Legislation plans to help wave energy in New Jersey unveiled as Eco Wave bell rings

Legislation plans to help wave energy in New Jersey unveiled as Eco Wave bell rings

Jan. 24 (Renewables Now) — Swedish marine energy company Eco Wave Power Global AB (NASDAQ:WAVE) hosted a ringing ceremony on the Nasdaq Capital Markets last week, where the New Jersey MP , Robert Karabinchak, has shared his plans to introduce wave energy friendly legislation.

The legislative initiative would seek to include wave power in New Jersey’s energy master plan and could help the state become the first in the United States to have a commercial wave power proof-of-concept, said the society.

New Jersey’s ambitious clean energy goals of 35% by 2025 and 100% by 2050 can only be achieved with renewable sources, including wave energy, working together, according to Karabinchak. “Not only do we see this as another step towards reducing our reliance on fossil fuels and tackling climate change, but also a way to strengthen our economy and create lots of jobs,” he said.

The ceremony marked the transition of Eco Wave Power to a public company. The company began trading on the Nasdaq on July 1, 2021. It raised $9.2 million (EUR 8.1 million) in gross proceeds, including over-allotments, from its initial public offering (IPO).

(1 USD = 0.881 EUR)

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