+46 8 580 065 99, firstname.lastname@example.org).
For more information, please contact:
For additional investor/media inquiries, please contact:
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave is using forward-looking statements when it discusses pipeline of ancillary technology services, include feasibility studies for potential customers of WEC technology, its expansion, collaboration with OPT, new legislation initiative to include wave energy in
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
WAVE - Q1 Interim Report 2022 SEK 2022 05 31