Eco Wave Power Global AB (publ)
Q4 2021 Earnings Call Transcript

Published: 1 Mar 2022

[Operator:]

You have joined the meeting as an attendee and will be muted throughout the meeting. On the Eco Wave Power's fourth-quarter and full-year 2021 earnings webinar. All participants here today are in a listen only mode and we are recording today. So that is your notification of that. I am Rob Bank of and we are proud to support Eco Wave Power and its efforts, Investor Relations efforts. Hosting today's webinar, Inna Braveman, Eco Wave's Co-Founder and Chief Executive Officer. Before I turn the webinar over to Inna I'd like to remind everyone that matters discussed on this conference call will constitute forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on management's current estimates and projections, future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such uncertainties, please see the risk factors section as described in Eco Wave Power's registration statements on Form F1 filed with the SEC, which is available on the SEC's website at sec.com. With that, I will now turn the call over to Inna. Inna congratulations on a successful productive year. The call is yours.

[Inna Braverman:]

Thank you Rob. So I'm excited to conduct this webcast and we workied to extend our efforts to connect to the shareholders and to impact investors globally. I'm glad to be here today and announce that we're considerably closer to achieving our mission of changing the world, one WAVE at a time. I'm particularly proud of our team for advancing this important initiatives despite the pandemic, which created a whole new set of challenges. We believe that the world needs our technology and that there is growing recognition of the importance of WAVE energy. And during the year 2021, we kept pushing towards achieving our goal. This was evident by our significant progress with our soon-to-be grid connected WAVE energy power station. The EWP EDF One Project in the port of Jaffa in Israel. Currently, we have all floaters manufactured and installation of the floaters to the sea wall has begun. We also finalized the electric groundwork to enable the connection of the power station to the electrical grid. The new WAVE energy array will be an improved and upgraded version of our existing technology, which will be officially operational -- IL an investments from the Israeli Energy Ministry, which officially recognized our technology as pioneering technology. This will be the first time in the history of Israel, this wave energy, or electricity from the WAVE will officially connect to Israel's National electrical grid. Also in Israel, we announced that we entered into collaboration agreement with the procurement administration in the Israeli Ministry of Defense for the Israeli Navy to examine the feasibility of installing the EcoWave Power technology at Navy bases, which may open a whole new potential market segments for Eco Wave Power. According to the terms of the agreement, Eco Wave Power already procured wave measuring system. And it's coordinating with the Navy for the deployment of the systems to collect extended wave data in one to three locations at the Navy bases. While the Navy we secured all premise for the deployment of the wave measuring equipment. The Navy's specialized diving team will install the measurement equipment in the territorial waters of the Navy basis. At the end of the measurement period, Eco Wave Power will share the information collected with the Navy, which in turn does applicability of the technology in line with the prevailing waves in the selected sites. Then Eco Wave Power in the Navy will jointly analyze the results and create energy production forecasts based on such analysis. To one identifying the most suitable application for installation and provided that technology is found to be feasible for the proposed locations. The Navy and Eco Wave Power, we use their best efforts to work towards the next step of the collaboration, which is the potential deployment of people WAVE Power, technology for production of cleaner electricity from the WAVE in the Navy basis. We were also able to move forward with our planned project in Portugal and Ireland, where we have secured the installation and grid connection permit for our blend, one megawatt s projects from DGEG and we've begun internal planning procedure to make the projects a reality. The Small-Production Unit registration approval is the first premise required to proceed with the excellent installation and grid connection of the first one megawatt wave energy power station on the ocean side of the Barra do Douro breakwater in Portugal. The one megawatt project is planned to be the first stage of the 20 megawatt Concession Agreement answered with APDL in April 2020. For the potential usage of four locations owned and operated by APDL. Recently we hosted Portugal 's ambassador to Israel, in a first ever visit to our new power station in the ports of dock in Israel. Ambassador George Kabral express excitement as seen, our next major projects come to reality in his home country. Moreover, in order to accelerate the progress of our Portuguese plant projects, Eco Wave Power appointed Pedro Ernesto Ferreira as head of its Portuguese operations. Pedro brings a wealth of experience from leading advanced energy organizations in Portugal. Presently he's an asset management specialist at EDP, the electrical company of Portugal. His main responsibilities include supervision, management, and operation of all EDP's hydroelectric power plant in Portugal. He holds a master's degree in electrical computer engineering from the faculty of engineering of the University of Porto and working towards the PhD on sustainable energy system. While progressing with our existing projects, we have continued to expand our projects pipeline. Today, there are over 325 megawatts of potential projects in our pipeline. The experience that we have gained in our Gibralta pilot plant, combined with the project that we're making at the port of Jaffa and in Portugal, and coupled with rising energy cost particularly due to the geopolitical changes in Eastern Europe are driving increased interest in our renewable practical Wave energy solutions. Accordingly, we're adding new potential projects to our pipeline regularly and interest is at an all-time high. One such project is our newly signed collaboration agreement with AltaSea in the port of Los Angeles. According to which, Eco Wave Power plans to implement a pilot projects on AltaSea 's campus. In Europe, we also continue to expand our already significant projects pipeline. We've secured several high-profile grants, including a grant from Innovate UK, which we jointly submitted with the University of Queen Mary of London and a grant that is a part of the ILIAD consortium, by the European Green Deal. We also expect to announce some new and exciting Concession Agreement for new project in the European continent in the near future. At the same time, we are reinforcing our technology in the European market. We're also focusing significant resources on introducing our technology to the U.S. market. Now, is the time to introduce our game changing technology to the U.S., especially following Eco Wave Power's listing on the Nasdaq Capital Market (stock symbol

[End of Q&A:]