The Los Angeles Economic Development Corporation will help build blue and green economies in LA.
STOCKHOLM, Jan. 18, 2022 /PRNewswire/ -- Eco Wave Power Global AB (publ) (Nasdaq First North: ECOWVE, Nasdaq U.S.: WAVE) ("Eco Wave Power"), a leader in the production of clean electricity from ocean and sea waves, is proud to announce they have been selected as a finalist as part of coalition with other regional stakeholders in the $1 billion Build Back Better regional challenge, led by the Los Angeles County Economic Development Corporation (LAEDC).
At the time of the U.S. Economic Development Administration's (the "EDA") announcement, Los Angeles Mayor Eric Garcetti said, "LAEDC and its community partners are doing such important work to ensure a robust and equitable economic recovery from the pandemic. This coalition embodies the spirit and innovation of our region, and I wish them success as they continue on to the second phase of this competition."
The EDA Challenge is assisting communities nationwide by accelerating economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. The Build Back Better Regional Challenge is the largest economic development initiative in decades from the U.S. Department of Commerce.
As a finalist, the coalition has been awarded $500,000 to further develop plans for several coordinated projects to advance more equitable and sustainable growth in the region. The coalition will advance to Phase 2 and compete for up to $100 million in American Rescue Plan funding to develop and scale blue and green growth innovations within the Goods Movement Ecosystem (GME) in Southern California. This next step includes a proposal for the implementation of a first of its kind, wave energy pilot system at AltaSea at the Port of Los Angeles ("AltaSea"), a nonprofit dedicated to accelerating scientific collaboration, advancing an emerging blue economy, and inspiring the next generation, all for a more sustainable, just, and equitable world.
Inna Braverman, founder and CEO of Eco Wave Power, stated, "We are very proud to take part in the coalition led by LAEDC. We believe that we can significantly assist with its mission of leveraging the innate convergence of blue and green economies at the Port of Los Angeles and beyond to grow new jobs and enterprises for the region, while improving the environment and increasing the resilience of America's leading trade gateway. We are excited to enter Phase 2 of the program by implementing our innovative technology on AltaSea's premises in the Port of Los Angeles. This project will be the first-time clean electricity is sent from ocean waves to the Los Angeles power grid.
LAEDC assembled and facilitated a regional coalition of area stakeholders from government, business, nonprofits, and academia. In addition to Eco Wave Power, stakeholders include AltaSea at the Port of Los Angeles; The City of Los Angeles, led by the office of Mayor Eric Garcetti and the City Council; the Economic and Workforce Development Department (EWDD); LA Department of Water and Power (LADWP); Public Works; LA Department of Transportation; the Port of Los Angeles; Toyota Motor North America; Shell; Los Angeles Cleantech Incubator (LACI); Urban Movement Labs (UML); Santa Monica College; the Los Angeles Regional Strong Workforce Consortium of 19 area community colleges; the Entrepreneur Education Center, Inc. (EECI) in South LA; the Long Beach Economic Partnership; and PledgeLA.
The EDA received 529 applications from regions in all 50 states and five territories, and the 60 finalists represent regions that formed extraordinary coalitions, demonstrated regional needs, and presented bold proposals to grow their target industry clusters. Ranging from rural communities and coastal towns to major metros, the finalists make up a diverse cross-section of the U.S.
For the official press release in AltaSea's website please see the following link: LAEDC's Stephen Cheung On LA's "Blue-Green" Build Back Better Regional Grant Challenge - AltaSea
For the full list of members in the LAEDC-Led coalition please see the attached PDF, 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.
Eco Wave Power is recognized as a "Pioneering Technology" by the Israeli Ministry of Energy and was labeled as an "Efficient Solution" by the Solar Impulse Foundation. Eco Wave Power's project in Gibraltar has received funding from the European Union Regional Development Fund 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 common shares (ECOWVE) are traded on Nasdaq First North and its ADSs (WAVE) are traded on the Nasdaq Capital Market.
Vator Securities is the company's Certified Advisor (+46 8 580 065 99, firstname.lastname@example.org).
For more information, please contact:
Inna Braverman, CEO
For additional investor/media inquires, please contact:
Matt Chesler, CFA
Allison & Partners
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave Power is using forward-looking statements when it discusses The Build Back Better Regional Challenge and its participation in Part II of the Build Back Better Regional Challenge, and its belief that it can significantly assist with LAEDC's mission of leveraging the innate convergence of blue and green economies at the Port of Los Angeles and beyond to grow new jobs and enterprises for the region, while improving the environment and increasing the resilience of America's leading trade gateway. These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the 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 Registration Statement on Form F-1 filed with the SEC, which is available on the SEC's website, www.sec.gov.
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