Q4 2023 Eco Wave Power Global AB (publ) Earnings Call

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Operator: Greetings. Welcome to the Eco Wave Power Q4 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Inna Braverman. Ma'am, you may begin.

Greetings welcome to the Eagle wave power fourth 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. If anyone should require operator assistance during the conference.

Press Star Zero on your telephone keypad. Please.

Please note. This conference is being recorded I will now turn the conference over to your host Ina Braverman Ma'am you may begin.

Inna Braverman: Thank you. Thank you everybody for joining today. The economic landscape in 2023 was marked by unpredictability and numerous challenges. At this year's start, both consumers and economists braced for possible recession. When faced with such challenges, we at Eco Wave Power understood that we must adapt and learn how to navigate through the turbulence. We have learned over the past year that adaptability is a cornerstone of success in business, especially in today's rapidly changing economic landscape. Our adaptation process worked, and we were able to demonstrate our resilience by increasing our revenues by 1,076%, not including funds received from grants and other sources, and decrease our net loss by 36%, ending the year with $8.4 million in cash and deposits.

Ina Braverman: Thank you and thank you everybody for joining today.

Ina Braverman: The economic landscape is when he 23 was marked by a predictability and numerous challenges.

None: Yes, sorry.

None: Consumers and economy.

None: Just for possible recession.

None: When faced with challenges, we equalize power understood. This we must adapt and learn both navigate through the turbulence.

None: And have learned over the past years that adaptability is a cordless doyle success in being that especially in today's rapidly changing economic landscape.

None: Our the patient process work and we were able to demonstrate our resilience by reaching over our revenue by 1076% nothing to with these funds we get to a run from other sources and decrease our net loss by 36% ending the year with $8 4 million U S. Dollar.

None: And before that.

Inna Braverman: Although the company's burn rate of cash had decreased substantially, we were able to achieve significant milestones, such as the grid connection of our Israeli project, which already sends the first megawatt hours of clean electricity from the waves to the Israeli national electrical grid, marking the first time in history of Israel that wave energy was officially connected to the national electrical grid. In January 2024, we have also entered an investment agreement with Shell MRE for our first US project at the Port of Los Angeles, according to which Shell will participate and co-fund the development of Eco Wave Power's first project in the United States.

None: Although the company's burn rate has decreased substantially we were able to achieve significant milestones such.

None: Such as the Grease collection, although it is ready project, which already said is the first megawatt hours of clean electricity from the way so the Israeli national electrical week, marking the first time in Israel enjoy this wave of LNG was officially when they said the national electrical grid.

None: In January blended right before we have also entered into an investment agreement with shell MRE throw a third U S project at the Port of Los Angeles.

None: Accordingly, we sure would participate and profiles the development equal weight power first of all just in the United States.

Inna Braverman: The agreement was entered by Shell Technology – Marine Renewable Program, which is an R&D group pursuing the mission of finding, screening, testing, and developing marine renewable energy technologies to achieve more value with lower emissions and help build the critical energy infrastructure for the growth of the blue economy. Per the terms of the agreement, Shell will contribute 50% of the production, installation, and scheduled maintenance costs of the wave energy pilot station with scheduled payments in line with key project milestones. The project is expected to be up and running during 2024, this year. This is the second collaboration between Eco Wave Power and Shell MRE, with our first collaboration being in the form of conducting a comprehensive feasibility study for Shell aimed at identifying the top locations for commercial onshore wave energy stations on the US coastline and worldwide.

None: The agreement was entered by set of technology Marine renewable program, which is an R&D pursuing the mission of binding screening testing and developing marine renewable energy technologies to achieve more volume with lower emissions and has the critical energy infrastructure for the <unk>.

None: The blue economy.

None: But in terms of the agreement <unk> will contribute 50% of the production installation and scheduled maintenance.

None: The wave energy pilot station with scheduled payments in line with key project milestones.

None: The project is expected to be up and running doing weighted right before this year.

None: This is the second collaboration between equal with power and sell them or E Vita.

With our first collaboration and be in the form of conducting a comprehensive study for shadow aimed at identifying the top locations for commercial auto for a wave of legislation. They chose on the U S coastline and worldwide.

Inna Braverman: The three-month in-depth feasibility study, which now has been completed, has shown favorable conditions for clean energy production in multiple locations in the US and globally. Harnessing the power of the ocean waves is a crucial step in reshaping the renewable energy landscape to meet the net-zero goals we must reach if we want to save our planet. We are thrilled to partner with Shell to bring wave energy to life in the United States. This partnership not only underscores our commitment to sustainable innovation, but also signifies a pivotal moment as we move towards a cleaner, greener future. Our latest achievement during March 2024 is the securing of the final license for our first commercial-scale project in Portugal that is expected to be finalized by March 2026, in 2 years.

None: Three months in the usability study, which now being completed has shown favorable conditions for clean energy production in multiple locations in the U S and globally.

None: Harnessing the power of the Ocean way is a crucial step in reshaping the renewable energy landscape to meet the lead zero goal, we must Ritchie, who want to save our planet, whereas three department, which added two brainwave eligible lives in the United States. These.

None: This partnership not only underscores our commitment to sustainable innovation, but also signify people at the moment as you move towards a cleaner greener future.

None: Our latest achievement during my lunch right before is the security of the final license for all of our first commercial scale for the imports.

None: This is expected to be finalized by Mark when he wants to speak to you.

