Eco Wave Power Signed A Contract With A Major Energy Company For A Demonstration To Harness Energy From The Waves At The Port Of Los Angeles; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Eco Wave Power Global AB (NASDAQ:WAVE) has signed a contract with an unnamed major energy company to develop the first US wave energy pilot station at AltaSea's premises in the Port of Los Angeles. This follows a comprehensive feasibility study identifying 77 potential sites in the US for Eco Wave Power's technology. The initiative aligns with efforts to meet net-zero goals and marks a significant step in the US's adoption of wave energy, supported by legislation in California and potential legislation in New Jersey.
April 11, 2024 | 1:15 pm
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Eco Wave Power Global AB has entered into a partnership to develop a wave energy pilot station in Los Angeles, indicating progress in its US expansion and technology deployment.
The partnership for the development of a wave energy pilot station in the US is a significant milestone for Eco Wave Power, likely to enhance its visibility and credibility in the renewable energy sector. This development could positively impact investor sentiment and the company's stock price in the short term, given the growing interest in renewable energy solutions and legislative support for wave energy in the US.
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IMPORTANCE 90
RELEVANCE 100