Historic Wave Energy Legislation Unanimously Passes California Legislature & Heads to Governor Newsom's Desk

SACRAMENTO, Calif., Sept. 20, 2023 /PRNewswire/ --Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) ("Eco Wave Power" or the "Company"), a leading, publicly traded onshore wave energy developer, commends the California State Senate for unanimously passing California Senate Bill 605 ("SB 605"), a legislative initiative that directs the California Energy Commission to evaluate the feasibility, costs, and benefits of using wave energy and tidal energy across California's 840-mile coastline.

The bill, introduced by Senator Steve Padilla (D-Chula Vista), now heads to Governor Gavin Newsom's desk for his consideration.

Per the amended bill, the California Energy Commission will work with various state agencies, including the California Coastal Commission, the Ocean Protection Council, and other stakeholders to identify suitable locations for wave energy and tidal energy projects in both state and federal waters.

Once signed into law by Governor Newsom, SB 605 will become the first legislation in America focused on the study, assessment, and promotion of wave energy.

"Wave and tidal energy present an incredible opportunity for California to meet their clean energy goals," said Senator Padilla. "SB 605 will help us explore the potential for wave energy to expand our portfolio of clean renewable energy sources. If we can capture even a fraction of the potential power generated by our oceans, we open the door to exciting energy and employment opportunities."

The legislation is supported by AltaSea at the Port of Los Angeles, a 35-acre ocean technology campus and will soon be home to some of California's first wave energy pilot stations. In the coming months, Eco Wave Power will install its first US pilot station after previously establishing energy stations in Gibraltar and Israel. The pilot project is believed to be the first onshore wave energy station to be installed in the United States.

"SB 605 is a landmark piece of legislation that continues to demonstrate California's leadership in renewable energy," said Eco Wave Power Founder & CEO Inna Braverman. "California's 840-mile coastline is an ideal home to the nation's first-ever wave and tidal energy legislation. Here at Eco Wave Power, we are aiming to have our innovative technology generating electricity at the Port of Los Angeles in the coming months to further demonstrate California's leadership. We urge Governor Newsom to sign SB 605 into law – a huge first step to unlock the full power of the ocean."