Inna Braverman: We are incredibly excited to be moving forward in transforming an unused marine structure in the city of Porto to a source of clean electricity. Portugal's 1,115 miles coastline presents a massive market for the ocean energy industry. We believe that with this landmark project, Portugal will serve as a global example of the power of wave energy. In addition to environmental benefits, the station will provide a boost to Portugal's economy, adding many local jobs over the coming years. Lastly, we would like to update that we have also reinforced our financial position by providing feasibility studies and project planning engineering services for Shell, Chevron, Rogan Associates, and JESA. In addition to applying for and securing multiple grants, such as our recently announced Innovate UK grant with leading UK universities, Toshiba, and other prestigious groups.

None: Interestingly excited to be moving forward intra forming and unused Murray structure in the Sydney Airport, though so it's not a clean electricity.

None: Sports It was 1150 mile coastline presents a massive market, where the ocean energy industry.

None: We believe that this landmark project.

None: We did landmark project works with what we said is the Global example of the power of wave Energy. In addition to environmental benefit the station will provide a boost to Portugal, Italy, and many local job over the coming years.

None: Lastly, we would like to update that we have also reinforced our financial position by providing feasibility studies and project planning engineering services for shell and Chevron broken Associate Endesa, who in addition to apply for and securing multiple drugs such as our recently announced.

None: Innovate UK Guan with leading UK universities, sushi bar and other prestigious schools.

Inna Braverman: While Eco Wave Power had an eventful year, in the financial market, clean energy stocks, including wave stock, did not perform well, as we believe high interest rates and lagging efforts to combat climate change have impacted the sector. According to CNN, Plug Power shares have slipped 63% this year. Enphase Energy shares have plunged 60%, SolarEdge Technologies have declined 71%, and NextEra Energy has slid 29%. Showing that even the largest and most resilient energy companies have taken a hit by the financial situation in 2023. Even considering the above, we strongly believe that with the recovery in the economic landscape and other positive initiatives such as the Biden administration Inflation Reduction Act, which according to the Bank of America, announced more than 270 new clean energy projects with total value of $132 billion in private investments. There will be a significant opportunity for investors in the renewable energy market.

But equally follower had an eventful year in the financial market clean energy, so including waste. So did not perform well as we believe a high interest rate and legging efforts to combat climate change has impacted the sector.

None: Of course, the CNN blood Powershares NIS, 63% at year end.

None: And as he shares have plunged, 60% solar etch technologies have declined 71% and next era energy have fleet Wednesday, 9% shown that even the largest and most resilient energy companies have taken any but the financial situation and going to 'twenty three.

None: Even considering that Bob we strongly believe that with the recovery in the economic landscape.

And other five LTV nature, such as the by the administration inflation reduction.

None: Which according to the bank of America, and now more than 217, new clean energy projects with total value of 132 billion U S dollar and requires investments.

None: There will be a significant opportunity for investors in the renewable energy market.

Inna Braverman: We believe that renewable energy, and wave energy in particular, is a significant part of the world's future and offers a significant opportunity for decarbonization combined with profitability. In fact, Peter Krull, director of sustainable investments at Earth Equity Advisors, that manages a portfolio that focuses on stocks in industries from alternative energy to battery technology to green transportation, sees the current drop in clean energy stocks as a buying opportunity for investors. I would like to finish by saying that as the founder and CEO of Eco Wave Power and one of the largest shareholders of WAVE stock, I am disappointed by the performance of the WAVE stock on the financial market. Currently, the company's market cap is below its cash position.

We believe that the renewable energy and wavelength in particular is a significant part of the world future and offers a significant opportunity for de carbonization combined with both at the BDC.

None: In fact be therefore director of sustainable investments and I think the advisors that manages a portfolio that focuses on stope industries from alternative energy battery technologies with a quotation she the corn crop in the clean energy Tau as a biomarker clarity for investors.

None: I would like to see it by saying that as a father and feel equal with power and one of the largest shareholders of wasteful I'm disappointed by the purple.

For many of the waste or the financial market Accordingly, the company's market cap is below its cash position. However at the same time I would like to say that that incorporation of the company. None of the founders of the company have sold any shares and we believe strongly in the company and I'm very.

Inna Braverman: However, at the same time, I would like to say that since the incorporation of the company, none of the founders of the company have sold any shares as we believe strongly in the company. I'm very pleased to share that we believe that the company is financially stable and resilient and has enough funding, expertise, and support from strategic partners to proceed with the execution of its upcoming projects in the Port of Los Angeles, in Portugal, and in other places. I believe in Eco Wave Power's team, in Eco Wave Power's technology, and in the global ambition to fight climate change. As a result, we are looking forward to receiving the Financial Supervisory Authority of Sweden approval to purchase back up to 10% of the company's stock on Nasdaq, which is the highest percentage permitted by law, to reinstate our belief in our company and our technology.

Mr. Chair. This we believe that the company is financially stable and resilient and has enough funding expertise and support from strategic partners to proceed with the execution of its upcoming projects in the ports of Los Angeles in Portugal, and in other places I believe an equal weight borrowers see in equal way forward.

None: And in the global ambition to fight climate change as a result, we're looking forward to receiving the financial Supervisory authority, we got approval to purchase up to 10% of the company's stock on NASDAQ, which is the highest percentage permitted vital to reinstate our belief in our company and all of our technology.

Inna Braverman: Thank you.

None: Thank you.

None: Yeah.

Operator: This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

None: This concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation.