Better Health for All

Eco Wave Power's core business is developing wave energy conversion technology to generate green electricity, which directly aims to reduce air pollution.

The World Health Organization (WHO) characterizes air pollution as the world’s largest single environmental health risk, affecting 99% of the global population and accounting for 1 in 8 deaths worldwide. The company's entire product portfolio (100%) is dedicated to providing electricity without creating air pollution, with the explicit goal of benefiting citizens' health and the wellbeing of local communities, which represents a revolutionary health benefit. The company does not generate revenue from products with negative health outcomes. Its operations aim to reduce air pollution, which is a positive health externality, and there is no evidence of negative health externalities. However, there is no specific quantitative data on the scale of these positive externalities. The company's products are industrial energy generation systems, and there is no evidence of direct user harm, nor does the company offer health-related products or services requiring price accessibility or vulnerable population reach considerations. While the company has received support and co-funding from various entities for its projects, there is no specific percentage of R&D or capital allocation aimed at improving health outcomes. The company's activities are not directly relevant to health crisis response, healthcare workforce support, preventative health measures, healthcare data responsibility, mental health initiatives, or health equity programs, and it does not hold healthcare-related patents or engage in clinical trials, nutrition, or addiction mitigation.

Fair Pay & Worker Respect

The company's employee recommendation rate is 61%.

Glassdoor reviews indicate an overall employee rating of 3.76 out of 5 stars (based on 19 reviews), with specific ratings of 3.1 for Culture and Values, 3.7 for Work/Life Balance, and 3.1 for Senior Management. Qualitative feedback from reviews mentions bad communication from the CEO and a hostile work environment. The company has 1 to 50 employees. No specific quantitative data is available for turnover rate, labor violation incidents, insecure contract share, or health insurance coverage.

Honest & Fair Business

The company has not mentioned any financial restatements in the past five years.

Its financial statements are audited by Kesselman & Kesselman, a member of PricewaterhouseCoopers International Limited, an independent registered public accounting firm. However, a material weakness in internal control over financial reporting was identified as of December 31, 2022, due to insufficient finance staff, despite all subsidiaries being audited. Four out of five board members are considered independent, representing 80% of the board. The company has a Code of Business Conduct and Ethics and an anti-corruption policy, but specific details on enforcement or training are not provided. Beyond financial statements, there is no explicit mention of independent verification for other ethical claims or compliance.

Planet-Friendly Business

The company has no reported environmental compliance violations.

It has received a Nationwide Permit 52 for water-based renewable energy generation pilot projects, a federal permit from the U.S. Army Corps of Engineers for its Los Angeles project, and a TURH license for its Portugal project. The company has not declared a net-zero target year. There is no information regarding TCFD alignment, climate scenario analysis, or stranded asset transparency. Additionally, there is no data on climate justice initiatives, just transition programs, or climate adaptation financing.