Showing posts with label Business-Economy. Show all posts
Showing posts with label Business-Economy. Show all posts

03 September, 2024

Earnix and Hexaware Partner to Accelerate Insurance Pricing Transformation

Hexaware Logo


ISELIN, N.J., Sept. 3, 2024 /PRNewswire/ -- Hexaware, an IT services and solutions provider, today announced a partnership with Earnix, a global provider of AI-based SaaS pricing and rating solutions for financial services. The partnership aims to improve underwriting, efficiency, reduces losses, better comply with the regulations, and ensure competitive advantage through effective pricing strategies. 

Hexaware seeks to offer a comprehensive approach to underwriting practices. Its pricing practice supports pricing transformation across lines of business and pricing models for insurers, brokers, and MGAs. Intelligent pricing is crucial in enabling more accurate risk assessment and premium setting.

Emerging AI and ML technologies are transforming insurance pricing. With Earnix's advanced data analytics and AI-driven models, insurers can evaluate individual risk factors precisely, creating more accurate and dynamic pricing models. These tailored premiums improve underwriting accuracy and customer satisfaction, adapting to real-time data and reflecting changes in risk profiles promptly.

"Hexaware's expertise in AI and ML, combined with Earnix's pricing and underwriting solutions will help our clients refine pricing strategies, improve customer satisfaction, and maintain a competitive edge," said Sandesh Shetti, Global Leader of Insurance, Hexaware.

"Earnix is excited to join forces with Hexaware to drive significant advancements in the insurance industry," said Ruth Fisk, Head of Business Development, Earnix. "By combining our expertise, we can offer a comprehensive suite of solutions that helps insurers optimize their pricing and risk management strategies, improve customer experience, and ultimately drive growth and profitability."

About Hexaware

Hexaware is a global technology and business process services company. Our 32,000+ Hexawarians wake up every day with a singular purpose; to create smiles through great people and technology. With this purpose gaining momentum, we are all on our way to realizing our vision of being the most loved digital transformation partner in the world. We also seek to protect the planet and build a better tomorrow for our customers, employees, partners, investors, and the communities in which we operate.

With 54 offices in 28 countries, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. Learn more about Hexaware at https://www.hexaware.com.

Ziina Secures $22 Million in Series A to Evolve From Payments Platform to an End-To-End Financial Services Provider


  • $22 million Series A funding round led by Altos Ventures, with participation from other top-tier investors including Fintech Collective, FJ Labs, Avenir Growth, Y Combinator, and Jabbar Internet Group.

  • Ziina is the leading payment platform for businesses. In the last 12 months, Ziina has received an influx of SMEs for its 360-degree payment solutions, marking a 10x annual growth in revenue and 34% month-on-month customer growth since its product launch in 2022.

  • Series A funding will fuel Ziina’s expansion beyond a payments solution to providing end-to-end financial services for businesses and consumers starting with the soon to launch ZiiCard. 

Dubai, UAE – 3 September 2024: Ziina, the UAE’s leading financial platform supporting consumers and businesses, today announced that it has raised $22 million in a Series A funding round led by US-based Altos Ventures. Other top-tier investors participating in this round include Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This significant funding will fuel Ziina’s expansion beyond a payments solution to providing end-to-end financial services for businesses and consumers. 

Despite global fintech funding slowdown—dropping from $144.2 billion in 2021 to $40.7 billion in 2023—Ziina's successful funding round underscores its strong market position and investors' confidence in its trajectory. In the last 12 months alone, Ziina has received an influx of SMEs for its 360-degree payment solutions, marking a tenfold increase in annual revenue growth and a 34% month-on-month increase in customer growth. These achievements are significantly strengthened by Ziina’s recent acquisition of the Stored Value Facility (SVF) license from the Central Bank of the UAE, solidifying its position as a trusted financial partner in the region.

Ziina serves an underserved market of 560,000 small and medium-sized enterprises (SMEs) in the UAE. These SMEs, which make up over 94% of all companies and contribute about 60% of the country’s GDP, are increasingly adopting digital payment solutions. As of 2023, around 77% of SMEs in the UAE have integrated digital payments, driving a growing demand for advanced financial management tools. Despite this progress, approximately 50% of SMEs in the Middle East still face significant challenges in access to finance and cash flow management, according to a recent survey by PwC Middle East. Ziina’s solutions, including a payment gateway for website checkout and POS solutions, provide them with essential financial tools to enhance their operations and grow their businesses. 

The recent $22 million in Series A funding will accelerate Ziina's technological advancements and product innovations. This investment is key to Ziina's vision of transforming the financial services landscape in the Middle East, aiming to provide customers with a cutting-edge, secure, and user-friendly platform. Having observed businesses effectively use the platform to collect inbound payments from customers, Ziina is now focusing on perfecting outbound payments. The first step in this direction is allowing businesses to control their expenditures through the ZiiCard. Currently in development and soon to launch, the ZiiCard is designed to transform how both businesses and individual customers manage and access their funds, offering instant access to their digital wallet balances. For businesses, the ZiiCard will simplify supplier payments and enhance expense management. For individual users, new features like expense categorization and the ability to split payments will greatly enhance both the security and convenience of their financial transactions.

Faisal Toukan, CEO and Co-Founder of Ziina, emphasized, "Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term.  The intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of fintech in the UAE and beyond. This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East.”

A crucial part of Ziina's success has been its ability to attract top-tier talent worldwide. The company boasts a workforce of leading technologists from companies such as Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the recent funding, Ziina is adding additional hires from global tech giants and fintech innovators like Revolut and Nubank, who have played pivotal roles in scaling their companies to valuations of $45 billion and $70 billion, respectively. 

Dillon Krasnigor, Partner at Altos Ventures, said: "We're excited to partner with the Ziina team for the next phase of their growth. We're impressed with the company's ability to secure the SVF license from the UAE government, its consistent performance, and its ability to build an innovative product suite to meet its customers' needs. We believe Ziina will become a significant financial services provider in the Middle East. We commend The Central Bank of the UAE for embracing innovation within the fintech space by granting Ziina the SVF license.

As Ziina looks ahead, the combination of strategic funding, a growing customer base, and an unwavering commitment to innovation cements its role in shaping the future of finance in the Middle East. With future plans to enter new markets like Saudi Arabia and Jordan, Ziina is rapidly progressing toward becoming the region's premier financial platform, driving economic empowerment and fostering a cashless society.


01 September, 2024

تحليل الأسواق لليوم عن جوزف ضاهرية كبير استراتيجيي الاسواق في TickMill

 


٢٨ أغسطس ٢٠٢٤

 

شهدت أسواق الأسهم الخليجية اليوم تراجعات في مجملها، مدفوعة بتسارع عمليات جني الأرباح والمخاوف من تصاعد التوترات الجيوسياسية في المنطقة. وقد ساهم ذلك، إلى جانب انخفاض أسعار النفط، في زيادة تدهور معنويات المستثمرين.  كما يتوخى المستثمرون الحذر قبل صدور تقرير التضخم الأمريكي الرئيسي هذا الأسبوع، والذي قد يوفر مؤشرات حول حجم خفض أسعار الفائدة في سبتمبر.

وفي السعودية، انخفض سوق الأسهم للجلسة الثالثة على التوالي هذا الأسبوع مع استمرار جني الأرباح بعد المكاسب الأخيرة التي تحققت عقب انتهاء موسم نتائج الربع الثاني.  وتصدر القطاع المصرفي الخسائر، مما أثر بشدة على الأداء العام للسوق.  وبالمثل، واصل سوق أبوظبي للأوراق المالية انخفاضه  ليوم التداول الثالث. أداء السوقين معا تأثر بالمخاوف الجيوسياسية وانخفاض أسعار النفط.

وأظهر سوق دبي المالي تذبذباً، حيث وصل إلى مستوى 4360 نقطة قبل أن تحدث بعض عمليات جني الأرباح. وعلى الرغم من أن معنويات السوق لا تزال هشة، إلا أن الاقتصاد الأساسي ومؤشرات السوق  لا تزال قوية، مما قد  يحد من الانخفاضات.

واتبع سوق الأسهم القطري  التوجه الإقليمي، حيث سجل انخفاضًا  للجلسة الثانية على التوالي،  مبدداً  بعض المكاسب التي حققها في وقت سابق من هذا الأسبوع.

في المقابل، واصل  السوق المصري  أداءه القوي، مدعوماً بإعلان اكتشاف نفطي جديد في الصحراء الغربية. ويتماشى هذا الاكتشاف، إلى جانب احتمالية حدوث اكتشافات أخرى في المستقبل، مع جهود الحكومة لجذب استثمارات القطاع الخاص لزيادة التنقيب عن  مصادر الغاز الطبيعي والنفط الخام واستغلالها.  ويمكن أن يكون لهذه التطورات  تأثير إيجابي على الأداء الاقتصادي  والمساعدة في التخفيف من مخاطر أزمات الطاقة، مثل تلك التي حدثت في وقت سابق من هذا العام  والتي عطلت الأنشطة التجارية. وتساهم هذه العوامل مجتمعة في خلق  شعور  أكثر تفاؤلاً  في السوق، مما يدعم  اتجاهه التصاعدي.

e& enterprise successfully completes $60m acquisition of GlassHouse, expanding into Türkiye

 

  • e& enterprise enters Türkiye with a 100% acquisition of GlassHouse, reinforcing its ambition to become a regional leader in end-to-end digital transformation
  • With this acquisition, e& group expands its operational footprint to 34 markets
  • GlassHouse will operate independently as a subsidiary of e& enterprise, retaining its brand identity

Abu Dhabi, 29th August 2024: e& enterprise, the digital transformation arm of e&, today announced the successful completion of its US$ 60 million acquisition of GlassHouse, a leading Türkiye-based provider of managed cloud, business continuity and SAP Infrastructure services.

The acquisition, originally announced in June this year, strengthens e& enterprise’s capabilities in private cloud and managed services, bolstering its overall value proposition with the addition of SAP capabilities and vertical expertise within the banking and financial services sector – supported by GlassHouse’s deep understanding and specialist skills in this space. It also marks a significant milestone in e& enterprise’s international growth strategy, following successful market entries into Saudi Arabia in 2019, Egypt in 2023, and now Türkiye, Qatar and South Africa. This acquisition also expands e& group’s operational footprint to 34 markets.

Now part of the e& enterprise family, GlassHouse is well-positioned for growth with a strategic focus on augmenting e& enterprise’s SAP capabilities in both the UAE and Saudi Arabia. As the new wholly-owned subsidiary of e& enterprise, GlassHouse will retain its brand identity and continue to operate independently.

Salvador Anglada, Chief Executive Officer, e& enterprise, said: "We are thrilled to welcome GlassHouse into the e& enterprise ecosystem as we continue to bolster our value proposition by reinforcing our capabilities, adding vertical expertise, and expanding into high-growth markets. This acquisition is another bold step in our journey to becoming a regional leader in end-to-end digital transformation.”

Alp Bağrıaçık, CEO, GlassHouse, said: “I am both proud and delighted to announce the successful integration of our company into the e& enterprise ecosystem. By harnessing e& enterprise's robust portfolio, we will provide our customers with cutting-edge security solutions and innovative strategies to accelerate their digital transformation journey.”

Founded in 2004, GlassHouse has established itself as a prominent player in the cloud services sector. It offers managed cloud, business continuity, on-premise backup, private sovereign cloud, and SAP Infrastructure services to over 2,000 enterprises in select geographies. The company boasts a robust presence in the financial services sector, serving nine of the top 10 banks in Türkiye. With over 150 professionals operating across offices in Türkiye, South Africa, and Qatar, GlassHouse is a trusted partner for industry giants such as Microsoft, Dell, and SAP.


 


e& LOGO BUILDING2


Eaton Expands Presence in Egypt with New Office, Customer Experience Centre and strategic Partnerships




Egypt, Cairo Intelligent power management company Eaton, is enhancing its presence in Egypt with the opening of a new office in Cairo. This expansion is part of Eaton’s strategic growth in the region’s growing commercial and industrial sectors. The new office will strengthen Eaton’s ability to deliver advanced power management solutions across key sectors, including oil and gas, utilities, construction, and data centers.


Additionally, Eaton is reinforcing its commitment to the local market by forming strategic partnerships with prominent local manufacturing partners for Low Voltage and Medium Voltage Systems: Egyptian Manufacturing & Advance Systems Co. (EMAS), Madkour Industries, 2M Electric Group, Technical Projects Company (TEPCO) and Lectro El Habashy for Electric Works (Lectrobar). These collaborations are designed to enhance Eaton’s service delivery and market reach, ensuring customers receive tailored, high-quality solutions that meet the specific needs of the Egyptian market.


The Cairo office will also house Eaton’s second Customer Experience Centre (CEC) in the Middle East, following the successful launch of the first CEC in Dubai in 2023. This state-of-the-art facility is designed to offer customers hands-on experience with Eaton’s latest technologies and solutions, fostering deeper engagement and collaboration.


Qasem Noureddin, Managing Director, Eaton Middle East, commented: “The opening of our Cairo office, alongside our partnerships with EMAS, Madkour Industries, 2M Electric Group, TEPCO and Lectrobar, marks a significant milestone in our regional growth strategy. Egypt’s rapid commercial and industrial development presents vast opportunities for us to support our customers with innovative power management solutions. These partnerships will enable us to better serve our clients, enhancing their operational efficiency and sustainability.”


According to recent reports, Egypt’s commercial real estate market is projected to reach USD 370.60 billion by 2024, with an annual growth rate of 9.98% from 2024 to 2028 . The construction sector in Egypt is also poised for robust growth, with the market size estimated at USD 50.78 billion in 2024 and expected to reach USD 75.97 billion by 2029, driven by substantial investments in infrastructure and industrial projects.


Eaton’s expansion in Egypt, alongside these strategic partnerships, is part of its broader strategy to capitalize on the region’s economic growth and infrastructure development. The new office and collaborations will enhance Eaton’s ability to deliver localized support and services, reinforcing its position as a leader in power management solutions in the Middle East.


Ahmed Mattar, Country Manager, Eaton Egypt, added: “This expansion not only strengthens Eaton’s footprint in Egypt but also highlights our commitment to working closely with local partners. By combining Eaton’s global expertise with the capabilities of EMAS, Madkour, 2M Electric Group, and Lectrobar, we are well-positioned to deliver comprehensive power management solutions that address the unique needs of the Egyptian market.”


The Customer Experience Centres (CECs) offer a dynamic and interactive environment where customers can explore Eaton’s comprehensive portfolio of power management solutions. The CECs provide immersive experiences, showcasing the latest advancements in energy efficiency, safety, and sustainability, and highlighting Eaton’s commitment to innovation and customer satisfaction.


As part of its continued growth and expansion in the region, Eaton and Jebel Ali Free Zone (JAFZA) recently signed an agreement to build a new sustainable campus, bringing together Eaton's Dubai-based commercial, manufacturing, and support functions while providing capacity for growth in the future.


The project will extend Eaton's research, engineering, and manufacturing capacity and aim to significantly boost Dubai's capabilities in the advanced manufacturing of electrical and electronic components required to deliver safe and efficient power for several industries, including data centres, buildings, and solar energy. The construction of the facility, covering more than 500,000 square feet, will begin in 2025 and is expected to be completed in 2026.


Eco Wave Power Announces H1 Results; Unveils Data from its Grid-Connected Project That Won the EDF Pulse Award, Kicks-Off Portugal Project, and Announces Green Light for its Shares Repurchase Program

 

The Company also Announced its Support for the Marine Energy Technologies Acceleration Act, federal legislation in the U.S. that would invest $1 billion to advance marine energy toward full scale commercialization

Stockholm, Sweden, August 29th, 2024 – Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that has developed a patented, smart, and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the six months ended June 30, 2024 and provide a corporate update.

 

Management Commentary

Operations

 

During the first half of 2024, Eco Wave Power continued to demonstrate resilience by decreasing its operating expenses by 1.6% compared to the first half of 2023, ending the quarter with $7.48 million in cash and in short term bank deposits. At the same time, we have achieved the following milestones:

 

  • In Israel, the EWP-EDF One Project in the Port of Jaffa, has been delivering clean energy from the waves to the Israeli National electrical grid, since its connection to the grid in the end of 2023. An opening ceremony for the project is due to be held in December 2024. During the second quarter of 2024, Eco Wave Power and EDF Renewables IL have continued their analysis of the project’s operational results; and results from the second quarter of operation continue to be encouraging, both in terms of improvement of the energy generation results and the decrease in down-time for the power station. For example, downtime has decreased from 4% in April to 0% in June 2024. In addition, the Company was able to get closer to its energy generation target and show 17% improvement from the month of April 2024 to the month of June 2024. 

 

Also, Eco Wave Power is pleased to announce that the Company and its pioneering Israeli project won the 2024 EDF Pulse Awards in the category of “Developing a Profitable Decentralized Energy System.” Eco Wave Power was awarded during a ceremony conducted by Luc Rémont, Chairman & Chief Executive Officer of Électricité de France SA in the EDF Pavilion, constructed in partnership with the Paris 2024 Olympic Games. This significant recognition comes in parallel to the productive collaboration between Eco Wave Power and EDF Renewables IL  (a subsidiary of Électricité de France), which jointly own and operate the wave energy project in Israel (the EWP-EDF One Project).

 

  • At the Port of Los Angeles in April 2024, we officially announced that the Company signed a strategic co-investment agreement with Shell International Exploration and Production Inc. (“Shell MRE”) for the implementation of our first U.S-based project, while we also moved forward with the licensing process. In August, 2024, we received a green light from the relevant departments in the Port of Los Angeles for our project’s engineering plans, and other documents submitted. The Port of Los Angeles and AltaSea at the Port of LA are planning to submit the full package of documents for a final license from the Army Corps of Engineers in the upcoming week. As soon as we receive the last approval from the Army Corps of Engineers, we expect a very short implementation time of approximately six months for our first U.S. project.

 

In conjunction with the upcoming wave energy demonstration project to be implemented by Eco Wave Power and Shell MRE at the Port of Los Angeles, U.S. House representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) introduced the Marine Energy Technologies Acceleration Act, legislation that would involve the appropriation of $1 billion towards advancing marine energy toward full scale commercialization. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.

The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy’s Waterpower Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development, and more efficient permitting processes.

The legislation is cosponsored by Representatives Suzanne Bonamici (Ore.), Ed Case (Hawaii), Rashida Tlaib (Mich.), Kevin Mullin (Calif.), Val Hoyle (Ore.), Troy Carter (La.), Salud Carbajal (Calif.), and Anne Kuster (NH).

The full text of the bill can be found here.

 

  • In Portugal, Eco Wave Power officially kicked-off the first MW-scale wave energy project. In July 2024, Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power and Eco Wave Power’s engineering team, have arrived for a meeting and an official site visit with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A (APDL), and other relevant stakeholders for the official kickoff of the Company’s first MW-scale wave energy project , to be located in the city of Porto in Portugal.

 

Following the meeting with APDL, Eco Wave Power’s engineering team held a site visit to the breakwater and the room underneath the breakwater (“The Gallery”), where Eco Wave Power’s energy conversion equipment will be installed, and later opened to the public as a first of its kind wave energy museum and education centre.

 

During the site visit, Eco Wave Power’s team met with local subcontractors and manufacturers to choose the preferred entities that will take part in the execution of this innovative project.

 

The first MW project is being executed in line with a 20MW Concession Agreement entered with APDL and is planned to be followed by a gradual expansion to the whole 20MW of installed capacity.

 

In March 2024, the Company received the final approval necessary for the commencement of the construction works of its first commercial-size project in Porto (TURH license) from APDL Port Authority and in turn issued a performance bond to APDL , meant to solidify the Company’s commitment for the construction of the first commercial wave energy project within a two-year period.

 

Eco Wave Power’s project is well in line with the renewable energy plan of the Government of Portugal, as in July 2024 Portugal announced that it aims to generate 85% of its annual electricity production from renewable sources by 2030, compared to 61% in 2023, one of the highest ratios in Europe.

 

ADS repurchase

 

  • In December 2023, Eco Wave Power submitted an official request to the Financial Supervisory Authority of Sweden (“SFSA”), to receive authorization for the Company’s repurchase of American Depositary Shares (“ADS”) representing up to 10 percent of the total number of shares in the Company, which is the maximum amount permitted by Swedish Law.

In August 2024, the SFSA responded that in its opinion, the ADS are not considered equivalent to shares in accordance with Chapter 19 of the Swedish Companies Act. As a result, the Company should be able to repurchase ADS, in accordance with Swedish law.

Any repurchases will be made through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

In accordance with this decision, Eco Wave Power will enter into relevant agreements with a bank for the execution of any necessary steps related to the buyback.

 

CEO Commentary:

 

In the first half of 2024, we were able to keep the low level of expenses and thus demonstrate our resilience by decreasing our operating expenses by 1.6% compared to the first half of 2023, ending the year with USD 7.48 million in cash and in short term bank deposits.

 

There was also progress across all key projects, including significant improvements in the operational results of the EWP-EDF One project, at the Port of Jaffa in Israel, which reached 0% downtime for the very first time, and got closer by 17% to its energy generation targets. The company and the project also received the prestigious EDF Pulse Award by Électricité de France (a multinational electric utility company and the largest renewable energy producer in Europe), which we believe will lead to an extended collaboration with the EDF group.

 

We have also submitted the final licensing documents for the installation of the project at the Port of Los Angeles, and in parallel representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) introduced the Marine Energy Technologies Acceleration Act,- a proposed legislation that would appropriate $1 billion to advance marine energy toward full scale commercialization. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.

The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy’s Waterpower Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development, and more efficient permitting processes.

We are grateful that representatives Barragán and Bonamici recognized the vast potential of wave energy in meeting the U.S. renewable energy targets and promoting economic growth through the blue economy.

The U.S. is becoming a global leader on climate initiatives, and this new federal legislation further demonstrates the U.S. leadership across the world. We believe that wave energy has massive potential, and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that wave energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean.

And finally, we held an official kick off for our first MW-scale project in Portugal, which included a site visit and meeting with relevant subcontractors to advance with the project.

 

We believe that this will be the first wave energy project in the world to show significant energy production from the power of the waves. I truly believe that this revolutionary project will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally. We would like to thank the Municipality of Porto and APDL for being true wave energy pioneers by enabling and supporting the development of an innovative, environmentally friendly energy generation technology which will serve to lower the port’s carbon footprint while creating new workplaces and an innovative industry in Portugal.

 

At the same time, we have reinforced our engineering team by adding two members, and are in the process of establishing a U.S. based sales and business development team to enable the Company to enter into deals for turnkey wave energy projects which we believe will, in turn, significantly boost the Company’s revenues, in addition to the revenues that the Company has been generating from feasibility studies and other related engineering services.

 

The expansion of the engineering team in Israel and the new business development and sales team in the U.S. are well on their way, and we believe that such an enhanced company structure will lead to positive financial results and accelerated project delivery.

 

Lastly, we are excited to update that we have recently received a green light to commence our American Depository Shares repurchase plan, and we are working on setting the appropriate arrangement with a bank to pursue such opportunity. We believe that our ADS repurchase plan will allow our leadership to have a greater scope to act and have the opportunity to improve the Company’s capital structure, driving greater shareholder value and improving the investment value of our company.

 

Eco Wave Power is entering a very exciting period, which will involve an expansion of our team, expansion of the Company’s operational projects and strategic partnerships.

 

 I would like to reiterate our gratitude to our shareholders for joining us on this exciting journey. We look forward to sharing more exciting progress!

 

First Half 2024 Financial Overview

      Operating expenses were $1.35 million, down by 1.6% from the same period last year.

  • Research and development (R&D) expenses were $320,000 compared to $323,000 in the same period last year. Research and development costs decreased mainly due to reduction in in payroll and related expenses in the first half of 2024. We expect our research and development expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
  • Sales and marketing expenses were $137,000 compared to $193,000 in the same period last year. This decrease was primarily attributable to a decrease in payroll and related expenses in the first half of 2024. We expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.
  • General and administrative expenses were $894,000 compared to $854,000 in the same period last year. This increase was primarily attributable to a $23 thousand increase in legal services and an increase in travel expenses. We expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
  • Other income of $32,000 was generated mainly from a grant and from management fees in a joint venture.
  • Share of net loss of a joint venture accounted for using the equity method for the six months ended June 30, 2024 was $30,000.

      Operating loss was $1.35 million compared to $1.37 million in the same period last year.

      Net financial income was $331,000, compared to $512,000 in the same period last year. This decrease was primarily attributable to a decrease in foreign currency exchange gains.

      Net loss was $1,018,000, or $0.02 per basic and diluted share, compared to a net loss of $859,000, or $0.02 per basic and diluted share in the same period last year.

      The Company ended the period with $7.48 million in cash and cash equivalents and in short-term bank deposits.

 

 

Conference Call and Webcast Information

 

The Chief Executive Officer of Eco Wave Power, Inna Braverman and the Chief Financial Office, Aharon Yehuda, will host a conference call to discuss the financial results and outlook on Tuesday, September 3, 2024, at 5 PM Eastern time.

 

• The dial-in numbers for the conference call are 877-545-0523 (toll-free) or 973-528-0016 (international).
   If requested, please provide participant access code: 660735

• The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/51203

 

• You may submit your questions for the call until September 2, 2024 at 12:00 pm Eastern time via email to:
   aharon@ecowavepower.com

 

A replay will be available by telephone approximately four hours after the call's completion until Monday, September 16, 2024. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 51203. The archived webcast will also be available on the investor relations section of the Company’s website.

 


Eco Wave Power Global AB (publ)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)

 

 

 

 

June 30 2024

December 31 2023

 

 

In USD thousands

 

Assets

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

 

7,421

4,281

Short term bank deposits

 

-

4,102

Restricted short-term bank deposits

 

61

63

Trade receivables

 

14

202

       Other receivables and prepaid expenses

 

103

108

TOTAL CURRENT ASSETS

 

7,599

8,756

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

Property and equipment, net

 

591

636

Right-of-use assets, net

 

43

90

       Investments in a joint venture accounted for using
       the equity method

 

490

527

TOTAL NON-CURRENT ASSETS

 

1,124

1,253

TOTAL ASSETS

 

8,723

10,009

 

Liabilities and equity

 

 

 

CURRENT LIABILITIES:

 

 

 

Loans from related party

 

992

974

Current maturities of long-term loan

 

94

62

Accounts payable and accruals:

 

 

 

Trade

 

66

50

Other

 

1,007

957

Short term lease liabilities

 

38

87

TOTAL CURRENT LIABILITIES

 

2,197

2,130

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

Long-term loan

 

 

45

 

78

 

TOTAL NON-CURRENT LIABILITIES

 

45

78

 

 

 

 

 

...
=