Everybody, hi. I'm Inna Braverman, founder and CEO of Eco Wave Power. Today I will present this presentation about our company and our unique technology. First of all, why did we decide to go into the wave energy field? According to the World Energy Council, wave energy can actually generate in excess of 29,500 terawatt-hours a year, which is about twice the amount of electricity that the world produces now. Two-thirds of the world population, which is about 4.7 billion people, are currently living on the coastline. With this type of population distribution, the need for wave energy is undeniable. If we're looking at the United States, in the United States alone, according to the Energy Information Administration, wave energy can generate up to 66% of all the United States energy needs. Right now, with everything that's happening with the electricity demand by AI and data centers, the need for wave energy is becoming clearer than ever. A lot of the data centers are being installed underwater or close to the water for the cooling effects. Wave energy becomes a very logical source for data centers. Also, wave energy is the least intermittent source of renewable energy. We can basically, in suitable locations, we can generate 24/7 around the clock. Why haven't wave energy commercialized so far? 99% of the developers, they go into the offshore, which is four or five kilometers into the sea. Like this company, this company is called Pelamis. This concept is futuristic, but it's too expensive. It took about $150 million to develop this device by Pelamis, which is sufficient for about 100 households. Also in the offshore, there are waves of 20 meters and even higher, and no man-made stationary equipment can survive the load of a 20-meter wave height. Pelamis, with its $150 million investment, actually broke down after three days of operation on the coastline of Portugal. Total loss to the system. Insurance companies obviously didn't want to insure such complicated technology. It has a negative environmental impact since they connect to the seabed and disturb the marine environment. On top of everything, it's very, very expensive and complicated to connect offshore wave energy into the grid, because you don't have any nearby grid connection point. There's no substation in the middle of the oceans. There's no users. There's a need to draw very long transmission lines. What you see here, this is Eco Wave Power. We don't go into the offshore. We install on existing man-made structures such as piers, breakwaters, jetties, and other types of structures. The only thing in the water are the floaters that belong in the water. All the expensive equipment is on land, just like a regular power station. Simple, easy, and cost-efficient. This is how our technology works. Our floaters are basically attached to existing man-made structures such as piers, breakwaters, and jetties. They're going up and down with the movement of the waves, pushing the hydraulic cylinder, which transmits biodegradable fluid into land-located accumulators. A pressure is being built, turning the hydro motor, turning the generator, sending clean electricity to the grid or to the consumers. Here is the installation of one of our power stations. As you can see here, no works from the seaside, no boats, no divers, no underwater mooring and cables. Everything is done from the land side with simple forklifts and cranes, which enable easy programming of the work, easy and cost-efficient installation. This is the inside and the outside of our power station. We can see here clearly, as I said before, the only thing in the water are the floaters which belong in the water, and all the expensive machinery is in the conversion unit, which is located on land, just like a regular power station. Super easy to install. The conversion unit comes fully assembled to the site. One side connects to the grid, the other side connects to the floaters. Also very cost-efficient. The big advantage is that we almost have no cost of land, or usually no cost of land, because breakwaters are not prime real estate. We usually get it from ports free of charge. We don't pay for the breakwaters. Maybe small sharing of five percent of our revenues to the breakwaters owners. As opposed to that, for solar and for wind, for example, installation, one of the highest costs in the project is the cost of land. Here you don't have that. Another advantage that as opposed to windmills that nobody wants in its backyard, wave energy actually is located in high population density centers. Our grid connection route is very cost-effective and very short route. The other advantages of our technology is that we're 100% environmentally friendly. We don't connect to the seabed. We only install on existing man-made structures, which already kind of had an impact on the environment. We're also cost-efficient. The power station that we can see here, the same size as Pelamis that I showed on the other slide. Pelamis spent $150 million to develop their technology. Here we spent $450,000 for this pilot installation, which is a big price difference and a big breakthrough. In addition, our technology is reliable, as you can see in the bottom of the screen. When the waves are too high for the system to handle, our floaters automatically rise above the water level, and they stay in the upward position until the storm passes. When the storm passes, they go back into the water and commence operation. Because of our simplicity and reliability, we're also fully insurable by global reputable insurance companies. The company has 18 patents and patents pending. 