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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
WASHINGTON, DC 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric> REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric> ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric> TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric> SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File No.: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-40554</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>ECO WAVE POWER GLOBAL AB (PUBL)</b></ix:nonNumeric><br/>
<i>(Exact name of registrant as specified in its charter)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>Translation of registrant&#8217;s name into
English: Not applicable</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Kingdom of <ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Sweden</ix:nonNumeric> </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Jurisdiction of incorporation or organization)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1"><b>52 Derech Menachem Begin Street</b></ix:nonNumeric></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Address of principal executive offices)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Inna Braverman</ix:nonNumeric><br/>
Chief Executive Officer<br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">52 Derech Menachem Begin St</ix:nonNumeric>.<br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Tel Aviv-Yafo</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Israel</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">6713701</ix:nonNumeric><br/>
Tel: +<span style="-sec-ix-hidden: hidden-fact-0"><span style="-sec-ix-hidden: hidden-fact-1">972-3-509-4017</span></span></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Title of each class</i></span></td> <td style="width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Symbol(s)</i></span></td> <td style="width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Name of each exchange on which<br/> registered </i></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary Shares</b></span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WAVE</b></span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Nasdaq Stock Market LLC</b></span></ix:nonNumeric></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Shares, no par value</b> *</span></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Nasdaq Stock Market LLC*</b></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Not for trading, but only in connection with the registration
                                            of the American Depositary Shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered or to be registered pursuant
to Section 12(g) of the Act: None&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares of
each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">44,394,844</ix:nonFraction> common shares as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes &#9744;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric>
&#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes &#9744;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric>
&#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> &#9746;&#160;&#160;&#160;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> &#9746;&#160;&#160;&#160;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px">&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</span></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> &#9746;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange
Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8224;The term &#8220;new or revised financial
accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Yes &#9744;&#160;&#160;&#160;&#160;No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s
executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. GAAP &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric> as
issued by the International Accounting Standards Board &#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &#8220;Other&#8221; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9744; Item 17 &#160;&#160;&#9744; Item 18</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Yes &#9744;&#160;&#160;&#160;&#160;No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>TABLE OF CONTENTS</b> &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 7%">&#160;</td>
    <td style="vertical-align: top; width: 5%; text-align: center">&#160;</td>
    <td style="vertical-align: top; width: 78%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="vertical-align: top"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTION</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="vertical-align: top"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="vertical-align: top"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY RISK
    FACTORS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td colspan="4" style="text-align: center"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I</b></span></a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER
    STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY
    INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization
    and Indebtedness</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasons
    for the Offer and Use of Proceeds</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
    ON THE COMPANY</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History
    and Development of the Company</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    Overview</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top"><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational
    Structure</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
    Plants and Equipment</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM&#160;4.A</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED
    STAFF COMMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Results</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
    and Capital Resources</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top"><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
    and Development, Patents and Licenses, etc.</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top"><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trend
    Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></a></td>
    <td style="vertical-align: top"><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
    Accounting Estimates</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
    and Senior Management</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top"><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Practices</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top"><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></a></td>
    <td style="vertical-align: top"><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    Ownership</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major
    Shareholders</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    Party Transactions</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top"><a href="#a_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests
    of Experts and Counsel</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL
    INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements and Other Financial Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top"><a href="#a_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
    Changes</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM&#160;9.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><a href="#a_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top"><a href="#a_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
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  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_041"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
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  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_042"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></a></td>
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_043"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></a></td>
    <td style="vertical-align: top"><a href="#a_043"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_044"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_045"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_045"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    Capital</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_046"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_046"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum
    and Articles of Association</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_047"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_047"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
    Contracts</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_048"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_048"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    Controls</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_049"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_049"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    and Paying Agents</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_051"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_051"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    by Experts</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_052"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_052"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
    on Display</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_053"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_053"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
    Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_054"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">J.</span></span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_054"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Annual
    Report to Security Holders.</span></span></a></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_055"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_056"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_057"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_057"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    Securities</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_058"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_058"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
    and rights</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_059"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_059"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Securities</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_060"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_060"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    Depositary Shares</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td colspan="4" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_061">PART&#160;II</a></b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_062"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_063"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_064"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS
    AND PROCEDURES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-left: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><a href="#z_001">[Reserved]</a></span></td>
    <td style="vertical-align: bottom; text-align: center">77</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_065"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_065"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT
    COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_066"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_066"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE
    OF ETHICS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_067"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_067"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_068"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_068"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_069"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_069"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_070"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_070"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_071"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_071"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE
    GOVERNANCE</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. </span></td>
    <td style="vertical-align: top; text-align: center"><a href="#a_072"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H</span></a></td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_072"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE
    SAFETY DISCLOSURE</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></td>
    <td style="vertical-align: top; width: 5%; text-align: center"><a href="#a_073"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I</span></a></td>
    <td style="vertical-align: top; width: 78%; padding-left: 9pt; text-indent: -9pt"><a href="#a_073"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</span></a></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td colspan="4" style="text-align: center"><a href="#a_074"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART&#160;III</b></span></a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17.</span></td>
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    STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM&#160;19.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><a href="#a_077"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="Logo, icon, company name  Description automatically generated" src="image_001.jpg" style="height: 87px; width: 142px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>INTRODUCTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a wave energy company
primarily engaged in the development of a smart and cost-efficient&#160;wave energy conversion, or WEC, technology that converts ocean
and sea waves into clean electricity. Our corporate mission is to revolutionize energy production with our proprietary wave technology,
and to become a leader in the renewable energy industry, which, according to an analysis by Frost &amp; Sullivan, is expected to see
$3.4 trillion in new investment in the next decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems,
and draws energy from incoming waves by converting the rising and falling motion of the waves into a clean energy generation process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our WEC technology,
we are also building out a pipeline of ancillary technology services that we may provide to our customers and other parties, such as
other companies and research institutions. These services currently include feasibility studies for potential clients of our WEC technology.
We are also developing a smart Wave Power Verification, or WPV, software, intended to provide real-time&#160;production verification
that is expected to allow preventative-predictive&#160;and corrective measures to be taken. We believe that by providing these complementary
services, we will be better positioned to be a leader of the wave energy industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a company incorporated
in Sweden and were incorporated in 2019.&#160; The American Depository Shares are currently traded in the United States on the Nasdaq
Capital Market under the symbol &#8220;WAVE&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain information included
or incorporated by reference in this annual report on Form 20-F may be deemed to be &#8220;forward-looking statements&#8221;. Forward-looking
statements are often characterized by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;believe,&#8221; &#8220;should,&#8221; &#8220;intend,&#8221;
&#8220;project&#8221; or other similar words, but are not the only way these statements are identified.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,
completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or
developments that we intend, expect, project, believe or anticipate will or may occur in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to successfully
    enter new markets, manage our international expansion and comply with any applicable laws and regulations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing for the commercialization
    of our WEC technology, including the timing, cost, regulatory approvals or other aspects related thereto;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to generate
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Readers are urged to carefully
review and consider the various disclosures made throughout this annual report on Form 20-F which are designed to advise interested parties
of the risks and factors that may affect our business, financial condition, results of operations and prospects.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not put undue
reliance on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are made as of the date
hereof, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the section
of this annual report on Form 20-F entitled &#8220;Item 4. Information on the Company&#8221; contains information obtained from independent
industry sources and other sources that we have not independently verified.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221; and &#8220;EWPG&#8221; refer to Eco
Wave Power Global AB (publ), after the date that it acquired its operating subsidiary, Eco Wave Power Ltd., or EWP Israel, or the Acquisition
(see &#8220;Item. 4.A.&#160;&#8212; History and Development of the Company&#8221; for additional information), while such references,
before the time of the Acquisition, refer to EWP Israel. Until June&#160;9, 2021, our name was EWPG Holding AB (publ). On May&#160;31,
2021, our shareholders approved amended and restated articles of association at an extraordinary general meeting of shareholders whereby,
among other things, our name was changed to Eco Wave Power Global AB (publ). References to &#8220;U.S. dollars&#8221; and &#8220;$&#8221;
are to currency of the United States of America, references to &#8220;Euro&#8221;, &#8220;EUR&#8221; and &#8220;&#8364;&#8221; are to
currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty Establishing the European
Community, as amended, references to &#8220;SEK&#8221; are to Swedish Kronor and references to &#8220;shekel,&#8221; &#8220;Israeli shekel&#8221;
and &#8220;NIS&#8221; are to New Israeli Shekels. References to &#8220;Common Shares&#8221; are to our Common Shares, no par value. We
report our financial statements under International Financial Reporting Standards, or IFRS, as issued by the International Accounting
Standards Board, or the IASB.&#160;None of the financial statements were prepared in accordance with generally accepted accounting principles
in the United&#160;States.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Summary Risk Factors&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&#160;risk factors&#160;described
below are a&#160;summary&#160;of the principal&#160;risk factors&#160;associated with an investment in us. These are not the only&#160;risks&#160;we
face. You should carefully consider these&#160;risk factors, together with the&#160;risk factors&#160;set forth in Item 3D. of this annual
report on Form 20-F and the other reports and documents filed by us with U.S. Securities and Exchange Commission, or the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;2. <span style="text-transform: uppercase">OFFER STATISTICS
AND EXPECTED TIMETABLE</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><div><a id="a_008"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved].</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_009"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization and Indebtedness.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_010"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons for the Offer and Use of Proceeds.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_011"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk Factors.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business faces significant
risks. You should carefully consider the risks described below, together with all of the other information in this annual report on Form
20-F. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that
we currently deem to be immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs,
our business and financial condition could suffer and the price of the ADSs could decline. This report also contains forward-looking
statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking
statements, as a result of certain factors including the risks described below and elsewhere in this report and our other SEC filings.
See &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Financial Position and
Capital Requirements</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have not yet generated revenue from
sales of our WEC technology or power stations and may never be profitable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to become profitable
depends upon our ability to generate revenue. To date, we have not generated any revenue from our WEC technology, and we do not know
when, or if, we will generate any such revenue. We do not expect to generate significant revenue unless or until we are able to prove
the impact and benefits of implementing our WEC technology and then successfully enter into agreements for the sale of our products and
services to countries, states and private customers that carry out a transition to an energy production source that is based on our technology.
