New solar product facility opening in Mesa, Arizona
ENDICOTT, N.Y., Sept. 27, 2023 /PRNewswire/ — Amphenol Industrial Operations, a global leader in interconnect systems, will be expanding its operations with a new solar product factory opening in Q4 of 2023. The new 58,000 square foot facility will be located in Mesa, Arizona, further expanding Amphenol’s manufacturing presence in the city.
This new factory is anticipated to create up to 50 new specialized jobs, and will be focused on manufacturing solar junction boxes, connectors, and other advanced interconnect assemblies to support the solar energy industry.
Following the passage of the USA Inflation Reduction Act, the launch of this state-of-the-art facility is designed to help with the increased demand for solar energy, as well as contribute to reducing the nation’s carbon footprint. It will be equipped with advanced machinery and robotic technologies aimed at ensuring the highest quality and efficiency standards.
“We are thrilled to expand our operations and support the solar energy industry with new products designed to increase efficiency and reliability, while reducing supply chain risk in the US market,” said Mark Cunningham, General Manager of Amphenol Industrial Operations. “Our business is committed to producing sustainable products that will reduce carbon emissions and support a greener future.”
Mesa was selected due to its strategic location, favorable business climate, and skilled workforce, making it an ideal location for the new solar factory. Building this facility will create numerous jobs for the local community and reinforce Amphenol Industrial Operations as one of the leading suppliers to the green energy industry.
“We are pleased with Amphenol Industrial Operations’ decision to expand its operations here in Mesa,” said John Giles, Mayor of Mesa. “This new factory will bring significant economic benefits to our community and contribute to the growth of the renewable energy sector in Arizona.” Councilmember Jenn Duff added: “With this new venture in Mesa, we’re not just producing solar products. We’re shaping a cleaner, brighter world for generations to come. Mesa is committed to environmental stewardship and economic growth.”
“Amphenol Industrial Operations’ junction boxes are becoming an essential component of Heliene’s bill of materials for its U.S.-made solar PV modules,” said Martin Pochtaruk, President of Heliene, one of North America’s fastest-growing domestic module manufacturers and an Amphenol Industrial Operations customer due to its American focus.
BOSTON, Sept. 27, 2023 /PRNewswire/ — Bulbs.com, the online authority in LED Lighting continues to expand its rebate distribution partnerships with utility companies across the United States.
Bulbs.com announces its newly approved distributor partnership with Jersey Central Power & Light in New Jersey, a FirstEnergy Company involved in the development and management of energy-related services. Eligible Jersey Central Power & Light commercial customers can now receive instant rebates on a large assortment of LED lamps and fixtures when purchasing from Bulbs.com. A couple of items to note:
Bulbs.com is the first e-commerce distributor approved for this program, helping to make LED purchases easier for JCP&L commercial customers.
Bulbs.com is currently an approved distributor in 20 states across the United States.
Instant rebates are available on an assortment of LED lamps and fixtures.
JCP&L customers could spend as little as $1 per product with instant rebates.
Rebates include Energy Star and DLC approved linear (T8), ceiling panels, high bay and low bay fixtures, and reflector lamps.
Bulbs.com has been an approved distributor with PSE&G in New Jersey since 2021, and has assisted more than 1,000 commercial locations in updating their buildings to energy efficient lighting while taking advantage of the incentives available to PSE&G customers. The new partnership with JCP&L will allow Bulbs.com to expand its reach to rebate-eligible businesses across the state of New Jersey.
