Eco Wave Power Global AB Q4 FY2023 earnings call

In 2023, Eco Wave Power saw revenues increase by 1,076% (excluding funds from grants and other sources), net loss decrease by 36%, and ended the year with $8.4 million in cash and deposits. The Israeli project was grid-connected, marking the first time wave energy was officially connected to Israel's National Electrical Grid. In January 2024, an investment agreement was entered with Shell MRE for the first U.S. project at the Port of Los Angeles, where Shell will contribute 50% of production, installation, and scheduled maintenance costs, with the project expected to run in 2024. In March 2024, the final license for the first commercial scale project in Portugal was secured, expected to be finalized by March 2026. The company also provided feasibility studies and project planning engineering services for Shell, Chevron, etc., and applied for and secured multiple grants like the Innovate UK grant. It was noted that clean energy stocks underperformed in 2023 due to high interest rates and lagging efforts to combat climate change. Founders haven't sold shares, the company is financially stable, and it looks forward to Sweden's Financial Supervisory Authority approving the purchase back of up to 10% of the company stock on NASDAQ.

The U.S. project with Shell is expected to be operational in 2024. The Portugal project is expected to be finalized by March 2026. Anticipates receiving approval from the Financial Supervisory Authority of Sweden to repurchase up to 10% of the company stock on NASDAQ.

Clean energy stocks including wave stocks faced poor performance in 2023 because of high interest rates and insufficient efforts in combating climate change.