Our ability to generate future revenue from our WEC technology, services or power stations depends heavily on our success in many areas,
including but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to enter into
    and carry out agreements for the sale of our products and services or collaboration agreements;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to connect
    to the technology of a country&#8217;s national grid or micro grids;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to enter into
    long-term&#160;contracts for the sale of electricity generated from our WEC technology;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the implementation of rules
    or standards by governments and/or by quasi-government&#160;agencies regarding the use of alternative sources of clean energy, and
    specifically, wave energy and our ability to receive feed-in-tariffs&#160;for wave energy;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to obtain financing
    on terms favorable to us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 10; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to obtain the
    necessary permits or regulatory consents, including our ability to enter into concession agreements or other agreements for the use
    of land and ocean space for the construction and utilization of our WEC technology;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to protect
    our intellectual property;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business interruptions
    resulting from a local or worldwide pandemic, geopolitical actions, including war and terrorism, or natural disasters;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">supply chain disruptions
    and shortages of components as a result of the COVID-19 pandemic and significant price variations of such components due to such
    disruptions; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to protect
    our WEC technology from cyber attacks.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to enter agreements
for the sale of products and services or collaboration on terms favorable to us, or if such agreements lead to delays or expenses or
if payments according to the agreements are delayed or not made at all, it could have a material adverse effect on our business, results
and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a history of operating losses and
may not achieve or maintain profitability and positive cash flow.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred net losses
since EWP Israel began its operations, and we have incurred net losses of $2.9&#160;million and $2.35&#160;million in our fiscal years
ended December&#160;31, 2022 and 2021, respectively. As of December&#160;31, 2022, we had an accumulated deficit of $11.3 million. To
date, our activities have consisted primarily of activities related to the development and testing of our technologies and efforts to
commercialize our products. Thus, our losses to date have resulted primarily from costs incurred in our research and development programs
and from our selling, general and administrative costs. As we continue to develop our proprietary technologies, we expect to continue
to have a net use of cash from operating activities unless or until we achieve positive cash flow from the commercialization of our products
and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not know whether we
will be able to successfully commercialize our products or whether we can achieve profitability. There is significant uncertainty about
our ability to successfully commercialize our products in our targeted markets. Even if we do achieve the commercialization of our products
and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We expect that we will need to raise substantial
additional funding, which may not be available on acceptable terms, or at all. Failure to obtain funding on acceptable terms and on a
timely basis may require us to curtail, delay or discontinue our product development efforts or other operations. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31, 2022,
our cash and cash equivalents were $5.3&#160;million and our short term cash deposits were $5 million. Based upon our currently expected
level of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through
at least the next 12&#160;months period from the date of this annual report on Form 20-F. We expect that in future periods we will require
substantial additional capital to commercialize our products and services (see &#8220;Item. 5.A. &#8211; Operating and Financial Review
and Prospects&#8212;Liquidity and Capital Resources&#8221; for additional information). In addition, even if we believe that we have
sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we
have specific strategic considerations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our operating
plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than
planned. Our future funding requirements will depend on many factors, including but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our research and development
    efforts, including our ability to finish research and development projects or product development within the allotted or expected
    timeline;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the cost, timing and outcomes
    of seeking to commercialize our products and services in a timely manner;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the announcement of new
    products, new developments, services or technological innovations by our competitors in the traditional and renewable energy industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">global policies and feed-in-tariffs
    for wave energy;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 11; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">licensing costs and timelines;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to generate
    cash flows;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic weakness, including
    inflation, or political instability in particular foreign economies and markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the length of the COVID-19
    pandemic and its impact on our research and development, supply chain disruptions and price variations for products and services,
    operations and financial condition;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government regulation in
    our industry, and more specifically, the costs and timing of obtaining regulatory approval or permits to launch our technology in
    various geographical markets; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs of, and timing
    for, strengthening our manufacturing agreements for production of our WEC technology.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any additional fundraising
efforts may divert our management from its day-to-day&#160;activities, which may adversely affect our ability to develop and commercialize
our products and services. In addition, we cannot guarantee that future financing will be available in sufficient amounts or on terms
acceptable to us, if at all, during the current financial situation in the markets. Moreover, the terms of any financing may adversely
affect the holdings or the rights of holders of our securities and the issuance of additional securities, whether equity or debt, by
us, or the possibility of such issuance, may cause the market price of the ADSs to decline, even if we believe that the terms of such
financing are favorable, or, in the event of an equity financing, could dilute your ownership in our Company. The incurrence of indebtedness
could result in increased fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations
on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights, limitations
on our ability to pay dividends and other operating restrictions that could adversely impact our ability to conduct our business; if
we were to be in default of any such contractual limitations, this could further adversely impact our ability to conduct our business.
We could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise
would be desirable, and we may be required to relinquish rights to some of our technologies or otherwise agree to terms unfavorable to
us, any of which may have a material adverse effect on our business, operating results and prospects. In addition to the material adverse
effects listed above, if our ability to finance our operations on terms and timing favorable to us, this could also result in placing
us at a disadvantage against our competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to obtain
funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development
programs or the development or commercialization, if any, of any products or be unable to expand our operations or otherwise capitalize
on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, we expect to
incur additional ongoing costs associated with operating as a U.S. listed public company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The reduction or elimination of government
subsidies, grants and other economic incentives for various renewable energy applications could make it more difficult for us to complete
the development of our products and subsequently seek to commercialize them, which, if commercialized, could lead to a reduction in our
net sales and harm our financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The renewable energy industry
benefits from and is made more competitive due to various government subsidies, grants, feed-in-tariffs&#160;and other economic incentives.
The reduction, elimination or expiration of such government subsidies, grants, feed-in-tariffs&#160;and other economic incentives for
various renewable energy applications in hydropower, solar, wind, biofuel, biomass, geothermal, wave or tidal energy could result in
the diminished competitiveness of such alternative energy sources relative to conventional sources of energy. Not only would this negatively
affect the growth of that particular renewable energy industry, but it could make it more difficult for us to complete development of
our technology and products and subsequently seek to commercialize them, which, if commercialized, could lead to a reduction in our net
sales and harm our financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a portion of
our ongoing and future projects related to developing wave power plants is intended to be partly financed through grants. There is no
assurance that we will receive a grant or receive the full amount of the grant, especially if there is a very competitive submission
process or if we do not fulfill the conditions imposed on us or our projects in connection with the grants received. If we violate any
of the conditions stipulated in any of our grant agreements, for example, if we fail to file the requested updates on the development
of the project, to keep separate records for our expenses funded by the grant, to observe a grant&#8217;s publicity requirements or to
meet the timeline proposed in the grant, this may result an obligation to repay the contributions already received.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we do not receive the
full grant within any of our current or future grants, or if we otherwise do not qualify as eligible for future grants or do not receive
future grants, even if eligible, or are required to repay grants already received, this could have a material adverse effect on our ongoing
and future projects, as well as our business, reputation and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our revenues, if any, and efforts to become
profitable, may be impacted by our need to pay royalties on government grants and other agreements, which may also include terms subjecting
us to penalties if we are default of material terms.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have received royalty-bearing&#160;grants
from the Chief Scientist of the Israeli Ministry of Energy&#8217;s office and a loan agreement with the Management Committee of Jiangsu
Changshu High-tech&#160;Development Zone, or the Committee, Changshu Shirat Enterprise Management Co. Ltd., or CS, each of which require
that we (or our subsidiaries) pay royalties on certain projects (see Item. 5.B. &#8211; &#8220;Operating and Financial Review and Prospects
&#8212; Financing Activities&#8221; for additional information on our loan agreement with the Committee and CS, including the terms of
repayment). Pursuant to our agreement with CS, if we default on any payments due under such agreement, we are obligated to pay a default
interest rate of 5%, or if such rate is not permissible under Chinese law (the law governing such agreement), at the maxim amount allowed
by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are able to generate
revenues from the commercialization of our WEC technology, the requirement that we pay royalties on certain projects will impact the
amount of revenue that we generate and may delay our efforts to become profitable. In addition, the repayment terms of the agreement
with the Committee and CS, and similar terms in future agreements, if any, may also impact our ability to turn revenues, if any, into
profit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>Risks Related to Our Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have filed multiple patent applications
and have a number of issued patents. There can be no assurance that any of our patent applications will result in issued patents. As
a result, we may not be able to adequately protect our proprietary technology in the marketplace.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed patent applications
in the United States, the European Union, or the EU, and Israel and have the ability to file our Patent Cooperation Treaty, or PCT, international
patent applications in many countries worldwide. Unless and until our pending patent applications are issued, their protective scope
is impossible to determine. Practically, it is impossible to predict whether or how many of our patent applications will result in issued
patents. Even if pending applications are issued, they may be issued with coverage significantly narrower than what we currently seek
or third parties may challenge their validity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Even if we are issued patents, because
the patent positions of our technology are complex and uncertain, we cannot predict the scope and extent of patent protection for our
products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any patents that may be issued
to us will not ensure the protection of our intellectual property for a number of reasons, including without limitation the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any issued patents may
    not be broad or strong enough to prevent competition from other products including identical or similar products;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if we are not issued patents
    or if issued patents expire, there would be no protections against competitors making generic equivalents;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there may be prior art
    of which we are not aware that may affect the validity or enforceability of a patent claim;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there may be other patents
    existing in the patent landscape that will affect our freedom to operate;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if our patents are challenged,
    a court or relevant tribunal could determine that they are not valid or enforceable;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a court could determine
    that a competitor&#8217;s technology or product does not infringe our patents even if we believe it does;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our patents could irretrievably
    lapse due to failure to pay fees or otherwise comply with regulations, or could be subject to compulsory licensing; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if we encounter delays
    in our development, the period of time during which we could market our products under patent protection would be reduced.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to enforce our intellectual
property rights throughout the world.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Filing, prosecuting and defending
patents on products in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some
countries outside the United&#160;States, Europe and Israel can be less extensive than those in the United&#160;States, Europe and Israel.
In addition, the laws of some foreign countries do not protect intellectual property to the same extent as laws in the United&#160;States,
Europe and Israel. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside
the United&#160;States, Europe, or Israel, or from selling or importing products made using our inventions in and into the United&#160;States
or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patents to develop their own
products and further, may export otherwise infringing products to territories where we have patents, but enforcement is not as strong
as that in the United&#160;States, Europe, or Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many companies have encountered
significant problems in protecting and defending intellectual property in foreign jurisdictions. The legal systems of certain countries,
particularly in the People&#8217;s Republic of China, or China and certain other developing countries, do not favor the enforcement of
patents, trade secrets and other intellectual property, which could make it difficult for us to stop the infringement of our patents
or marketing of competing products in violation of our proprietary rights generally. To date, we have not sought to enforce any issued
patents in these foreign jurisdictions. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial
costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or
interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert claims against us.
We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful.
The requirements for patentability may differ in certain countries, particularly developing countries. Certain countries in Europe and
developing countries, including China and India, have compulsory licensing laws under which a patent owner may be compelled to grant
licenses to third parties. In those countries, we and our licensors may have limited remedies if patents are infringed or if we or our
licensors are compelled to grant a license to a third party, which could materially diminish the value of those patents. This could limit
our potential revenue opportunities. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate
to obtain a significant commercial advantage from the intellectual property that we develop or license.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to maintain effective
proprietary rights for our products, we may not be able to compete effectively in our markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the protection
afforded by any patents currently owned and that may be granted, historically, we have relied on trade secret protection and confidentiality
agreements to protect proprietary know-how&#160;that is not patentable or that we elect not to patent, processes that are not easily
known, knowable or easily ascertainable, and for which patent infringement is difficult to monitor and enforce and any other elements
of our product candidate discovery and development processes that involve proprietary know-how, information or technology that is not
covered by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary technology and processes,
in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors and contractors. We also seek
to preserve the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining physical security of
our premises and physical and electronic security of our information technology systems. Agreements or security measures may be breached,
and we may not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise become known
or be independently discovered by competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot provide any assurances
that our trade secrets and other confidential proprietary information will not be disclosed in violation of our confidentiality agreements
or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information
and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual property could
impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken to maintain
our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties for misappropriating
any trade secret.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Third parties may initiate legal proceedings
alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material
adverse effect on the success of our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial success depends
upon our ability to develop, manufacture, market and sell our platform technology and related services without infringing the proprietary
rights of third parties. There is considerable intellectual property litigation in the energy sector. It is also possible that we have
failed to identify relevant third-party&#160;patents or applications. For example, applications filed before November&#160;29, 2000 and
certain applications filed after that date that will not be filed outside the United&#160;States remain confidential until patents issue.
Patent applications in the United&#160;States and elsewhere are published approximately 18&#160;months after the earliest filing, which
is referred to as the priority date. Therefore, patent applications covering our technology could have been filed by others without our
knowledge. Additionally, pending patent applications which have been published can, subject to certain limitations, be later amended
in a manner that could cover our technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may become party to, or
threatened with, future adversarial proceedings or litigation regarding intellectual property rights with respect to our technology,
including inter parties review, interference, or derivation proceedings before the U.S. PTO and similar bodies in other countries. Third
parties may assert infringement claims against us based on existing intellectual property rights and intellectual property rights that
may be granted in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are found to infringe
a third party&#8217;s intellectual property rights, we could be required to obtain a license from such third party to continue developing
and marketing our technology. However, we may not be able to obtain any required license on commercially reasonable terms or at all.
Any inability to secure licenses or alternative technology could result in delays in the introduction of our products or lead to prohibition
of the manufacture or sale of products by us. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our
competitors access to the same technologies licensed to us. We could be forced, including by court order, to cease commercializing the
infringing technology. In addition, we could be found liable for monetary damages, including treble damages and attorneys&#8217; fees
if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our technology
or force us to cease some of our business operations, which could materially harm our business. Claims that we have misappropriated the
confidential information or trade secrets of third parties could have a similar negative impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to claims challenging
the inventorship of our patents and other intellectual property.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be subject to claims
that former employees, collaborators or other third parties have an interest in our patents or other intellectual property as an inventor
or co-inventor. For example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved
in developing our products. Litigation may be necessary to defend against these and other claims challenging inventorship. If we fail
in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive
ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our business.
Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management
and other employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain technologies and patents have been
developed with partners and we may face restrictions on this jointly-developed intellectual property.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into cooperation
agreements with a number of partners and pursuant to our agreements with these partners, such as the Israeli Ministry of Energy and EDF
Renewables IL, certain intellectual property developed by us and the relevant partner may be subject to joint ownership by us and the
partner and our commercial use of such intellectual property may be restricted, or may require written consent from, or a separate agreement
with, the partner. If we cannot obtain commercial use rights for such jointly-owned&#160;intellectual property or partner-owned&#160;intellectual
property, our future product development and commercialization plans may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Government Regulation and
Compliance Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We could be held liable if our business
operations harmed the environment and a failure to maintain compliance with environmental laws could severely damage our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are subject
to a variety of country-specific, regional and local laws and regulations relating to the protection of the environment. Unexpected occurrences
with our products may occur which may be damaging the environment or third-party&#160;assets in such a way that could lead to disruption
of business, loss of assets, damage to employees or the public. In the event of the foregoing, we may be required to pay damages or be
subject to restitution responsibility. Such impact on the environment can also lead to negative publicity. The cost of complying with
current regulations could have a material adverse effect on our business, results of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are required to obtain permits in different
areas of the world in order to utilize our products in such regions. Our need to apply for and receive permits could substantially limit
our ability to operate and grow our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to continue with
our current scope of operations and expand our operations and business across the globe is subject, in certain cases, to our receiving
a permit for different purposes, including the use of land. It may be difficult to receive the required permits, which may require our
management team to divert its attention from other aspects of our business, or it may be more capital intensive or a more time consuming
process than expected to receive permits, either of which could increase costs and delay the launch of our products. In addition, some
permitting and execution processes have been delayed due to the COVID-19&#160;pandemic. Furthermore, if we do not comply with the requirements
set forth in the permits we receive, we could lose the granted permits or not receive them at all. Should any of these events occur it
could have a material adverse effect on our business and reputation, results of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in environmental laws and regulations,
or fundamental changes in the operations of government agencies, could reduce demand or impact the timing for our services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of our business is driven
by laws and regulations related to the protection of the environment. In the United States, the former Trump administration declined
to enforce some environmental laws and repealed certain regulations, adversely impacting the ability of companies in the renewable energy
sector to generate revenue. If these policies do not significantly change under the Biden administration, or if any further relaxation
or repeal of these laws occurs in the United&#160;States and elsewhere, or changes occur in governmental policies regarding the funding
or enforcement of these laws in the countries and regions in which we currently operate and may seek to operate in, we may experience
additional adverse impacts on our ability to grow our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since being inaugurated into
office on January 20, 2021, President Biden&#8217;s energy policy has increased focus on the renewable energy sector, particularly with
respect to wind, solar and geothermal energy production. However, most of our business is driven by laws and regulations related to the
wave energy sector in particular. As a result, if the Biden administration and the specific states do not set specific wave energy environmental
laws and regulations, it may adversely impact the ability of companies in the wave energy sector to generate revenue, including us. Fundamental
changes in the operations of government agencies (i.e., significant agency staff reductions, changes or delays in processes for awarding
contracts, and decisions to shutdown portions of local or state government) also could impact the amount or timing of our revenue, if
any. Also, reduced spending by governmental agencies may increase competition within our industry, which may directly affect future revenue
and profits, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We conduct operations on a worldwide basis
and are subject to a variety of risks associated with doing business outside the United&#160;States.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain significant international
operations, including operations in Sweden, Israel, Gibraltar, Portugal, China, Australia and Mexico (we are not currently actively working
on advancing operations in Mexico, see Item. 4.B. &#8220;Business &#8212; Our Proprietary WEC Technology &#8212; Project Pipeline &#8212;
Mexico&#8221; for additional information) and have pipeline projects and potential projects in other countries, including, but not limited
to, Israel, Portugal, Spain, Turkey, United States and others. As a result, we are subject to a number of risks and complications associated
with international sales, services and other operations, as well as risks associated with U.S. foreign policy. These include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties associated
    with compliance with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions, e.g.,
    with respect to environmental matters, intellectual property, privacy and data protection, corrupt practices, embargoes, trade sanctions,
