Eco Wave Receives Grant from the European Union for Its Wave Energy Power Station

Leading global wave energy developer Eco Wave Power Global AB (publ) (WAVE) ("Eco Wave Power") is pleased to announce the approval of the GREENinMED grant, provided by the European Union, under the ENI CBC Mediterranean Sea Basin Programme.

The GREENinMED grant is promoted and managed by a consortium of parties from Spain, France, and Israel. These groups include:
- The Official Chamber of Commerce, Industry, Services, and Navigation of Spain
- Arava Institute for Environmental Studies (Israel),
- Kinneret Academic College on the Sea of Galilee (Israel) (the "Kinneret Academic College"),
- Capenergies (France), and
- The Israel Water Association.

Eco Wave Power's project was selected to be a grant recipient by the Kinneret Academic College, with the goal of adding educational and knowledge-sharing features for Eco Wave Power's newest wave energy power station located at the Port of Jaffa in Israel, promoting and facilitating the adaptation of technologies and equipment that will produce new eco-innovative products for the tourism industry in Israel.

Eco Wave Power will use the funding toward the creation and installation of a knowledge sharing experience for the local population, as well as tourists from around the world, making the EDF EWP One wave energy power station a unique tourist attraction at the Port of Jaffa, as well as introducing Eco Wave Power as a shining example of Israeli innovation.

This grant marks another milestone in the long-term productive collaboration between Eco Wave Power and various European Union (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.

"We are grateful for the continuous support from the EU, as they continue to prioritize clean energy and consider sustainability in their funding," said Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power. "We believe that our wave energy technology can not only create clean electricity for the local population, but also transform the entire community by creating new workplaces and jobs, as well as educate the local community and foreign visitors on the power and importance of sustainable energy sources. This is a true win-win for Israel."

"Eco Wave Power's mission and technology align well with the European Union's vision to create a new way of generating renewable energy," stated Prof. Ram Shpiner from the Kinneret Academic College. "As a college focusing on water engineering and environmental sustainability, we believe that companies like Eco Wave Power will help the EU meet its ambitious goals to address the climate crisis."