Q1 2026 marked a period of continued operational execution and strategic positioning for the company, as it advanced its global project portfolio while aligning its technology with one of the most significant emerging drivers of energy demand: artificial intelligence.
The rapid acceleration of artificial intelligence is driving unprecedented demand for energy infrastructure, particularly for data centres and high-performance computing facilities. Industry leaders, including NVIDIA, have emphasised that energy availability is becoming a key constraint to scaling AI deployment globally.
During the quarter, Eco Wave Power reduced its operating expenses by 11 percent compared to Q1 2025, reflecting disciplined cost management across research and development, sales and marketing, and general and administrative functions. In parallel, it continued advancing its operational projects while taking initial steps to position wave energy as part of the foundational energy layer required for the continued expansion of AI infrastructure.
During the quarter, Eco Wave Power was featured during the keynote presentation delivered by NVIDIA's CEO, Jensen Huang, at the NVIDIA GTC conference, which highlighted the critical role of energy infrastructure in enabling the continued growth of artificial intelligence.
In April 2026, the Company was also featured across NVIDIA's social media platforms, further emphasising the relevance of renewable energy solutions in supporting AI-driven infrastructure.
Eco Wave Power believes that its proprietary wave energy technology is uniquely positioned to support the emerging energy needs of coastal and nearshore infrastructure, including data centres, by providing a predictable and scalable source of renewable energy.
In parallel, it has initiated discussions with data centre developers and infrastructure partners to explore the integration of wave energy into AI-focused energy solutions.
It is also actively evaluating opportunities to position wave energy as part of the broader energy ecosystem required to support next-generation computing infrastructure.
Eco Wave Power continued the successful operation of its EWP-EDF One project at the Port of Jaffa, the first wave energy installation in Israel to supply electricity to the national grid.
During the quarter, the system demonstrated stable performance and reliability under real sea conditions, including record production levels during peak wave events. The project continues to validate Eco Wave Power’s technology in real-world environments, including grid integration, durability, and cost efficiency.
As a grid-connected, nearshore renewable energy solution, the Jaffa project also serves as a model for how wave energy can support energy demand in coastal regions, including potential future applications in powering data centres and AI-related infrastructure.
The project remains a key foundation for future commercial-scale deployments, including the integration of advanced data analytics and AI-driven optimisation tools such as the Company's planned WaveGPT platform.
Eco Wave Power successfully completed and submitted the final report for its pilot project at the Port of Los Angeles, developed in collaboration with AltaSea and Shell Marine Renewable Energy.
The project validated the technical, regulatory and economic feasibility of deploying wave energy systems integrated into existing coastal infrastructure, without the need for offshore construction or seabed connection, demonstrating cost efficiency, operational reliability, and simplified permitting pathways and positioning Eco Wave Power's technology as a scalable solution for deployment near major coastal population centres.
The technology was also highlighted in a report by the US Department of Energy's National Laboratory of the Rockies(NLR), which emphasised the economic and deployment advantages of coastal infrastructure-integrated wave energy systems, including reduced installation complexity and the ability to leverage existing marine structures.
Given the increasing concentration of data centres and digital infrastructure in coastal regions, Eco Wave Power believes its technology can play a role in supporting localised energy demand, including for AI-driven applications.
The company also continued advancing its first megawatt-scale wave energy project in Porto, Portugal, under its 20 MW concession agreement. During the quarter, it progressed grid connection agreements, engineering validation, and execution planning, marking the transition of the project toward construction readiness. The project represents an important step toward commercial-scale deployment and is expected to provide operational experience for larger installations.
Eco Wave Power is currently awaiting further updates from APDL following a structural assessment of the breakwater after a storm event.
The company continued advancing its first wave energy project in Taiwan in collaboration with I-Ke International Ocean Energy Co. This project includes local manufacturing of floaters and deployment of a turnkey system, supporting the development of regional wave energy capabilities. It represents an important step in expanding Eco Wave Power's presence in Asia-Pacific and demonstrates the adaptability of its technology across different markets.
As Taiwan continues to invest in digital infrastructure and advanced technologies, Eco Wave Power believes wave energy can contribute to the region's long-term renewable energy mix, including potential future demand from data centres and AI-related infrastructure.
In India, Eco Wave Power signed an MOU with Bharat Petroleum Corporation Limited (BPCL) to harness India’s wave energy potential. The initiative begins with a site-assessment study and is expected to lead to a pilot installation at BPCL's Mumbai Oil Terminal.
India represents a significant opportunity due to its extensive coastline and growing energy demand. Eco Wave Power believes wave energy could play a role in supporting future industrial and digital infrastructure growth in India.
The company has completed a feasibility study for a potential wave energy installation at the Port of Ngqura, indicating the potential for approximately 8.3 MW of installed capacity. This confirmed favourable site conditions and the suitability of existing coastal infrastructure for deployment. The project represents Eco Wave Power's initial entry into the African market and aligns with its strategy to expand into regions with strong wave resources and growing demand for renewable energy.
“The first quarter of 2026 reflects both continued operational progress and an important evolution in how we position Eco Wave Power within the global energy landscape” said Inna Braverman, Eco Wave Power’s Chief Executive Officer, in an address to shareholders.
“While we remain focused on executing our core projects across multiple regions, it is becoming increasingly clear that the global energy market is undergoing a structural shift driven by the rapid expansion of artificial intelligence. We believe that wave energy, particularly in nearshore and coastal environments, can play a meaningful role in addressing this challenge. Our technology offers a predictable and scalable renewable energy solution that can be deployed close to population centres and infrastructure hubs, where energy demand is expected to grow significantly.
:At the same time, we continue to execute across our global portfolio - from the successful operation of our project in Israel, to the completion of our pilot in the United States, and the advancement of our megawatt-scale project in Portugal. Each of these projects strengthens our technological foundation and positions us for future growth. As we move forward, our strategy is clear: continue advancing our technology and projects, while positioning Eco Wave Power to participate in one of the most significant shifts in global energy demand in decades.”
For additional information:
