On Monday, Eco Wave Power Global AB (NASDAQ:WAVE) announced it had received the final Nationwide Permit (NWP) from the U.S. Army Corps of Engineers for its groundbreaking wave energy project at AltaSea’s premises at the Port of Los Angeles.

According to the company, this marks a significant step forward in developing Eco Wave Power’s wave energy project, which will likely become the first onshore wave energy installation in the United States.

The permit, issued under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, authorizes Eco Wave Power to install eight wave energy floaters on the piles of an existing concrete wharf structure on the east side of Municipal Pier One.

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The system will also include an energy conversion unit comprised of two 20-foot shipping containers, which will be placed on the wharf deck and connected to the floaters.

With the conversion unit already shipped and located on-site, Eco Wave Power plans to complete installation by the end of the first quarter of 2025.

In addition to securing the final permit, this achievement marks the completion of two key milestones under Eco Wave Power’s agreement with Shell International Exploration and Production Inc, which will likely boost the company’s revenues in fourth-quarter of 2024

The agreement between the parties was announced in April 2024. According to the agreement, Eco Wave Power and Shell will collaborate to develop a wave energy pilot in the Port of Los Angeles.

Now, with the permit in place, the parties will enter the project’s execution phase as per the agreement’s terms.

Inna Braverman, CEO and Founder of Eco Wave Power emphasized that this project is a pivotal technological advance and an essential move toward accelerating the shift to renewable energy.

The U.S. Department of Energy’s National Renewable Energy Laboratory estimates that wave energy can generate over 1,400 terawatt-hours annually to power approximately 130 million homes.

With this project, Eco Wave Power is advancing the commercialization of wave energy as a reliable and clean renewable power source, further strengthening its position as a leader in the industry.

In November, Eco Wave Power named Ran Atias Vice President of Engineering at the company’s Tel Aviv headquarters.

Atias has extensive experience managing complex projects across industries like automotive, defense, and robotics and aims to enhance engineering efficiency and speed up project timelines, the company said.