Coalition, Including Eco Wave Power, Chosen as a Finalist in EDA's Build Back Better Regional Challenge

The Los Angeles Economic Development Corporation will help build blue and green economies in LA.

STOCKHOLM, Jan. 18, 2022 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq First North: ECOWVE, Nasdaq U.S.: WAVE) ("Eco Wave Power"), a leader in the production of clean electricity from ocean and sea waves, is proud to announce they have been selected as a finalist as part of coalition with other regional stakeholders in the $1 billion Build Back Better regional challenge, led by the Los Angeles County Economic Development Corporation (LAEDC).

At the time of the U.S. Economic Development Administration's (the "EDA") announcement, Los Angeles Mayor Eric Garcetti said, "LAEDC and its community partners are doing such important work to ensure a robust and equitable economic recovery from the pandemic. This coalition embodies the spirit and innovation of our region, and I wish them success as they continue on to the second phase of this competition."

The EDA Challenge is assisting communities nationwide by accelerating economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. The Build Back Better Regional Challenge is the largest economic development initiative in decades from the U.S. Department of Commerce.

As a finalist, the coalition has been awarded $500,000 to further develop plans for several coordinated projects to advance more equitable and sustainable growth in the region. The coalition will advance to Phase 2 and compete for up to $100 million in American Rescue Plan funding to develop and scale blue and green growth innovations within the Goods Movement Ecosystem (GME) in Southern California. This next step includes a proposal for the implementation of a first of its kind, wave energy pilot system at AltaSea at the Port of Los Angeles ("AltaSea"), a nonprofit dedicated to accelerating scientific collaboration, advancing an emerging blue economy, and inspiring the next generation, all for a more sustainable, just, and equitable world.

Inna Braverman, founder and CEO of Eco Wave Power, stated, "We are very proud to take part in the coalition led by LAEDC. We believe that we can significantly assist with its mission of leveraging the innate convergence of blue and green economies at the Port of Los Angeles and beyond to grow new jobs and enterprises for the region, while improving the environment and increasing the resilience of America's leading trade gateway. We are excited to enter Phase 2 of the program by implementing our innovative technology on AltaSea's premises in the Port of Los Angeles. This project will be the first-time clean electricity is sent from ocean waves to the Los Angeles power grid.