Eco Wave Power Global AB (NASDAQ:WAVE), an onshore wave energy technology player, announced on Monday that it received a Revocable Permit from the Port of Los Angeles to construct and demonstrate its system at Berth 70 in San Pedro, California.

Approved on March 27. the permit marks a significant milestone in the company's U.S. expansion efforts. With this final approval and a federal permit secured in November 2024, Eco Wave Power is now set to begin construction of its pilot wave energy project, which is expected to be completed within two to three months.

The pilot project, co-funded by Shell Marine Renewable Energy (Shell MRE), represents a key step toward advancing clean, wave-powered energy.

The permit grants Eco Wave Power access to approximately 10,400 square feet of land and 2,000 square feet of water area for the installation and operation of its wave energy conversion system.

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

Developed in partnership with AltaSea at the Port of Los Angeles, the project will involve installing up to eight wave energy floaters on the piles of an existing concrete wharf structure at Municipal Pier One.

A container-based energy conversion unit—already shipped and located on-site—will be placed on the wharf deck and connected to the floaters. Installation is expected to be completed by the end of the second quarter of 2025.

"This permit represents a major step forward for Eco Wave Power's expansion into the U.S. market," said Inna Braverman, CEO of Eco Wave Power. "We are excited to collaborate with the Port of Los Angeles, AltaSea, and Shell MRE to bring our innovative, sustainable energy technology to one of the most significant ports in the country."

According to the U.S. Department of Energy, wave energy has the potential to generate over 1,400 terawatt-hours per year—enough to power approximately 130 million homes.

Eco Wave Power's pilot project is a critical step toward the commercialization of wave energy and further strengthens the company's leadership in the sector. The company said it is expected to serve as a model for future large-scale wave energy deployments across the United States and internationally.

Price Action: WAVE shares are trading lower by 8.64% at $5.71 premarket at the last check Monday.

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This article EXCLUSIVE: Eco Wave Power Rides New Wave With LA Permit To Launch US Pilot Project originally appeared on Benzinga.com

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