13 patents are approved, five patents are pending, and we keep registering more patents all the time to protect our patent portfolio. We have patents in Israel, in the United States, in Europe, and an international PCT. Here, that's an interesting slide. We can see what we're doing now and what's our plans for the near future. Right now we're operating the EWP-EDF One power station in Israel. It's the first time in the history of Israel that wave energy is officially connected to the national electrical grid through a power purchase agreement. We built this project with investment from the Israeli Energy Ministry, the Israeli government, which recognized our technology as pioneering technology, and 50% investment from EDF, Électricité de France, the largest renewable energy developer in Europe. We currently also operate our first project here in the United States in the Port of Los Angeles with investment from Shell, the oil and gas company. We just submitted a report for Shell that we met all the objectives and all the goals of this project. Our next phase is to start discussions with the Port of L.A. about a larger scale commercial installation on the outer breakwater of the Port of L.A., where we can house up to 60 MW of installation. In simple words, that's about 60,000 households or four data centers. We also did our first sale of a power station. We're selling it to I-Ke in Taiwan. That will be our first project in Asia. We also have our project in India. We signed an MoU with Bharat Petroleum. It's a Fortune 500 oil and gas company owned by the government. We're planning to sell a pilot to them that will be installed in Mumbai Oil Terminal. Our largest project to date is in Porto, in Portugal. We signed there a 20 MW concession agreement. We're starting with the first one MW and then planning to expand further. Also, right now, most of you probably are hearing in the news about data centers and the massive energy needs in the AI era. We are in discussions with a number of data centers, developers, and large AI companies, in order to provide clean electricity from the waves to data centers directly. It makes sense, as I said before, most data centers are located on the coastline right now because of the cooling. We can directly supply energy to them. I know a lot of people are thinking of futuristic concepts like doing energy in space and putting an orbit of solar panels around the sun. I think that wave energy, which is on planet Earth, makes much more sense. It's here, it's easy. We can deploy a commercial scale within 18-24 months and power the data centers. Here we can see a short video made about us by Nvidia. This is showing a digital twin that Nvidia created to us to illustrate the station. This is our working power station in Jaffa Port. We appeared there twice in Jensen Huang's keynote, both in Taipei a few days ago, and also in his keynote in San Jose, California. Here we can see a close-up of our power station in Israel. The floaters that are in the water are in work mode. The floater that is on the top is in storm protection mode or maintenance mode for illustration purposes. Here we can see the inside of the power station during some tests with Siemens. Siemens are our strategic partner for the project. They do everything from the generator to the inverters, to the connection to the grid. We always work with brand names for the components of our technology. Then they can get guarantees everywhere in the world. This is the grid connection of our Israeli project. Super short, like 160 m of a grid connection, super easy, super cost efficient. Ports are high consumers of electricity. All the ports have substations within the premises of the port, so our route to the grid is super short and super cost efficient. The company currently has more than 404.7 MW in our project pipeline in different development phases. We are in discussions with many additional electrical companies and data center companies to enhance our project pipeline even further. Here is our expected revenue model. In the short term, we mostly execute the project through a joint venture, like our project in Israel is done through a joint venture with EDF, the French national electrical company, or through a turnkey, like we're doing our first sales in a turnkey deal with Taiwan and India. In the longer term, we definitely want to be a BOO. We want to build, own, and operate our power stations for 25 years, which is the expected duration lifespan of our power station. Instead of selling the equipment, which can have a limited profit margin, we will sell the energy to the grid for 25 years, which is the lifespan of the system. Basically holding the assets on our balance sheet and selling the electricity to the grid or to data centers. Here we can see why Eco Wave Power is in a very good position. Most companies are still in very early R&D phases. They're still in computerized simulation, wave pool testing, or not grid-connected. Eco Wave Power already has significant project pipeline of 404 MW. We also have significant operational experience. We operated 6 years a grid-connected project in Gibraltar. We're grid-connected three years in Israel, out of which already two years are with zero downtime. We have our Port of L.A. project, which was officially launched in September 2025, and we have our Portuguese project, Taiwanese project, and Indian projects that are on the way. Just for comparison, the wave energy industry right now is getting very massive traction. Business Wire just announced that there's a new company that never been connected to the grid called Panthalassa, that Peter Thiel invested in them $140 million at a valuation of $1 billion. They never connected to the grid, they don't have any working projects right now. It shows you that wave energy is getting traction, and wave energy is the future for data centers. We also have strong support from the research community. According to IRENA, which is the International Renewable Energy Agency, our type of wave energy, point absorber, will dominate the wave energy market in the near future. We also got a recent report by the U.S. government, by NREL, the National Renewable Energy Laboratory, saying that our type, Eco Wave Power's type of technology, is the easiest and most cost-efficient to implement since we connect to existing structures, which makes everything much easier. Now we're starting some AI-related collaboration with the Atlantic University of Miami and some additional universities because we're adding an AI layer to even upgrade and enhance our technology further. We also have strong strategic partnerships with EDF, which is the largest renewable energy developer in Europe, with Shell for the U.S., Bharat Petroleum in India, and I-Ke for Taiwan, and soon we will announce additional partnerships that are related to the AI data centers field. Eco Wave Power is recognized by the United Nations. We received the Global Climate Action Award. We're part of Solar Impulse. We were chosen as efficient solution. We're part of the sustainable markets initiatives of King Charles and the World Economic Forum, and we're also received grants and funding from European Commission and the European Union. Maybe just the last thing I will tell you, I think it's super important to look at the structure of our stock and our company. 