Eco Wave Power Global AB (publ) (WAVE) shares traded at $7.10, declining 1.91% intraday, as the company confirmed new progress on its Porto wave energy project in Portugal. The Port of Porto Authority (APDL) has commenced rehabilitation works at the Barra do Douro breakwater, the site designated for Eco Wave Power's installation.

Breakwater Repairs Clear Path for Installation

APDL is carrying out the repairs after storm damage struck the breakwater earlier this year. As the regional port authority, APDL is responsible for maintaining and reinforcing coastal infrastructure. Eco Wave Power states that these rehabilitation works directly impact the location selected for its wave energy technology.

The company's planned 1 MW installation depends on the completion of this rehabilitation phase. Once the works conclude, Eco Wave Power will gain site access and can begin equipment installation. The project represents a transition from pilot-scale testing toward commercial-scale deployment — a threshold that relatively few wave energy projects have reached globally, as the sector continues to trail wind and solar in installed capacity after years of technical and financing challenges.

CEO Inna Braverman is scheduled to travel to Porto in mid-August for direct discussions with APDL. The agenda includes the completion timeline for the breakwater rehabilitation, as well as Eco Wave Power's site access and installation schedule.

Grid-Connection Extension and Local Contractor Engagement

APDL has agreed to issue a formal letter supporting Eco Wave Power's request for a grid-connection extension. The company is seeking an extension aligned with the breakwater repair timeline. Portuguese authorities will review the request before issuing any formal approval.

During her August visit to Porto, Braverman will also meet with Portuguese subcontractors. Planned discussion topics span civil engineering, steel fabrication, hydraulic system design, electrical works, and grid connection.

Eco Wave Power aims to assemble a local execution team in Portugal, combining its proprietary technology with regional engineering and construction expertise. Portugal remains a central European market within the company's broader expansion strategy and has a track record of supporting marine energy initiatives, having hosted early wave energy trials along its Atlantic coastline.

Wave Energy Technology and Expansion Plans

Eco Wave Power designs its technology for deployment on existing man-made coastal structures, including breakwaters, jetties, and piers, rather than open seabeds. This approach simplifies installation and long-term maintenance while avoiding the costly offshore deployment that many competing wave energy systems require. The company considers this design a core competitive advantage that supports faster rollout across international markets.

The Porto project will provide Eco Wave Power with megawatt-scale operating experience intended to support future installations across Portugal and other regions. Under the APDL agreement, the site permits up to 20 MW of total capacity, with the current 1 MW installation representing the first phase.

Eco Wave Power expects to provide further updates following the August meetings.