Q3 2023 Eco Wave Power Global AB (publ) Earnings Call

[music].

Speaker 1: Greetings.

Greetings.

Speaker 2: Welcome to the EcoWave Power third quarter 2023 earnings call. At this time all participants are in a listen-only mode.

Welcome to the Eagle wave power third quarter 2023 earnings call. At this time, all participants are in a listen only mode.

A question and answer session will follow the formal presentation.

Speaker 2: Anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Please note this conference is being recorded.

Speaker 2: I will now turn the conference over to your host, Inna Brevard. Now when we return, you just have to finish up the conference ABIX

I will now turn the conference over to your host.

Robert you.

You may begin.

Thank you.

Speaker 3: Thank you for joining our first quarter investors call. I would like to start the call with an update regarding our operational and near future projects.

Thank you for joining our first quarter investor call.

I would like to start the call with an update regarding our operational in near future project.

Speaker 3: As some of you may know, we finalized the construction of the EWP-EDF-1 project in the port of Jaffa in Israel.

As some of you may know with finalized the construction of the E. W. P E. B F. One project in the fourth of July are in Israel.

Speaker 3: The EWP-DF1 project was co-funded by EDF Renewables IL, who owns 50% of the project, and by the Israeli Energy Ministry, which recognize our technology as pioneering technology.

E. W. P. D. S. One project was co founded by EDF Renewables I L, who owns 50% of the project and by the Israeli Energy Ministry, which recognize our technology is pioneering technology.

Speaker 3: The project is of 100 kilowatt installed capacity and is comprised from 10 floaters.

The project is a 100 kilowatt installed capacity and is comprised from South Florida.

Speaker 3: In August 2023, the power station was officially connected to the Israeli national electrical grid, marking the first time in the history of Israel that electricity produced by the power of the wave was sent to the national electrical grid of the country.

In August 2023, the power station was officially connected to the Israeli national electrical grid, marking the first time in the history of Israel that electricity produced by the power of the wave was done to the national electrical bleed of the country.

Speaker 3: Currently, our engineering team is performing calibration of the automation system of the tower plant and is testing the durability and operation of their equipment.

Currently our engineering team is performing collaboration of the automation system of the power plant and it does seem that your ability on the operation of the equipment.

Speaker 3: About a week ago, our engineering team tested the operation of the power station during a storm with waves up to 3.5 meters. There was no damage that occurred to the floater mechanism during the storm proving the technology's durability. In addition, during the tests, we reached peak energy of around 32.4 kilowatts that was sent to the grid and stable average energy output of around 10 kilowatts per hour.

About a week ago, our engineering team that's the operation of the power station during the storm with waves at the state five meters.

There was no damage the Doe cure to the floaters mechanism during the storm proving the technology durability.

In addition, during the third week of.

It was around three to four kilowatts, but was centered agreed that these stable every energy output overall 10 kilowatt per hour.

Speaker 3: These results are encouraging for the first phase of the testing and we're expecting to see significant increase in production by the end of the testing phase.

These results are encouraging for the first phase of the testing and we're expecting to see a significant increase in production by the end of the day they think phase.

The next project that we're planning to launch will be in the ports of Los Angeles.

Speaker 3: The next project that we are planning to launch will be in the Port of Los Angeles. Currently, we have a fully assembled energy conversion unit and one floater mechanism in the premises of the Port of LA.

Currently we have a fully assembled energy conversion, you'll need and one floater mechanism in the parameter of the portable late.

Speaker 3: During the third quarter, we have finalized the civil engineering design for the installation of the floater to the more instructor in the port of a lane. In collaboration with KPFS, a California-based civil engineering firm, which officially approved the safety of our design.

During the first quarter, we have finalized the civil engineering design or installation of the soldiers. So the marine structure in the port of late.

In collaborations with Kate BFS, California, based civil engineering firm, which officially approved the safety of our design wins.

Speaker 3: We have submitted the detailed design and KPFF's approval to the Port of Los Angeles and are now pending the final necessary licenses from the Port of LA and the Army Corps of Engineers.

We have submitted the detailed design design in K P. S X approval to the port of Los Angeles and are now pending the final necessary licenses from the port of late and the Army Corp of engineers.

Speaker 3: Once received, we will produce seven additional floater mechanisms and immediately proceed to installation in a fund.

Once received we will produce seven additional floater mechanisms and immediately precede the installation in a fun journey.

Speaker 3: The project in the port of LA will be our first official penetration to the US market, which will review as an extremely strategic market for ECOF power.

The project in the Port of La <unk> will be our first official penetration to the U S market would you view as an extremely strategic market for equal with pallet.

Speaker 3: especially given the fact that according to the United States Energy Information Administration, wave energy on its own can supply 66% of all the United States energy needs. Also given the fact that in the beginning of October 2023, California Governor gave a new sum signed California Senate Bill 6.05 into law, a historic moment for wave energy in America.

Especially given the fact that according to the United States Energy Information administration wavelength or you only tone can supply 66% of all United States allergy need and also given the fact that in the beginning of October 2020, free, California, Governor Gavin Newsom signed Cali.

Fournier Senate beta 605 into low a historic moment for wave energy in America.

Speaker 3: The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology along the state coastline.

The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits.

We maintain the technology along the state's coastline.

Speaker 3: And now to one of our most exciting projects in Portugal, we have entered a concession agreement for a 20 megawatt power station in the city of Porto, which is expected to be our first commercial scale implementation.

And now the one of our most exciting project in Portugal, we have entered the concession agreement for a 20 megawatt power station in the city of portal, which is expected to be our first commercial scale implementation.

