Eco Wave Power Global (NASDAQ:WAVE) today announced the signing of a manufacturing deal with All-Ways Metal, Inc., a woman-owned business based in California, to produce floaters for its innovative wave energy project in the Port of Los Angeles.

The financial terms of the deal remain undisclosed.

The floaters, which form a key component of Eco Wave Power's proprietary wave energy conversion technology, will be manufactured locally by All-Ways Metal and are scheduled for delivery within 70 days.

Also Read: Eco Wave Power 2024 Earnings: 22% Topline Growth, Narrows Operating Losses

Once completed, the floaters will be installed and connected to the Municipal Pier One at the Port of Los Angeles, signifying the official launch of the company's U.S. project.

This agreement follows Eco Wave Power's final licensing approval from the Port of Los Angeles earlier this month. It builds on the federal permit from the U.S. Army Corps of Engineers in November 2024.

The company said these key regulatory milestones clear the way to implement the company's first U.S.-based wave energy system fully.

Co-developed with Shell Marine Renewable Energy (Shell MRE), the project represents a convergence of public and private investment in next-generation renewable energy infrastructure. Once operational, the pilot installation will be a scalable model for future wave energy deployments along the U.S. coastline and globally, the company added.

Eco Wave Power founder and CEO Inna Braverman said that by producing the floaters locally, Eco Wave Power was able to accelerate project timelines, support local job creation, and contribute to the emergence of a new sustainable energy industry in the U.S.

In addition, by manufacturing the floaters locally, the company is shortening lead times and advancing ESG goals through a domestic supply chain.

Price Action: WAVE stock closed lower by 6.83% at $5.73 Tuesday.

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This article EXCLUSIVE: Eco Wave Power Marks US Manufacturing Debut With Port Of Los Angeles Project originally appeared on Benzinga.com

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