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 across the state's coastline
California Governor Gavin Newsom signs historic wave energy legislation into law. (Credit: Dimitris Vetsikas from Pixabay)
Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy developer, applauds California Governor Gavin Newsom for signing California Senate Bill 605 (“SB 605”) into law – a historic moment for wave energy in America. 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 across the state’s coastline.
“Ocean energy is one of the largest untapped sources of renewable energy, and California is now well-positioned to harness that energy and accelerate our transition to 100% clean energy while creating high-paying jobs. I thank Governor Newsom for signing this important legislation into law,” said Senator Steve Padilla (D-San Diego), who introduced and authored SB 605.
The California Energy Commission will work with various state agencies and stakeholders to identify suitable locations for wave energy and tidal energy projects in both Californian and federal waters. This comes after California’s State Legislature (“Legislature”) set 2045 as its target for a 100 percent renewable and zero-carbon power grid, with its first benchmark target being 90 percent by 2035. As of 2022, net zero carbon and renewable energy made up 54.23 percent of California’s total energy supply.
“California leads the way on climate initiatives, and SB 605 further demonstrates the state’s leadership across the world,” said Eco Wave Power Founder & CEO Inna Braverman. “We believe that wave energy has massive potential, and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that wave energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean.”
The primary sponsor of SB 605 is AltaSea at the Port of Los Angeles, a 35 acre ocean technology campus. AltaSea will soon be home to Eco Wave Power’s first US pilot station – believed to be the first onshore wave energy station in the United States. This pilot station comes after Eco Wave Power has officially connected its EWP-EDF One power station at the Port of Jaffa in Israel to the country’s energy grid. Eco Wave Power will soon officially “flip the switch” to commence operations at its landmark station.
“We are grateful that Governor Newsom recognized the vast potential of wave and tidal energy in meeting California’s goals for renewable energy and promoting economic growth through the blue economy,” said Terry Tamminen, President and CEO of AltaSea. Tamminen served as Secretary of the California Environmental Protection Agency under former Governor Arnold Schwarzenegger. “We are incredibly proud to have sponsored this landmark legislation, and we look forward to working with the California Energy Commission and our partners to showcase the viability of wave energy.”
SB 605 requires the California Energy Commission to produce a written report by 2025 to the Governor and the Legislature on their findings, including any “considerations that may inform legislative and executive actions to facilitate, encourage, and promote the development and increased use of technologically and economically feasible wave energy and tidal energy technologies, infrastructure, and facilities in the state.”
A study by the National Renewable Energy Laboratory (“NREL”) found that wave and tidal energy have the potential to generate 30 percent of America’s energy needs. The NREL, a research and development center sponsored by the United States Department of Energy, also found that California’s wave energy potential can power approximately 13 million homes.
Source: Company Press Release