Speaker 3: The project is planned to commence with a construction of one megawatt and to gradually increase to the scale of the whole 20 megawatts, a scale that was never built in the wave energy industry.

The project is planned to commence with the construction of one megawatt and two gradual increase to the scale of the whole 20 megawatts.

Our scaled it was never built in the wave energy industry.

Speaker 3: We are very excited to update that we have received the last approval necessary for the commencement of the project execution work of our first megawatt in the city of Porto. As a result, we are currently setting an execution bond for the project and one set we will have 24 months to construct a full project.

We are very excited to update that we have received the last approval necessary for the commencement of the project execution work of all our first megawatt in the city of portal.

As a result, we are currently expecting an execution born for the project and one said we'd have 24 months to go.

I'm struck at a full project.

Speaker 3: We are expecting that this project will show that wave energy can be cost-efficient, reliable, environmentally friendly and easily connected to the national grid.

We're expecting that this project will show the wave energy can be cost efficient reliable environmentally friendly and easily connected to the national grid.

Speaker 3: We also aspire to show profitability in our refered commercial scale projects, positioning wave energy as a significant part of the world's renewable energy.

We also aspire to show profitability you know the first commercial scale project.

Was he sent in wave energy as a significant part of the world and renewable energy.

Speaker 3: During this period, ECOF-Fower has also received two grants. One grant is from the European Union, a part of the NE-CBC Mediterranean Sea Baton Program, and the latest grant is from the government of the UK. In the total amount of $1.83 million, to be shared by the different partners in the Grand Concertium, which include Queen Mary University of London, Toshiba Hitachi, and other leading global companies.

During this period equal with power has also received two grants.

I'm grant from the European Union as part of the any C. B C. Mediterranean Sea Busing program and the latest granted from the government of the U K in the total amount of $1.83 million to be shared by the different partners in the ground consortium, which includes Queen Mary University of London.

Cause she bought Hitachi and other leading global companies.

With respect to our new collaborations I would like to update our collaboration with Leon thought company in Taiwan is progressing as planned.

Speaker 3: In October 2023, the president of Taiwan visited Leantat exhibition of EpoS Power Technology in the Taipei International Exhibition Center and announced that the Taiwanese government will actively promote the development of forward-looking renewable energy such as wave power.

Soba 'twenty 'twenty free the president of Taiwan visit Atlanta exhibition of equal with Power's technology in that they pay International exhibition Center and then now that the Taiwanese government will actively promote the development of forward looking renewable energy got the wave power <unk>.

Speaker 3: ECO-Spower and Leantat are currently working towards ECO-Spower's official visit to Taiwan and to work finding a first location for a planned joint wave energy pilot.

Equally following Leon thoughts are currently working toward that goal with power's official visit to Taiwan and towards finding our first location for a planned joint wave energy pilots.

We have also received purchase orders and completed feasibility studies.

Speaker 3: for world leading organizations, which include Rogen Associates, which is a Greek company that ordered the feasibility studies for a two megawatt-volivating project in the Port of Arachlan in Greece.

For war, leading organizations, which includes Rogan associates, which is a great company that ordered the ability study four two megawatt wave energy project in the port of Iraqi on inquiries.

Speaker 3: Densa Engineering from Morocco, which ordered a feasibility study for a portion of Morocco.

That's a engineering for Morocco, which ordered a feasibility study for a fourth in Morocco.

Speaker 3: Chevron Corp, which issued a purchase order for a feasibility study for the installation of eco-aid power technology on an offshore gas drilling platform in Israel. The latest purchase order is from Shell, which ordered a feasibility study that is meant to explore wave energy potential in the US and around the globe.

Chevron Corp would you issue a purchase order for a feasibility study for the installation of equal weight Power's technology on an offshore gas drilling platform in Israel.

And the latest purchase order is from shell, which ordered a feasibility study is meant to explore waiving or would you potentially in the U S and around the globe.

Speaker 3: The revenues from all purchase orders and associated feasibility studies will be recognized in our fourth quarters report which will be published in the beginning of 2024.

Revenues from all purchase orders and associate Deputy ability studies will be recognized in our fourth quarter report, which will be published in the beginning of 'twenty 'twenty four.

Speaker 3: I think it is important to state that even though EcoS Power has a significant progress, we have also shown a significant decrease in our net financial loss for the nine months of 2023.

I think it is important to state that even though equal weight power has achieved significant progress. We have also shown a significant decrease in our net financial loss for the nine months up 23.

Speaker 3: During this month, our net loss was around $1 million, compared to a net loss of around $2 million in the same period last year. Now more than ever, we remain strong, resilient, and deeply committed to advancing our wave energy project.

During this month, our net loss was around $1 million compared to a net loss of around $2 million in the same period last year.

Now more than ever we remain strong resilience and deeply committed to advancing our wave energy project.

Speaker 3: Please note that from now on, we will be having quarterly calls on a regular basis, updating regarding new strategic collaborations, our operational and upcoming wave energy projects, and new grants and orders, as we would like to share our mission and achievement with our investors on a regular basis.

Please note that from now on we will be having quarterly calls on a regular basis updating regarding new strategic collaboration our operational and upcoming wave energy project and new grants in orders as we would like to share our mission and achievement with our investors on a regular basis.

Speaker 3: If you have any questions after the call or you would like to receive a script of the call, please don't hesitate to contact us. Our contact information is available on our website. Thank you for joining.

If you have any questions after the call or you would like to receive a script of the quarter. Please don't hesitate to contact us our contact information is available on our website. Thank you for joining.

This concludes today's conference and you may disconnect your lines at this time.

Thank you for your participation.

Hello.