Eco Wave Power Global AB has entered into Israel's first-ever wave energy Power Purchase Agreement (PPA) with the Israeli National Electric Company (IEC).

The PPA is based on the official Feed-in Tariff (FIT) set for the company's newly installed wave energy project, EWP-EDF One Project, at the Port of Jaffa in Tel Aviv. Following a successful grid synchronization test approved by a private examiner, IEC will now perform its own synchronization test and officially connect the project to Israel's national electric grid, marking the first time in the country's history that wave-generated electricity will be transmitted to the grid.

Inna Braverman, Eco Wave Power’s Founder and CEO, said: “The official start of grid connection for our EWP-EDF One Project is a moment that we have been waiting for, as it represents an important milestone for our company and our country." The project is a collaboration with and co-funding from EDF Renewables IL and the Israeli Energy Ministry, which recognized Eco Wave Power's technology as "Pioneering Technology."

In July 2022, Eco Wave Power commenced real conditions test runs on the EWP-EDF One Project to examine the operation of the mechanical and hydraulic subsystems of the project. The Company also plans to soon install its wave energy technology at AltaSea at the Port of Los Angeles, which is expected to be the first-ever onshore wave energy station in the United States. The company also holds concession agreements for commercial installations in Spain, Portugal, Turkey, and other locations, completing the company's growing 404.7 MW project pipeline.