Utility rebates can be a big boost for helping businesses reduce the cost of lighting projects. Customers can save up to 85% on the initial cost of the bulbs and fixtures and then continue saving up to 75% on their lighting energy costs during the lifetime of the bulbs or fixtures. Other benefits from LEDs include:
HVAC cost savings due to lower heat emissions from LED lighting
Lower maintenance and replacement costs from the longer life of LEDs
Higher worker productivity from improved quality of lighting
Safety and security benefits from improved quality of lighting
Bulbs.com works closely with many utility companies including Duke Energy, MassSave, conEdison and CPS Energy, throughout the United States everyday as an approved distribution partner. In fact no other e-commerce lighting distributor works with as many utility companies across as many states as Bulbs.com. Eligible commercial and industrial customers can now receive instant rebates on their LED lighting purchases from 30+ utility companies across the following states:
Arkansas
Colorado
Connecticut
Hawaii
Indiana
Illinois
Kentucky
Maryland
Massachusetts
Michigan
Minnesota
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Texas
Washington
Commercial and Industrial customers can also benefit from Bulbs.com’s exclusive “Buy n Try” program. Customers can try out a few LED lamps risk free before committing to a larger purchase, insuring they make the right selection every time. Bulbs.com is committed to deliver the highest level of service to its customers, helping it earn the highest customer satisfaction scores in the industry.
Learn more: To learn more about utility rebate incentives visit bulbs.com/rebates or call a Certified Lighting Specialist at 888.455.2800. Certified Lighting Specialists and utility rebate professionals can provide more information about the best way to transition to energy efficient LED lighting.
About Bulbs.com: Bulbs.com is headquartered in Worcester, MA and is a leading online supplier of LED lighting products. Established in August 1999, Bulbs.com provides lighting products to over 200,000 commercial customers operating across 300,000 global locations in the hospitality, retail, property management, healthcare, manufacturing, government, education, industrial and municipal sectors. For more information visit bulbs.com.
MUMBAI, India, Sept. 27, 2023 /PRNewswire/ — Mumbai Metro Rail Corporation Limited (MMRC) awarded 9 years contract to ACES India Private Limited, a wholly owned subsidiary of Advanced Communications and Electronics Systems Company (ACES) Saudi Arabia for providing Mobile Infrastructure Services including 4G and 5G services.
From Left to Right: Mr. R. Ramana – Director (Planning & Real-estate dev./ NFBR) & Dr. Akram Aburas – CEO of ACES
LoA Ceremony held at MMRC office for award of Mumbai Metro Line -3 project to ACES India Pvt. Ltd Fourth from left: Mr. R. Ramana – Director (Planning & Real-estate dev./ NFBR) and MMRC team On his Right: Swetal Kanwalu – DGM, Ms. Farha Irani – AGM, Swapnil Labde, Deputy Town Planner) Fifth from Left: Dr. Akram Aburas – CEO – ACES, Mohammed N. Mazher – MD – ACES India and ACES team on his Left
ACES will equip India’s longest underground metro line with State of Art mobile telecom infrastructure with 4G and 5G technologies and will cover the entire stretch of 33.5 Kilometers line, which includes 27 stations, platforms, concours, and tunnels. Thus, providing Metro’s 1.6 million passengers per day with seamless coverage and enhance mobile data speeds.
Dr. Akram Aburas, CEO of ACES expressed his pride association with this prestigious project and explained ACES future vision as International Neutral Digital Infrastructure Company. He also confirmed that the contract aims to create a modern and intelligent environment for Metro’s passengers, travelers and its employees a seamless highspeed mobile service experience.
MMRC Management expressed happiness in partnering with ACES, which aims to equip its longest underground Metro Line-3 with a state of art 4G and 5G Mobile Infrastructure for an exclusive period of 9 years and will neutrally cater 600 million Passengers annually.
The award process was led by Ms. Ashwini Bhide – Managing Director, Mr. R. Ramana – Director (Planning & Real-estate dev./ NFBR), Mr. Swetal D. Kanwalu – Deputy General Manager (Town Planning) and Ms. Farha Irani – Assistant General Manager (Town Planning) and others from MMRC.
Mr. R. Ramana – Director (Planning & Real-estate dev./ NFBR) expressed happiness for the annual premium offered by ACES being the highest in the country. This endeavor will strongly support Metro Line-3 operations and enhance user experience.
The LoA was received on 26-September-2023 by Dr. Akram Aburas – CEO of ACES, Mr. Mohammed N. Mazher – Managing Director of ACES India Pvt. Ltd., along with other management team members from ACES.
ACES India Private Limited based in India is a wholly owned subsidiary of Saudi Company ACES. ACES is one of the leading International Digital Infrastructure company in Middle East, South East Asia and Europe. Several important projects have already been implemented, most notably the expansion of the Holy-Mosque in Makkah, Riyadh Metro, Jeddah Airport, Riyadh Airport, MASAR and international projects like Bangalore Airport, Surat Diamond Bourse, Taj Hotel and others. https://www.aces-co.com/
Mumbai Metro Line – 3 (MML – 3) is one of such key projects to improve the transportation scenario in the financial capital of India i.e. Mumbai. MML-3 project – a 33.5 km. long corridor running along Colaba-Bandra-SEEPZ, envisages to decongest the traffic situation in Greater Mumbai. Mumbai Metro Rail Corporation Limited (MMRC) is the nodal agency responsible for the implementation of Mumbai Metro Line–3 (MML-3) project. It has been constituted as a JV of the Govt. of India (GoI) and the Government of Maharashtra (GoM) on 50:50 sharing basis. https://mmrcl.com/
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 27, 2023 /PRNewswire/ — As per The Business Research Company’s Grain Silos And Storage System Global Market Report 2023, the global grain silos and storage system market is set to flourish, with a projected increase from $1.50 billion in 2022 to $1.61 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 6.7%. The grain silos and storage system market’s upward trajectory is expected to continue, reaching an impressive $2.01 billion in 2027, with a CAGR of 5.7%. The rising trend in crop production stands as a key driver for the grain silos and storage systems market.
Grain Silos And Storage System Market Driver – Rise In Crop Production As agricultural productivity soars, the demand for efficient storage solutions to safeguard and manage larger grain volumes becomes imperative. Grain silos emerge as crucial components, providing protection against spoilage, pests, and adverse weather conditions. They ensure that surplus harvests can be stored securely for extended periods. For instance, the International Grains Council’s May 2023 report forecasts a global grain production of 2.294 billion metric tons for the 2023-24 season, up from 2.254 billion tons in the previous season and a record-setting 2.293 billion tons in 2021-22.
Market Trend – Smart Grain Monitoring System Growing awareness of food security and the imperative to minimize post-harvest losses have driven the adoption of grain silos and storage facilities worldwide. Providers in the grain silos and storage system market are focusing on smart grain monitoring systems to enhance product efficiencies. These systems offer real-time readings and alerts, empowering farmers to address issues promptly and prevent grain spoilage and losses. A notable example is TeleSense, a US-based company that launched the user-friendly Cellular SensorSpear for monitoring and protecting post-harvest grain.
Grain Silos And Storage System Market Segmentation The global grain silos and storage system market is thoughtfully segmented into four key categories:
By Silo Type: Flat Bottom Silos, Hopper Silos, Grain Bins, Other Silo Types
By Commodity Type: Rice, Maize, Wheat, Soybean, Sunflower, Other Commodity Types
Asia Pacific Leads Grain Silos And Storage System Market Asia Pacific emerged as the largest region in the grain silos and storage systems market, accounting for 38.4% of the global grain silos and storage system market in 2022. It was followed by North America, Western Europe, and other regions. Looking ahead, Asia Pacific and the Middle East are anticipated to be the fastest-growing regions, with CAGRs of 7.4% and 6.4%, respectively, from 2022 to 2027.
The grain silos and storage system global market report 2023 not only offers a panoramic view of market trends but also provides actionable insights for players eager to shape the future of agricultural storage. By utilizing the strategies and market intelligence presented herein, industry participants can position themselves as key contributors to the global grain silos and storage system market’s remarkable journey.
For industry leaders and newcomers alike, the Grain Silos and Storage System Global Market Report 2023 serves as a compass, guiding them towards innovative solutions, sustainable practices, and strategic collaborations.