    competition, employment and licensing;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic, social
    and political conditions in the countries in which we operate, including international and U.S. trade policies and currency exchange
    rate fluctuations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax and other laws that
    restrict our ability to use tax credits, offset gains or repatriate funds;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency restrictions,
    transfer pricing regulations and adverse tax consequences, which may affect our ability to transfer capital and profits;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation, deflation and
    stagflation in any country in which we have a manufacturing facility;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations in currency
    exchange rates may in the future affect, revenue, profits and cash earned on international operations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign customers with
    long payment cycles;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposition of or increases
    in customs duties and other tariffs;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complications in complying
    with restrictions on foreign ownership and investment and limitations on repatriation. We may not be permitted to own or to fully
    own our operations in some countries and may have to enter into partnership or joint venture relationships. Some foreign legal regimes
    restrict our repatriation of earnings to the United&#160;States from our subsidiaries and joint venture entities. We may also be
    limited in our ability to distribute or access our assets by the governing documents pertaining to such entities. In such event,
    we will not have access to the cash flows and assets of our subsidiaries; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business interruptions
    resulting from a local or worldwide pandemic, such as COVID-19, geopolitical actions, including war and terrorism, or natural disasters.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate in a number of
countries throughout the world, including in countries that do not have as strong a commitment to anti-corruption&#160;and ethical behavior
that is required by U.S. laws or by our corporate policies. Based on the nature of our products, these activities involve potential interaction
with government agencies, public officials or state-owned&#160;enterprises. We are subject to the risk that we, our U.S. employees or
our employees located in other jurisdictions or any third party that we engage to do work on our behalf may take action determined to
be in violation of anti-corruption&#160;laws in any jurisdiction in which we conduct business. The U.S. Foreign Corrupt Practices Act,
or the FCPA, prohibits corruptly providing anything of value to foreign officials for the purposes of obtaining or retaining business
or securing any improper business advantage. We may deal with both governments and government-owned&#160;business enterprises, the employees
of which are considered foreign officials for purposes of the FCPA and other applicable anti-corruption&#160;laws. Any violation of the
FCPA or any similar anti-corruption&#160;law or regulation could result in substantial fines, sanctions or civil and/or criminal penalties,
debarment from business dealings with certain governments or government agencies or restrictions on the marketing of our products in
certain countries, which could harm our business, financial condition or results of operations. If these anticorruption laws or our internal
policies were to be violated, our reputation and operations could also be substantially harmed. Further, detecting, investigating and
resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compliance with multiple,
and potentially conflicting, international laws and regulations, including anticorruption laws and exchange controls may be difficult,
burdensome or expensive. While our employees and agents are required to comply with these laws, our internal policies and procedures
may not always prevent violations. Such matters or allegations related to such matters could adversely affect our reputation and the
burden and cost associated with defending or resolving such matters could adversely affect our business, prospects, financial condition
or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Laws, governmental regulations and policies
supporting renewable energy (including tax incentives), could change at any time, including as a result of new political leadership,
and such changes may materially adversely affect our business and our growth strategy.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Renewable energy generation
assets currently benefit from, or are affected by, various federal, state and local governmental incentives and regulatory policies.
We have operations in several countries that have incentives and regulatory policies which are beneficial for renewable energy generation
assets. The growth of our business will also be dependent on the tax and regulatory regimes generally and as they relate in particular
to our investments in our WEC technology and power stations. Any effort to overturn laws, regulations or policies that are supportive
of WEC technology or that remove costs or other limitations on other types of generation that compete with WEC technology could materially
and adversely affect our business, financial condition, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many U.S. states have adopted
renewable portfolio standard, or RPS, programs mandating that a specified percentage of electricity sales come from eligible sources
of renewable energy. If the RPS requirements are reduced or eliminated, it could lead to fewer future power contracts or lead to lower
prices for the sale of power in future power contracts, which could have a material adverse effect on our future growth prospects. Such
material adverse effects may result from decreased revenues, reduced economic returns on certain project company investments, increased
financing costs and/or difficulty obtaining financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also subject to laws
and regulations that are applicable to business entities generally, including local, state and federal tax laws. If any of the laws or
governmental regulations or policies that support renewable energy change, or if we are subject to changes to other existing laws or
regulations or new laws or regulation that impact our tax position, increase our compliance costs, are burdensome or otherwise negatively
impact our business, such new or changed laws or regulations may have a material adverse effect on our business, financial condition,
results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>National electricity markets are politically
regulated and complex.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">National electricity markets
are politically regulated and complex. In some regions and states, the political system may prove to be beneficial to local suppliers,
while there may be a more open climate in other regions and states. Although we may currently have operations in a certain region or
state, as a result of changing regulation, we may be required to stop our operations in such region or state or we may decide to exit
or cease from entering the market in a certain region or state even though we may have approval to do so because of economic or political
conditions regulating such electricity market. The occurrence of any of the aforementioned could have a material adverse effect on our
business, results of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Unsuccessful compliance with applicable
privacy regulations could have an adverse effect on our business and reputation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The collection and use of
data in the EU is governed by the provisions of the Data Protection Directive, and as of May&#160;2018, the European General Data Protection
Regulation, or GDPR. We collect and processes personal data to a certain extent in our operations, for example in relation to our personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These directives impose several
requirements relating to the consent of the individuals to whom the personal data relates, the information provided to the individuals,
notification of data processing obligations to the competent national data protection authorities and the security and confidentiality
of the personal data. The GDPR also extends the geographical scope of EU data protection law to non-EU&#160;entities under certain conditions,
tightens existing EU data protection principles and creates new obligations for companies and new rights for individuals. Failure to
comply with the requirements of the Data Protection Directive, the GDPR and the related national data protection laws of the EU Member
States may result in fines and other administrative penalties. The GDPR introduces new data protection requirements in the EU and substantial
fines for breaches of the data protection rules. The GDPR regulations impose additional responsibility and liability in relation to personal
data that we process and we intend to put in place additional mechanisms ensuring compliance with these and/or new data protection rules.