50% of the company is held by myself and the co-founder of the company, so our interest is very aligned with the interest of our shareholder. The company has a very minimal burn rate. We burn about $700,000 per quarter. It's well capitalized to achieve its goals. We have a very small float. 50% of the stock is the free float. It's about 2.9 million ADSs are out there. The company doesn't have debt, doesn't have warrants. Super healthy structure, which I feel that is also very important. Thank you so much. Thank you. As low as $1.5 million per one megawatt, which is comparable to the price of onshore wind and about twice cheaper than the price of offshore wind. Think. Yes. Basically, in most locations in the world which are comparable for wave energy generation, you will have at least double the capacity factor of solar because you can work much larger time frames. In Portugal, for example, we start working in waves of 15 centimeters and above, and you have these type of waves 90% of the time. Basically 90% of the time you're generating energy. The energy will be in different levels because the higher the waves, the more electricity you produce, but you're still generating. Solar, you have night, cloud coverage, pollution, that you don't generate anything. As long as you choose a suitable location that has, of course, activity and waves, then you will generate at least double the energy of solar. That's a great question. The longevity is 25 years for the equipment, similar to solar, similar to wind, and the OPEX is actually not very high because the smart thing that we did here is that we put all the expensive equipment on land just like regular power station. The only thing in the water are the floaters, and they don't have any sensors or electrical parts or sensitive parts. Basically our OPEX, operational cost, is up to four percent of the CAPEX annually, which is well in line with industry standards, which is usually between one percent -eight percent. Any more questions? Yeah. Go ahead. No problem. Mm-hmm. We can build very small units. You can build few kilo It depends. In the end of the day, the technology is fully modular, so you have no risk of scaling it up or scaling it down because 50 mw will be 50 units of one mw. You can build a small project for a small community, but then you won't enjoy the economies of scale. Your price will probably be higher per megawatt, or you can build larger ones and just copy-paste the same unit many times and add more floaters. Yeah. I think so far our largest constraint was regulatory constraint because wave energy is such a new type of renewable energy source that most states in the United States or countries worldwide don't have really licensing policy, regulation legislation. Like in L.A., we did a really good job. We worked with AltaSea to get the Senate Bill 605 approved by Governor Newsom, which is specifically dedicated to give funding to wave energy and to support wave energy in California. We're working with Congresswoman Nanette Barragán that's doing a new bill on the federal level to appropriate $1 billion in the U.S. for wave energy. For every location, for every country, you need to create a policy like that and be a first mover in the market. Unfortunately, we don't have additional wave energy companies that are knocking on door and they open the door and we come in and take the project. We're kind of doing it for ourself. I think that can be solved. We can really shorten our time to market with what's happening now with data centers, because with data centers, we can bypass the queue to the grid and the licensing that is required. You plug directly to the data centers, you bypass all this regulation, and you sell to them directly. That I think can be a win-win to both the data centers and to us. Yeah. I'm not allowed to comment on that because that's not public information. We did said in Q1 report that we are in advanced discussions and in negotiations with AI and data centers companies, and as soon as it's announced public, we can discuss it. In Portugal right now, we're waiting from the port. The port is doing a small renovation. They had once in a 100-year storm, they're doing a renovation of the breakwater, which we're happy about because that takes our CapEx down because it was part of our project to renovate it, and now the port is renovating instead of us. They're supposed to finish the renovation by the end of this year, and then it will take us 8 - 12 months to build. It's fast construction. We're just waiting for them to finish the reinforcement. Yeah. What's the margin you make from project? Right now when we're selling pilot projects, just in order to create presence and create first revenues for the company, we're selling it about double our cost. Double the cost, but our goal is, again, not to make money from selling pilots or selling equipment because the margin, the profit margin you can make from the electricity sale is much more significant. For example, we're in discussions with Bahamas Power, the electrical company of Bahamas, and in many locations, they're dependent on diesel energy generation. They're paying $0.40 - $0.50 per kilowatt hour. When we're building commercial scale, we produce as low as $0.05. If you produce it $0.05 and sell it even $0.40, you give them a discount price, your margins become much, much higher. That's what we want to do. We want to be a developer or co-developer together with large energy companies or data centers, and then make the money from the electricity sale and not from the equipment sale. So far we were able to keep very kind of lean expenditure, I would say, because the most expensive thing is the projects, and most of our projects do not come from our balance sheet. The Israeli project was funded by the Israeli government and EDF, the U.S. project by Shell. Right now, if we're doing collaboration with data centers, I assume that some of the money would come from the data centers because they really need the electricity. In the longer term, as wave energy commercialize, we will also become eligible to debt financing, same like solar, same like wind, and then you have much easier access to build many assets in parallel and own them. You're welcome. Thank you so much, everybody. Thank you