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STOCKHOLM, Sept. 27, 2023 /PRNewswire/ — Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the six months ended June 30, 2023 and provide a corporate update.
Management Commentary
Eco Wave Power continues to execute its dual-fold strategy: increasing our business presence and promoting wave energy as a vital source of renewable energy.
During the second quarter of 2023, we achieved several key milestones:
In Israel, we successfully connected Jaffa Port – EWP EDF One Project- to the Israel national electrical grid.
In the Port of Los Angeles, we are currently at the advanced licensing stage. Additionally, we have employed a local engineering firm to examine the integrity of the jetty and assist with planning of the connection of our floaters to the jetty. At the same time, it should also be noted that the California State legislature unanimously passed California Senate Bill 605 (“SB 605”). This legislative initiative directs the California Energy Commission to evaluate the feasibility, costs, and benefits of using wave energy and tidal energy along 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. This law is expected to assist our project’s progress and advance other potential projects in the U.S.
In Portugal, we have received the last approval necessary for the commencement of the works of our first megawatt (MW) in the city of Porto (TURH license). Eco Wave Power is currently setting up the execution bond for the project, in order to officially receive the final license. The next steps will include finalizing detailed construction plans for the first 1 MW power plant, obtaining approval from relevant entities for the detailed construction plans, and then commencing actual construction, which is expected to take up to 24 months. This is expected to be Eco Wave Power’s first MW scale project, which will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of wave energy globally.
With respect to new potential projects, we recently announced the signing of a Memorandum of Understanding (MoU) with Lian Tat Company to introduce wave energy to Taiwan and engaged in discussions with the management of the Port of Heraklion in Greece regarding the planning of a 2 MW Wave Energy Project. In parallel, we have successfully performed feasibility studies for a potential project in Morocco and a first of its kind feasibility study for a potential project on a drilling platform offshore.
“In 2023, Eco Wave Power continues to prove that with the right technology, the right governmental support, and the right strategic partnerships – wave energy is possible!
Here at Eco Wave Power, we are proving that we do not need sky-high deployment budgets and we do not need extremely lengthy deployment times. Wave energy, especially onshore wave energy technology, can be simple, cost-effective and promptly implemented.
With the deployment of our second grid connected project in Israel, and a near future deployment of our first project in the Port of Los Angeles, U.S. we are striding with confidence towards our first commercial scale project in the city of Porto, in Portugal.
We still have work to do, as there are not a lot of wave energy developers that have deployed their technology in real-conditions, and therefore most of the information has to be learned, developed and validated by our own teams, but with all the progress that we have made so far, I really feel comfortable and pleased with the direction of the wave energy sector, and especially the direction of Eco Wave Power.
We are also looking forward to the approval of our Share Repurchase Program by SFSA, as we believe that our share buyback program will allow our leadership to have a greater scope to act and the opportunity to improve the Company’s capital structure, driving greater shareholder value and improving the investment value of our company,” Commented Inna Braverman, Founder and Chief Executive Officer of the Company.
Operations
Israel
Eco Wave Power is Officially Connected to Israeli Electrical Grid: The EWP EDF One Station Supplies First Wave Energy to Country’s Power Supply (August 15, 2023)
Eco Wave Power has announced that its station at the port of Jaffa in Tel Aviv, EWP-EDF One, has officially been connected to Israel’s national electric grid, making it the first wave energy project to deliver electricity to the country’s power supply. Earlier this year, Eco Wave Power entered Israel’s first wave energy Power Purchase Agreement with the National Electric Company. Additionally, the Israeli Energy Ministry, which has recognized Eco Wave Power’s technology as “pioneering technology,” released its final grant funding for the EWP-EDF One wave energy power station in the Port of Jaffa, indicating the official completion of the construction of the project. The EWP-EDF One wave energy system is comprised of ten floaters along the Port of Jaffa’s pre-existing breakwater. Each of the floaters is directly connected to Eco Wave Power’s land-based energy conversion unit, allowing easy access for operational maintenance and upgrades. The power station has an installed capacity of 100 kilowatt (KW), which is enough energy to power up to 100 homes at peak efficiency. These land-based conversion units and usage of pre-existing structures display Eco Wave Power’s commitment to sustainably build clean energy at nearly any location. In addition to providing clean energy, EWP-EDF One power station will also be a public education center, as Eco Wave Power recently announced that it has received the GREENinMED grant from the European Union, as an aid for funding the creation and installation of unique educational experiences at the Jaffa Port, Israel.
Eco Wave Power Receives Grant from the European Union for Its New Wave Energy Power Station in Jaffa Port, Israel (July 13, 2023)
Eco Wave Power announced the approval of the GREENinMED grant, provided by the European Union, under the ENI CBC Mediterranean Se Basin Programme. The GREENinMED grant is promoted and managed by a consortium of parties from Spain, France, and Israel. The Kinneret Academic College selected Eco Wave Power’s project to receive the grant. This was done with the goal of adding educational and knowledge-sharing features for Eco Wave Power’s energy power station, promoting and facilitating the adaptation of technologies and equipment that will create new eco-innovative products for Israel’s tourism industry. Eco Wave Power will use this funding towards the creation and installation of a knowledge-sharing experience for the local population, and tourists, making the EDF-EWP One wave energy power station a unique tourist attraction, and introducing Eco Wave Power as an example of Israeli innovation. The grant marks a collaborative milestone between Eco Wave Power and various European Union (EU) funding programs and reinforces Eco Wave Power’s long-standing focus on the European market. This grant marks another milestone in the long-term productive collaboration between Eco Wave Power and various EU funding programs, and also reinforces Eco Wave Power’s long-standing focus on the European market. The Company’s historic station in Gibraltar was co-funded by the European Regional Development Fund, and Eco Wave Power also received a grant from the Horizon2020 phase A- EU funding program. Eco Wave Power is currently taking part in the Iliad consortium, which was awarded 17 million Euro by the EU.
Taiwan
Eco Wave Power and Lian Tat Company Sign MoU to Bring Wave Energy to Taiwan (June 22, 2023)
Eco Wave Power Global Ab (publ) signed an MOU with a prominent maritime engineering company, Lian Tat Company (“LTC”) to bring its wave energy technology to Taiwan. The terms of the agreement state that Eco Wave Power and Lian Tat Company will establish a Joint Venture company to develop wave energy projects in Taiwan. LTC will be responsible for acquiring permits, land use consents, and any licensing and approvals required to complete the installation of the wave energy project. Moreover, LTC will be accountable for funding the joint venture, and the project during the pilot phase, and managing the construction, operation, and maintenance of the project in Taiwan. Eco Wave Power will provide wave energy conversion technology, aid in the research and evaluation of the project’s feasibility, supply power generation equipment and knowledge, and execute troubleshooting. The project will begin with a 100 kW pilot and then expand in stages until a total installed capacity of 20 MW is reached within the first stage of developing the wave energy power station. In conjunction with producing 20 MW of clean energy, the project is expected to create several economic benefits.
Greece
Eco Wave Power Enters an Agreement with Rogan Associates S.A. to Bring the EWP Technology to Greece and Conducts an Official Site Visit with Rogan Associates at Greece’s Port of Heraklion to Discuss the Next Steps for the Planning of the 2MW Wave Energy Project (July 20, 2023)
In April 2023, Eco Wave Power entered an agreement with Rogan Associates S.A. to bring Eco Wave Power’s energy technology design to Greece. In this collaboration, Rogan Associates S.A. will reinforce the existing breakwater and plan the potential extension of the breakwater, while Eco Wave Power will complete the wave energy production analysis and custom design the wave energy technology to retrofit the existing breakwater at the port. Meetings were held with the managing director of Heraklion Port Authority, Mr. Minas Papadakis, and other port representatives, to receive updates regarding the goals achieved thus far in planning the project. The next steps of the project are to conduct further analysis of the site, focusing on civil engineering and pricing for installation. The work conducted by the parties is funded by a grant from the European Union Climate, Infrastructure, and Environment Executive Agency. The grant is an additional proof to the a long-term productive collaboration between Eco Wave Power and different EU funding programs. During July 2023, the CEO of Eco Wave Power, Inna Braverman, and representatives from Rogan Associates S.A. traveled to Crete, Greece for an official site visit of the Heraklion breakwater as it is being examined for a potential 2 MW wave energy power station.
