Eco Wave Power Global AB (publ)

What they do

The company develops and commercializes a proprietary wave energy conversion (WEC) technology that converts ocean and sea waves into electricity, installed onshore or nearshore. It also provides ancillary services, including feasibility studies for potential clients, and is developing a smart Wave Power Verification (WPV) software for real-time production verification.

Revenue drivers

• WEC technology projects — Primary business: designing and installing wave energy conversion systems for clients; revenue generated through project contracts.
• Feasibility studies — Ancillary service providing pre-project assessments for potential clients; contributes to pipeline development.
• Wave Power Verification (WPV) software — In development; intended to provide real-time production verification and enable predictive maintenance, potentially a future revenue stream.

Recent performance

The 20-F for fiscal year 2025 does not provide specific revenue or net income figures in the provided excerpts. The company reported 46,717,308 common shares outstanding as of December 31, 2025. No other financial results are available in the source material.

Strategy

Management aims to become a leader in the renewable energy industry, citing an expected $3.4 trillion in new investment over the next decade per Frost & Sullivan. The company is building a pipeline of ancillary technology services, including feasibility studies and the WPV software, to complement its core WEC technology. It focuses on onshore and nearshore installations, differentiating from offshore systems.

Risks

• Early-stage commercialization — Wave energy technology is still developing; the company may face challenges in scaling deployments and achieving commercial viability.
• Dependence on project contracts — Revenue is tied to specific client projects and feasibility studies; limited recurring revenue streams.
• Regulatory and permitting risks — Onshore and nearshore installations may face complex permitting and environmental approval processes in various jurisdictions.
• Technology performance risk — The WPV software is still in development; if it fails to perform as expected, future revenue potential may be impaired.

Outlook

Management expects continued growth in renewable energy investment, positioning the company to capture a share. The company is investing in complementary services and software to enhance its offering. Specific forward-looking projections are not provided in the excerpts.