Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy

Environmental Achievements

• Received an installation and grid connection permit of 1MW for a wave energy power station in Portugal.

Social Achievements

• Inna Braverman, Founder and CEO, awarded the SDG Excellence Award during the 2021 WE Empower Competition.
• Eco Wave Power won the 2021 Go Global Award in the Cleantech category.
• Selected as a semi-finalist for the US $1.0 million Ocean Innovation Prize by The Blue Climate Initiative (BCI).

Governance Achievements

• Dual listing on Nasdaq US, raising gross proceeds of $9.2 million.

Climate Goals & Targets

Environmental Challenges

• Pandemic-related delays and component shortages in the EWP EDF One project in Israel.

Mitigation Strategies

• Moved the production and manufacturing of remaining floaters to Israel to save time.
• Signed a collaboration agreement with Lesico Ltd. for the production of the remaining floaters.

Supply Chain Management

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used:

Certifications:

UN Sustainable Development Goals

• Not disclosed

Sustainable Products & Innovation

• Patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity

Awards & Recognition

• SDG Excellence Award
• Go Global Award (Cleantech category)
• Net Zero Hero (Sustainable Markets Initiative of Prince Charles and the World Economic Forum)

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy

Environmental Achievements

• Installed a 100kW wave energy project in Jaffa Port, Israel in partnership with EDF Renewables IL.
• Relocated energy conversion unit from Gibraltar to AltaSea in the Port of Los Angeles, marking the first US location for the technology.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Delays in project execution and licensing due to COVID-19 restrictions.
• Shortage in components and price increases of certain components.
• Potential supply chain interruptions resulting in additional costs and inefficiencies.

Mitigation Strategies

• Proactive identification, monitoring, and reduction of identified risks by management.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Swedish Annual Accounts Act (1995:1554), BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3)

Certifications: Null

Third-party Assurance: Ernst & Young AB

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

The company's wave energy technology contributes to clean energy production and climate change mitigation.

Sustainable Products & Innovation

• Eco Wave Power wave energy technology

Awards & Recognition

• United Nations “Global Climate Action Award”

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy

Environmental Achievements

• Relocation of energy conversion unit from Gibraltar to AltaSea’s premises at the Port of Los Angeles to increase focus on the US market and leverage operational experience from Gibraltar (49,632 grid connection hours).

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Immature market for wave energy products; Sales and marketing efforts; Intellectual property rights and research and development; Environmental responsibility for damages; Permits and changes in the regulatory framework; Market price of the company's share.

Mitigation Strategies

• Proactive risk identification, monitoring, and mitigation by management; Focus on execution and expansion, enhancing penetration into key markets (Europe and the US); Promotion of wave energy-related policies and legal frameworks in the US.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Growth in renewable energy market; Development of wave energy technology.

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action)

Wave energy technology contributes to clean energy production and climate change mitigation.

Sustainable Products & Innovation

• Patented, smart, and cost-efficient wave energy conversion technology.

Awards & Recognition

• "Pioneering Technology" by Israel’s Ministry of Energy; "Efficient Solution" by the Solar Impulse Foundation; "Climate Action Award" by the United Nations.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental Sustainability
• Renewable Energy

Environmental Achievements

• Successfully connected the EWP-EDF One Project in the Port of Jaffa to the Israeli national electrical grid, marking the first time that wave energy was connected to it.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• We have never generated significant revenues, have incurred significant losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable future, and we may never achieve or maintain profitability.
• We have a history of operating losses and may not achieve or maintain profitability and positive cash flow.
• We expect that we will need to raise substantial additional funding, which may not be available on acceptable terms, or at all.
• Our revenues, if any, and efforts to become profitable, may be impacted by our need to pay royalties on government grants and other agreements.
• The reduction or elimination of government subsidies, grants and other economic incentives for various renewable energy applications may have an adverse impact on our operations and financial condition.
• If we fail to manage our future growth effectively, our business could be materially adversely affected.
• Wave energy is relatively new and is unproven which could mean that we may never be successful in commercializing our technology.
• We will be subject to intense competition in the renewable energy business by competitors with substantially greater resources and/or more cost-effective technology.
• Changes in technology may have a material adverse effect on our results of operations.
• Since our WEC technology can only be deployed in certain geographic locations, our ability to grow our business could be adversely affected.
• Volatility in pricing for renewable energy may impact our financial condition.
• Failure by third parties to supply or manufacture components of our products or to deploy our systems timely or properly could adversely affect our business, financial condition and results of operations.
• Our business strategy includes the entry into collaborative agreements. As a result of these agreements, we may become dependent on the efforts of our partners.
• Our targeted markets are highly competitive.
• Operating under letters of intent and other non-definitive agreements could result in operating difficulties or dilution and may create a distraction for our management and uncertainty that may adversely affect our operating results and business.
• Our research and development expenses may increase in the future.
• Unforeseen research and development results could require us to undertake supplementary research and development at significant costs or cause us to pause or stop research and development efforts.
• A delay or non-existent launch of our technology or an insufficient investment (or overspend on such expenditure) could have a material adverse effect on our business, results of operations and financial position.
• We have only manufactured a limited amount of WEC technology and to date we have not produced WEC technology in any significant quantity for commercial production.
• Our WEC technology may not have a sufficient operating history to confirm how they will perform over their estimated useful life.
• Our technology may not yet have demonstrated that our engineering and test results can be duplicated in volume or in commercial production.
• Product and services liability suits, whether or not meritorious, could be brought against us.
• Problems with the quality or performance of our products would adversely affect our business, financial condition and results of operations.
• Our future success in our selected markets depends in part on our ability to achieve cost savings over existing and incumbent solutions.
• We must continually improve existing products, design and sell new products and invest in research and development in order to compete effectively.
• The employment agreement that we have with our Chief Executive Officer may discourage, delay, or prevent a change in control.
• We are a Swedish company with limited liability.
• Claims of U.S. civil liabilities may not be enforceable against us.
• Our headquarters and other significant operations are located in Israel, and, therefore, our results may be adversely affected by political, economic and military instability in Israel, including the recent attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s war against them.
• We received grants from various government agencies for certain activities.
• Exchange rate fluctuations between the U.S. dollar and the SEK, or the NIS and the SEK or U.S. dollar may negatively affect our results.
• The market price of the ADSs may be highly volatile due to factors beyond our control.
• Our executive officers, directors and principal shareholders will maintain the ability to exert significant control over matters submitted to our shareholders for approval.
• We may be or may become classified as a “passive foreign investment company” for U.S. tax purposes.
• If our quarterly operating results fall below the expectations of investors or securities analysts, the price of the ADSs could decline substantially.
• Cybersecurity breaches of our systems and information technology could adversely impact our ability to operate.
• We may be involved in litigation matters or other legal proceedings that are expensive, time consuming, and could divert management attention.
• The requirements associated with being a public company will require significant company resources and management attention.
• We identified a material weakness in our internal control over financial reporting and have not remedied this weakness.
• If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they adversely change their recommendations or publish negative reports regarding our business or our securities, the ADS or our share price and trading volume could decline.
• Future sales of the ADSs could reduce the market price of the ADSs.
• We face possible risks associated with severe storms, natural disasters and the physical effects of climate change on seas and oceans

Mitigation Strategies

• Based upon our currently expected level of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through at least the next 12 months period from the date of this annual report on Form 20-F.
• We intend to assess our internal control environment and the potential remediation of this weakness.
• We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity and availability of our critical systems and information.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• severe storms, natural disasters and the physical effects of climate change on seas and oceans

Transition Risks

• Changes in environmental laws and regulations, or fundamental changes in the operations of government agencies

Opportunities

• development of energy-efficient products

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: Kesselman & Kesselman, Certified Public Accountants (Isr.), a member of PricewaterhouseCoopers International Limited

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Not disclosed

Sustainable Products & Innovation

• smart Wave Power Verification (WPV) software
• combination of solar panels with our WEC technology

Awards & Recognition

• United Nations “Global Climate Action Award”

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy

Environmental Achievements

• EWP-EDF One Project in Port of Jaffa delivering clean energy to Israeli grid since late 2023; Downtime decreased from 35% in January 2024 to 3.6% in April 2024; Energy generation closer to target by 8%.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Geopolitical situation in Israel impacting project opening ceremony.
• Licensing process for Port of Los Angeles project requiring third-party opinion on historical site status.
• 24-month construction timeline for Portugal project.

Mitigation Strategies

• Analysis of EWP-EDF One Project results underway.
• Third-party opinion submitted for Port of Los Angeles project.
• Performance bond issued to APDL for Portugal project to solidify commitment.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• 7 (Affordable and Clean Energy), 13 (Climate Action)

The company's wave energy technology contributes to clean energy production and climate change mitigation.

Sustainable Products & Innovation

• Patented, smart, and cost-efficient wave energy technology.

Awards & Recognition

• Global Climate Action Award from the United Nations

Environmental Metrics

ESG Focus Areas

• Renewable Energy
• Climate Change

Environmental Achievements

• 83% of forecasted energy generation target reached at the EWP-EDF One Project in Israel.
• Secured Nationwide federal Permit (NWP) from the U.S. Army Corps of Engineers for wave energy project at AltaSea’s premises in the Port of Los Angeles.
• Signed a first wave energy project sale agreement in Taiwan.

Social Achievements

• Appointment of a new VP of Engineering.
• Initiated a share buyback program.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Uncertainty surrounding the fate of the Inflation Reduction Act (IRA).

Mitigation Strategies

• Focus on state-level initiatives, particularly in California, to advance clean energy projects.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Eco Wave Power's wave energy technology contributes to clean energy production and climate change mitigation.

Sustainable Products & Innovation

• Patented wave energy technology

Awards & Recognition

• United Nations’ Global Climate Action Award