California Legislation
Assembly Committee Passes Wave and Tidal Renewable Energy Bill (September 20, 2023)
Earlier this month, California State Senate 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, now heads to Governor Gavin Newsom’s desk for his consideration.
Per the amended bill, the California Energy Commission (the “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. This bill aims to lead California to develop a new source of clean, renewable energy to aid the state in meeting its carbon-free targets, while bolstering its electric grid. SB 605 instructs the California Energy Commission to work with the relevant state agencies to analyze the feasibility and potential for wave and tidal energy development in California and sets deadlines for findings to be reported to the California Legislature and Governor. The SB 605 also requires the Energy Commission to consider wave and tidal energy projects that “assess the technological feasibility and provide research and demonstration of the technology” in the investment planning process for the Electric Investment Charge program. This program is a California Energy Commission program that “invests in scientific and technological research to accelerate the transformation of the electricity sector to meet the state’s energy and climate goals.” This legislation is sponsored by AltaSea at the Port of Los Angeles. This is a 35-acre ocean technology campus that houses Eco Wave Power’s first energy power station in North America. This pilot project is believed to be the first onshore wave energy station built in the United States. California has established 2045 as its deadline to achieve a carbon-free energy grid. The National Renewable Energy Laboratory found that the energy potential in California is 140 TWh/year, which is the equivalent to the power needs of 13 million homes or 69% of California’s 2019 net electricity generation. SB 605 specifies that if developed and deployed at scale, wave and tidal energy have the potential to provide economic and environmental benefits to the state and the nation.
Capital Markets
Eco Wave Power Announces Plans for Share Repurchase Program (June 29, 2023)
Eco Wave Power announced its intention to set up a share repurchase program to repurchase American Depositary Shares, corresponding to up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by the Swedish law. All share repurchase programs are subject to necessary permits being obtained from the Swedish Financial Supervisory Authority (SFSA), in accordance with chapter 19 of the Swedish Companies Act. The permit is limited in time and conditional on the SFSA’s assessment of the Nasdaq Capital Market as an equivalent of a regulated market as defined in the Swedish Securities Market Act. Repurchases will be made in accordance with the Swedish Companies Act and applicable U.S. securities laws and regulations under the U.S. Securities Exchange Act of 1934, as amended. The Company’s management will determine the timing, amount, and manner of a repurchase subject to an evaluation of business, market, and economic conditions, corporate and regulatory requirements, and other considerations.
First Half 2023 Financial Overview
For the six months ended June 30, 2023, revenues were zero compared to $26,000 in the same period last year. The decrease is due to the fact that we were in the midst of certain studies and did not yet recognize the payments as income.
Operating expenses were $1.4 million, down by 35% from the same period last year.
Research and development (R&D) expenses were $323,000 compared to $635,000 in the same period last year. Research and development costs decreased mainly due to a one off non-recurring loss of $278,000 pertaining to a disposal of the floater mechanisms of the Gibraltar wave energy array in 2022, due to the relocation of the Gibraltar conversion unit to the Port of Los Angeles. Although our R&D expenses have significantly decreased during the last 6 months period, we expect that our research and development expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
Sales and marketing expenses were $193,000 compared to $300,000 in the same period last year. This decrease was primarily attributable to a $51 thousand decrease in sales and marketing activities in the first half of 2023. Although our expenses have significantly decreased during the first 6 months period, we expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.
General and administrative expenses were $854,000 compared to $1,186,000 in the same period last year. This decrease was primarily attributable to a $175 thousand decrease in D&O insurance premium, $51 thousand decrease in payroll and related expenses and a $30 thousand decrease in legal expenses. Although our general and administrative expenses have significantly decreased during the first 6 months period, we expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
Other income of $9,000 was generated mainly from management fees in a joint venture.
Share of net loss of a joint venture accounted for using the equity method for the six months ended June 30, 2023 was $10,000.
Operating loss was $1.4 million compared to $2.1 million in the same period last year.
Net financial income was $512,000, compared to $681,000 in the same period last year.
Net loss was $859,000, or $0.02 per basic and diluted share, compared to a net loss of $1,431,000, or $0.03 per basic and diluted share in the same period last year.
The Company ended the period with $4 million in cash and cash equivalents and $5.2 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.
Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact: Inna Braverman, CEO [email protected] +97235094017
For media inquiries, please contact: Jacob Scott, Vectis Strategies +1.412.445.7719 [email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses that SB 605 is expected to assist its project’s progress and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, potential project in Morocco, SFSA’s approval of the share repurchase program, that the LTC project is expected to create several economic benefits, its expectation that its research and development, sales and marketing and general and administrative expenses to materially increase . Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”, or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes 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 unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
Eco Wave Power Global AB (publ) CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
June 30 2023
December 31 2022
In USD thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents
4,051
5,295
Short Term Bank Deposits
5,217
5,000
Restricted short-term bank deposits
61
63
Other receivables and prepaid expenses
95
161
TOTAL CURRENT ASSETS
9,424
10,519
NON-CURRENT ASSETS:
Property and equipment, net
679
722
Right-of-use assets, net
131
166
Investments in a joint venture accounted for using the equity method
517
510
TOTAL NON-CURRENT ASSETS
1,327
1,398
TOTAL ASSETS
10,751
11,917
Liabilities and equity
CURRENT LIABILITIES:
Current maturities of long-term loans from related party
985
941
Current maturities of other long-term loan
65
32
Accounts payable and accruals:
Trade
40
75
Other
925
733
Current maturities of lease liabilities
91
78
TOTAL CURRENT LIABILITIES
2,106
1,859
NON-CURRENT LIABILITIES:
Other long-term loan
Lease liabilities, net of current maturities
69
39
96
88
TOTAL NON-CURRENT LIABILITIES
108
184
TOTAL LIABILITIES
2,214
2,043
EQUITY:
Common shares
98
98
Share premium
23,121
23,121
Foreign currency translation reserve
(2,539)
(2,061)
Accumulated deficit
(12,143)
(11,284)
TOTAL EQUITY
8,537
9,874
TOTAL LIABILITIES AND EQUITY
10,751
11,917
Eco Wave Power Global AB (publ) CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
Six months ended
June 30
2023
2022
In USD Thousands
REVENUES
–
26
COST OF REVENUES
–
(22)
GROSS PROFIT
–
4
OPERATING EXPENSES
Research and development expenses
(323)
(635)
Sales and marketing expenses
(193)
(300)
General and administrative expenses
(854)
(1,186)
Other income
9
15
Share of net loss of a joint venture
accounted for using the equity method
(10)
(10)
TOTAL OPERATING EXPENSES
(1,371)
(2,116)
OPERATING LOSS
(1,371)
(2,112)
Financial expenses
(26)
(31)
Financial income
538
712
FINANCIAL INCOME (EXPENSES) – NET
512
681
NET LOSS
(859)
(1,431)
ATTRIBUTABLE TO:
The Parent Company shareholders
(1,241)
(859)
(859)
(1,241)
In USD
LOSS PER COMMON SHARE – BASIC AND DILUTED
(0.02)
(0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE
The event will celebrate the project’s first phase; phase two is scheduled to break ground in late 2023
DAVENPORT, Fla., Sept. 27, 2023 /PRNewswire/ — Sovereign Properties and Invest Capital Group have announced the grand opening of Atlantica at Town Center, the first phase of its two-phased development. They are hosting a ribbon cutting event on September 28th at the property to celebrate the completion of its first phase.
