Detailed narrative
Financial Performance and Capital Raise
Eco Wave Power reported a 9% year-over-year decrease in operating expenses to $1.45 million for H1 2026, driven by a 45% reduction in R&D costs. Net loss improved by 12% to $1.67 million. The company successfully completed a $4 million direct offering at $10 per ADS, increasing its cash position by 58% and total liquidity to $8.4 million as of June 30, 2026.
Israel Project (Jaffa Port)
The EWP-EDF One project at Jaffa Port continues to operate as Israel's only grid-connected wave energy station, exporting electricity under a PPA. Since early 2025, the station has maintained 0 downtime, providing valuable operational data. The project serves as a platform for advancing AI integration, digital twins, and predictive maintenance.
US Market Development
The company completed and submitted the final report for its pilot project at the Port of Los Angeles, demonstrating its technology's advantages for installation on existing man-made coastal infrastructure. The project was referenced in California Senate Bill 605, indicating growing regulatory attention and potential for future commercial deployments in the US.
Portugal Megawatt-Scale Project
Reinforcement works are underway at the Barra do Douro breakwater for Eco Wave Power's first megawatt-scale installation. Discussions with Portuguese subcontractors are advancing, and the CEO plans to meet with local stakeholders. This project is crucial for transitioning towards larger commercial deployments internationally.
Asia Pacific Expansion (Taiwan & India)
In Taiwan, partner I-Ke International Ocean Energy secured a 5-year land lease at Suao Port, with work permits expected by October 2026. The project plans to use locally manufactured floaters. In India, collaboration with Bharat Petroleum Corporation is advancing with a site assessment study for a potential pilot installation at the Mumbai oil terminal.
Artificial Intelligence Strategy
Eco Wave Power's technology was featured twice by NVIDIA's CEO, and the company joined the NVIDIA Inception program. The AI strategy focuses on two areas: improving internal technology (system monitoring, predictive maintenance, performance optimization) and positioning wave energy to meet the rapidly growing electricity demand from AI and data centers, especially in coastal areas.