Eco Wave Power has reported a wider net loss for the first quarter of 2020 with no revenues and increased costs.
The wave energy technology firm booked a loss of SEK 4.4 million (USD 466,000/EUR 419,000), increasing from SEK 1.7 million a year earlier.
Operating costs almost doubled to SEK 1 million and administrative expenses hiked to SEK 3.3 million from SEK 0.9 million a year earlier.
Operating costs increased due to work with the Jaffa port expansion.
Administrative expenses explained by that the company was not listed and had no office in Stockholm in Q1 2019 and that new hires have been made in Israel in the end of 2019.
Eco Wave Power CEO Inna Braverman , said that the quarter’s main unforeseen challenge was the Corona virus outbreak, since our projects are mostly B2G (Business to Government).
“Understandably, most governmental organizations are currently focused on managing the Coronavirus crisis and this is likely to cause delays in certain project certifications and permits, and construction works, causing an overall delay in our deliveries.
“However, we are continuously moving forward, and the outlook is positive.
“Some examples of on-going activities are finalization of the assembly of the conversion unit for the EWP-EDF One project, s uccessful completion of the wave simulation testing with Siemens and EDF and installation of our new combined wave and solar technology in our grid-connected wave energy array in Gibraltar.
Last month, EWP signed an official concession agreement with port administrator APDL to use an area potentially suitable for the construction and operation of an up-to-20-MW wave energy power plant in Portugal.