In addition, other jurisdictions in which we operate are currently discussing or implementing regulations similar to GDPR. Changes to
these European privacy regulations (and similar regulations in other jurisdictions) and unsuccessful compliance may be onerous and adversely
affect our business, financial condition, prospects, results of operations and reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are not currently regulated as an electric
public utility under applicable law but may be subject to regulation as an electric utility in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not currently regulated
as an electric public utility in the U.S. under applicable national, state or other local regulatory regimes where we conduct business.
As a result, we are not currently subject to the various federal, state and local standards, restrictions and regulatory requirements
applicable to centralized public utilities. Any federal, state or local regulations that cause us to be treated as an electric utility
or to otherwise be subject to a similar regulatory regime of commission-approved operating tariffs, rate limitations and related mandatory
provisions, could place significant restrictions on our ability to operate our business and execute our business plan by prohibiting,
restricting or otherwise regulating our sale of electricity. If we were subject to the same state or federal regulatory authorities as
centralized electric utilities in the U.S. and its territories or if new regulatory bodies were established to oversee our business in
the U.S. and its territories or in foreign markets we enter, our operating costs would materially increase or we might have to change
our business in ways that could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we are not regulated
as extensively as an electric public utility, we are subject to certain utility-like regulations in jurisdictions such as California.
In California, the California Public Utilities Commission (&#8220;CPUC&#8221;) issued an order approving several consumer protection measures
for solar customers, including a requirement for solar providers to provide customers with the California Solar Consumer Protection Guide,
which provides customers with information regarding the selection of a contractor, solar financing, bill savings estimates, net energy
metering and electric rates, low-income options and related matters. The CPUC order also requires the investor-owned utilities in California
to adopt procedures to verify during the interconnection process that the customer received the California Solar Consumer Protection
Guide and that the solar provider is licensed, and to collect and report on complaints regarding solar providers. If we become subject
to new, additional regulatory requirements in these jurisdictions or other jurisdictions adopt similar regulatory requirements, our operating
costs would materially increase or we might have to change our business in ways that could have a material adverse effect on our business,
financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Business Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business and operations have been and
are likely to continue to be adversely affected by the evolving and ongoing COVID-19 pandemic.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns). As a result of the remaining restrictions, we experienced certain
delays in projects&#8217; execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, to the extent
the ongoing COVID-19&#160;pandemic adversely affects our business (to a greater extent than already disrupted to date) and results of
operations, it may also have the effect of heightening many of the other risks and uncertainties described in this &#8220;Risk Factors&#8221;
section.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face possible risks associated with
severe storms, natural disasters and the physical effects of climate change on seas and oceans, which may include more frequent or severe
storms, typhoons, flooding and rising sea levels, any of which could have a material adverse effect on our operations, business and financial
condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the risks
associated with natural disasters and the physical effects of climate change on seas and oceans, which may include more frequent or severe
storms, typhoons, flooding and rising sea levels, any of which could have a material adverse effect on our properties, operations and
business. Climate change also may affect our business by increasing the cost of (or making unavailable) insurance for our WEC technology
on terms we find acceptable, increasing costs, such as requiring additional research and development in excess of what we may have expected
to incur, and requiring us to expend funds as we seek to repair and protect our WEC technology. To the extent climate change causes changes
in weather patterns that result in the number or intensity of storms and rising sea levels, we could become subject to significant losses
and/or repair costs that may or may not be fully covered by insurance. In addition to the effect on our WEC technology, natural disasters
and the effects of climate change on seas and oceans, and land, may also adversely impact our ability to carry out our projects, which
could adversely impact our operation, business and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We manage our business through a small
number of employees and key consultants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our key employees include
our Chief Executive Officer, Ms.&#160;Inna Braverman, who co-founded&#160;our Company, as well as our Chief Financial Officer, Mr.&#160;Aharon
Yehuda. Our future growth and success depend on our ability to recruit, retain, manage and motivate our employees and key consultants.
The loss of the services of our Chief Executive Officer or our Chief Financial Officer or the inability to hire or retain experienced
management personnel could adversely affect our ability to execute our business plan and harm our operating results. Although we expect
to enter into employment agreements with persons joining our executive management team, these agreements will likely be terminable at
will with minimal notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, laws and regulations
on executive compensation, including legislation in our country of incorporation, Sweden, or in the country in which we conduct a majority
of our operations, Israel, may restrict our ability to attract, motivate and retain the required level of qualified personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of the specialized
engineering, technical and managerial nature of our business, we rely heavily on our ability to attract and retain qualified engineering,
technical, managerial and experienced personnel. In particular, the loss of one or more of our executive officers or key consultants
could be detrimental to us if we cannot recruit suitable replacements in a timely manner. We do not currently carry &#8220;key person&#8221;
insurance on the lives of members of senior management. The competition for qualified personnel in our field is intense. Due to this
intense competition, we may be unable to attract and retain qualified personnel necessary for the development of our business or to recruit
suitable replacement personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We enter into various contracts in the
normal course of our business, some or all of which may require us to indemnify the other party to the contract. In the event we have
to perform under these indemnification provisions, it could have an adverse effect on our business, financial condition and results of
operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the normal course of business,
we may enter into agreements, such as Concession Agreements or Power Purchase Agreements that contain indemnification provisions which
require us to indemnify the other parties against adverse events occurring as a result of our operations. Should our obligation under
an indemnification provision exceed applicable insurance coverage or if we were denied insurance coverage, our business, financial condition
and results of operations could be adversely affected. Similarly, if we are relying on a third party to indemnify us and the party is
denied insurance coverage, or the indemnification obligation exceeds the applicable insurance coverage and does not have other assets
available to indemnify us, our business, financial condition and results of operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will need to expand our organization
and we may experience difficulties in managing this growth, which could disrupt our operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future financial performance
and our ability to commercialize our technology and compete effectively will depend, in part, on our ability to effectively manage any
future growth. As our development and commercialization plans and strategies develop, we expect to need additional managerial, operational,
sales, marketing, financial and legal personnel. Our management may need to divert a disproportionate amount of its attention away from
our day-to-day&#160;activities and devote a substantial amount of time to managing these growth activities. We may not be able to effectively
manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational mistakes, loss of business
opportunities, loss of employees and reduced productivity among remaining employees. Our expected growth could require significant capital
expenditures and may divert financial resources from other projects, such as the development of our technology. If our management is
unable to effectively manage our growth, our expenses may increase more than expected, our ability to generate and/or grow revenue could
be reduced and we may not be able to implement our business strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b><i>Anticipated growth in demand for
renewable energy may not occur which would reduce the market and the opportunity to sell our products following a business combination.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent local and regional
demand for power generating capacity does not exceed the capacity of the current energy market suppliers, or technological advances increase
the capacity of existing power generating equipment, or the price of traditional fuel sources declines, our potential customers may not
have a need for our services and products. Any significant decline in the local and regional demand for new energy sources could result
in a decrease in demand for our products, if commercialized, and hence lower the amount of any anticipated future revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We believe that our sales efforts will
be targeted at larger customers in the public sector, such as state ports or islands, and as such, our sales cycle may become more time-consuming
and expensive, we may encounter pricing pressure and implementation challenges, and we may have to delay revenue recognition for some
complex transactions, all of which could harm our business and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we target more of our
sales efforts at larger customers in the public sector, such as state ports or islands, we will face greater costs and longer sales cycles.