Atlantica at Town Center is located at 1121 Loblolly Lane, Davenport, FL. The 360-unit Class A apartment community offers one-, two- and three-bedroom units ranging from 683 square feet to 1,435 square feet, which are some of the largest units in the area.
Atlantica at Town Center is located at 1121 Loblolly Lane, Davenport, FL. The 360-unit Class A apartment community offers one-, two- and three-bedroom units ranging from 683 square feet to 1,435 square feet, which are some of the largest units in the area.
The community was designed to give residents a resort-style feel and boasts a large pool area featuring cabanas, an outdoor kitchen, gas grills, outdoor TVs, and more. Other on-site amenities include a state-of-the-art fitness center, a pet park, dog spa, yoga studio, clubhouse with a game room and coffee station, elevators, valet trash stations, Luxor One package lockers, storage units, ample surface parking, attached and detached garages, and 24/7 on-site security.
“We wanted to build a community where residents felt relaxed, comfortable and safe. Sovereign Properties and Invest Capital Group carefully designed and selected all of the amenities and finishes so that the families living there feel like they can call Atlantica at Town Center home,” David Amiel, Investment Manager of Invest Capital Group.
All units have wood-inspired flooring, stainless steel appliances, quartz countertops, shaker kitchen cabinets and walk-in closets. Some units have screened balconies and patios and nine-foot-high ceilings.
The 360-unit property is over 60% leased. The 352-unit second phase, situated on land adjacent to phase one, is scheduled for a late 2023 groundbreaking, with completion anticipated by late 2024.
Atlantica at Town Center contracted the Davenport land in 2018 when there was little development in the area. “We believed that this was going to be the focal point for Davenport, and that’s what it’s become during the past five years,” said Katie Clarke, Sovereign Properties’ Chief Investment Officer.
Situated near Osceola Polk Line Rd. and Old Lake Wilson Rd., Atlantica at Town Center is close to Interstate 4, within a 15-minute drive from Disney World, Universal Studios, Orlando International Airport and Downtown Orlando. Davenport is also close to technology, trade, transportation and logistics employment hubs.
The property is Sovereign and Invest Capital’s second to be built under the Atlantica brand. The first, Atlantica Burleson, was completed in late 2022.
More Atlantica projects are being planned or underway. These include the second phase of apartments in Davenport, Atlantica at Town Center Phase II, as well as Atlantica at Alamo on the west side of San Antonio, TX; and Atlantica at Daytona in Daytona Beach, FL.
Sovereign and Invest Capital Group target growing population and job centers across the Sun Belt market where median incomes are typically higher than the national average, and that offer A-rated school. Most often, the Atlantica brand focuses on locations in secondary markets that are close to larger metropolitan areas.
“Sovereign and Invest Capital Group, have been able to deploy capital and start new construction deals in a very challenging time,” Clarke said. She noted that even as multifamily construction has slowed, Sovereign and Invest Capital continue focusing on developments and unit delivery. “We remain very bullish on multifamily,” she added.
About Sovereign Properties Sovereign Properties is a real estate development firm focusing on building quality, affordable multifamily properties that produce stable cash flows, long-term asset appreciation and generational tax benefits for investment partners. Led by founder and CEO Russ Krivor, the company has generated $250 million in equity and sponsored the development of more than 6,000 Class A units in across the country. Experience in construction, lease-up, and ongoing management of apartment communities makes Sovereign Properties qualified to identify, underwrite, and execute quality multifamily investment opportunities.
About Invest Capital Group ICG is an investment management firm that capitalizes on residential and commercial real estate. The company focuses on capital preservation, risk management and value creation by sourcing, evaluating, and investing in income-generating properties, ground-up developments and repositioning of distressed properties. During the past 25 years, Gabriel Amiel CEO of Invest Capital Group has invested more than $2 billion in multiple asset classes.
SOURCE Sovereign Properties and Invest Capital Group
