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| Statement |
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| These results are encouraging for the first phase of the testing, and we are expecting to see significant increase in production by the end of the testing phase |
| Now more than ever, we remain strong, resilient and deeply committed to advancing our wave energy projects |
| We also aspire to show profitability in our first commercial scale project, positioning wave energy as a significant part of the world's renewable energy mix |
| We are very excited to update that we have received the last approval necessary for the commencement of the project execution work of our first megawatt in the City of Porto |
| We are expecting that this project will show that wave energy can be cost-efficient, reliable, environmentally-friendly and easily connected to the national grid |
| There was no damage that occurred to the floaters' mechanism during the storm, proving the technology's durability |
| And now to one of our most exciting projects |
| In addition, during the tests, we reached peak energy of around 32.4 kilowatt that was sent to the grid and stable average energy output of around 10 kilowatts per hour |
| market, which we view as an extremely strategic market for Eco Wave Power, especially given the fact that according to the United States Energy Information Administration, wave energy, on its own, can supply 66% of all the United States' energy needs |
| Inna Braverman Thank you |
| Statement |
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| During this month, our net loss was around $1 million compared to a net loss of around $2 million in the same period last year |
| I think it is important to state that even though Eco Wave Power has achieved significant progress, we have also shown a significant decrease in our net financial loss for the nine months of 2023 |
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