Coalition, including Eco Wave Power, chosen as a finalist in EDA’s Build Back Better Regional Challenge
STOCKHOLM, January 18, 2022 /PRNewswire/ — Eco Wave Power Global AB (publ) (Nasdaq First North: ECOWVE, Nasdaq US: WAVE) (“Power of ecological waves“), a leader in generating clean electricity from oceans and waves, is proud to announce that it has been selected as a finalist as part of a coalition with other regional players in the $1 billion Regional Build Back Better Challenge, led by the Los Angeles County Economic Development Corporation (LAEDC).
At the time of the U.S. Economic Development Administration’s (“EDA”) announcement, Los Angeles Mayor Eric Garcetti said, “LAEDC and its community partners are doing such important work to ensure a strong 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 the second phase of this competition.”
The EDA Challenge helps communities nationwide by accelerating economic recovery from the coronavirus pandemic and building local economies that will withstand future economic shocks. The Build Back Better Regional Challenge is the U.S. Department of Commerce’s biggest economic development initiative in decades.
As a finalist, the coalition was rewarded $500,000 further develop plans for several coordinated projects to advance more equitable and sustainable growth in the region. The coalition will move to phase 2 and will compete until $100 million in US bailout funding to develop and scale blue and green growth innovations within the Goods Movement (GME) ecosystem by Southern California. This next step includes a proposal for the implementation of a first-of-its-kind pilot wave energy system at AltaSea at the Port of Los Angeles (“AltaSea”), a non-profit organization dedicated to accelerating scientific collaboration, fostering an emerging blue economy, and inspiring the next generation, all for a more sustainable, just world. and fair.
Inna Braverman, founder and CEO of Power of ecological waves, said, “We are very proud to be part of the LAEDC-led coalition. We believe that we can contribute significantly to its mission to leverage the innate convergence of blue and green economies at the port of Los Angeles and beyond to create new jobs and businesses for the region, while improving the environment and increasing the resilience of America’s primary commercial gateway. We are excited to enter phase 2 of the program by implementing our innovative technology at AltaSea’s premises in the port of Los Angeles. This project will be the first time that clean electricity will be sent from ocean waves to Los Angeles electrical network.
LAEDC brought together and facilitated a regional coalition of regional actors from government, business, non-profit organizations and academia. In addition to Power of ecological waves, stakeholders include AltaSea at Port of Los Angeles; the City of Los Angeles, headed by the mayor’s office Eric Garcetti and the city council; the Economic Development and Workforce Department (EWDD); LA Department of Water and Power (LADWP); Public works; LA Department of Transportation; the Port of Los Angeles; Toyota Motor North America; Shell; Los Angeles Cleantech Incubator (LACI); Urban Movement Laboratories (UML); Santa Monica College; the Los Angeles Regional Strong Workforce Consortium of 19 area community colleges; the Entrepreneur Education Center, Inc. (EECI) in South Los Angeles; the Long Beach Economic Partnership; and PledgeLA.
The EDA received 529 applications from regions in all 50 states and five territories, and the 60 finalists represent regions that have formed extraordinary coalitions, demonstrated regional needs, and presented bold proposals to develop their target industry clusters. Ranging from rural communities and coastal cities to large metropolises, the finalists represent a diverse cross-section of the United States
For the official press release on the AltaSea website, please see the following link: LAEDC’s Stephen Cheung on LA’s Build Back Better “Blue-Green” Regional Grants Challenge – AltaSea
For the full list of members of the LAEDC-led coalition, please see the attached PDF, which is not part of this press release.
About Eco Wave Power Global AB (publ)
Power of ecological waves is a leading onshore wave energy technology company that has developed patented, smart and cost-effective technology to turn ocean and sea waves into green electricity. Eco Wave Power mission is to help fight climate change by enabling commercial electricity generation from the ocean and waves.
Power of ecological waves is recognized as a “pioneering technology” by the Israeli Ministry of Energy and has been labeled an “Efficient Solution” by the Solar Impulse Foundation. The Eco Wave Power project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission’s Horizon 2020 framework programme. The company also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power the common stock (ECOWVE) is traded on the Nasdaq First North and its ADS (WAVE) is traded on the Nasdaq Capital Market.
Vator Securities is the company’s Certified Advisor (+46 8 580 065 99, [email protected]).
For more information please contact:
Inna Braverman, CEO
For any additional investor/media inquiries, please contact:
Matt Chesler, CFA
Allison & Partners
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For example, Power of ecological waves uses forward-looking statements when discussing the Regional Build Back Better Challenge and its participation in Part II of the Regional Build Back Better Challenge, and its belief that it can contribute significantly to LAEDC’s mission to leverage the innate convergence of the blue and green economies at the port of Los Angeles and beyond to create new jobs and businesses for the region, while improving the environment and increasing the resilience of America’s primary commercial gateway. These forward-looking statements and their implications are based on the current expectations of the management of Power of ecological waves and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Unless otherwise provided by law, Power of ecological waves assumes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. More detailed information on the risks and uncertainties affecting Power of ecological waves is listed under the heading “Risk Factors” in Eco Wave Power Registration Statement on Form F-1 filed with the SEC, which is available at the SEC’s website, www.sec.gov.
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SOURCE EWPG Holding AB