Eco Wave Power Receives Grant from the European Union for Its New Wave Energy Power Station in Jaffa Port, Israel

Grant will focus on educating public on importance of clean energy sources and will help Eco Wave Power build knowledge-sharing features at Company's latest power station.

TEL AVIV, Israel, July 13, 2023 /PRNewswire/ -- Leading global wave energy developer Eco Wave Power Global AB (publ) (Nasdaq:WAVE) ("Eco Wave Power" or the "Company") 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."

For more information about this project, please see the official project video, produced with the financial support of the EU under the ENI CBC Programme: https://www.youtube.com/watch?v=9ifPoRKr8f8 (which does not constitute a part of this press release).

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 is currently finalizing the 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" and will soon commence the installation of its newest pilot in AltaSea's premises in the Port of Los Angeles. 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: its belief that its 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; its mission; its planned use of proceeds from the GREENinMED grant; and the Kinneret Academic College's belief that companies like Eco Wave Power will help the EU meet its ambitious goals to address the climate crisis. 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.

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