In addition, sales to these types of customers are expected to have relatively less predictability in completing some these sales in
comparison to sales completed to customers in the private sector. In this market segment, the customer&#8217;s decision to use our service
may be conditioned on us meeting a variety of government regulations and obtaining different approvals, which could prolong the sales
cycle. In addition, due to the nature of our product, we expect to be required to provide great levels of education regarding the use
and benefits of our technology, which could also impact the sales cycle. As a result of these factors, these sales opportunities may
require us to devote greater sales support and professional services resources to individual customers, driving up costs and time required
to complete sales and diverting sales and professional services resources to focus on a small number of transactions at a given time,
while potentially requiring us to delay revenue recognition on some of these transactions until the technical or implementation requirements
have been met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Wave energy is relatively new and is unproven
which could mean that we may never be successful in commercializing our technology.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wave energy as a renewable
source of energy has developed over time without any commercial large-scale&#160;success in the market, and as such, companies in the
industry risk not being fully accepted in the renewable energy market. In addition, although we may seek to commercialize our WEC technology
together with solar panels, there can be no guarantee that our efforts will be successful. Moreover, even if we are successful in combining
solar power with our WEC technology, renewable energy solutions powered by WEC technology may not be proven to be reliable or long-term&#160;solutions
for renewable energy generation. In the past, several wave energy developers located their WEC technology offshore which hindered their
development and commercial success. These systems struggled to develop and commercialize due to low reliability in the offshore marine
environment, high capital and operation costs, their struggle to obtain insurance, which if obtained, could come at a high expense, high
prices and complicated grid connection processes and the negative environmental impact caused by such systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our power stations are exposed
to competition in terms of pricing, product quality, reliability, performance, technology and financing conditions. If we fail to develop
and follow technical development and compete effectively with competing wave energy technology developers and concepts and other actors
in the renewable energy field, the commercialization of our products could be delayed and, as a result, the market for our products may
not be considered as favorable as expected. This could have a material adverse effect our business, results of operations and financial
position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will be subject to intense competition
in the renewable energy business by competitors with substantially greater resources and/or more cost-effective technology.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our plan to grow our business
by developing, constructing and completing wave energy projects, which may or may not include the addition of solar panels, will be subject
to intense competition from other parties with substantially greater resources than ours seeking to develop such projects. This will
include large public and private companies with significantly greater resources, other independent power producers, public utility companies
which may choose to directly develop renewable energy projects as opposed to purchasing power from owners of such projects, private equity
investors and various municipal and other governmental authorities which may develop their own renewable energy projects. We may not
be able to respond in a timely or effective manner to any changes in the energy industry in both domestic and international markets.
These changes may include deregulation of the electric utility industry in some markets, privatization of the electric utility industry
in other markets and increasing competition in all markets. To the extent competitive pressures increase and the pricing and sale of
electricity assumes more characteristics of a commodity business, the economics of our business may come under increasing pressure. It
also is possible that our competitors will be able to provide renewable energy with more cost-effective&#160;technologies and thus may
be able to offer such power to purchasers at more attractive prices, or that our competitors will employ biomass, wind, solar, geothermal
or other renewable energy technologies that are more cost-effective&#160;than the technology we own and deploy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in technology may have a material
adverse effect on our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
activities are ongoing to provide alternative and more efficient technologies to produce power. For example, we are conducting research
into the potential combination of solar panels with our WEC technology. It is possible that advances in current sources of renewable
energy, namely wave-generated&#160;energy, or other technologies will reduce the cost of power production from these technologies to
a level below our costs. Further, increased conservation efforts could reduce the demand for power or reduce the value of our power stations
or WEC technology, regardless as to whether they include any solar panels. Any of these changes could have a material adverse effect
on our revenues and profitability, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to successfully negotiate
and enter into service contracts with customers and partners on terms that are acceptable to us, our ability to diversify our revenue
stream will be impaired.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An important element of our
business strategy is our ability to enter into service contracts with our customers and partners under which we may be paid fees for
services related to the construction, maintenance, studies, preparation and operation of the power stations and WEC technology. In addition,
we may offer to lease power stations or sell WEC technology to customers on a turnkey basis or sell the power generated by our WEC technology.
Even if customers purchase our WEC technology or the power generated by our power stations or WEC technology, they may not enter into
service contracts with us. We may not be able to negotiate service, power sale or other contracts that provide us with any additional
sales opportunities. Even if we successfully negotiate and enter into such service contracts, our customers may terminate them prematurely
or they may not be profitable for a variety of reasons, including the presence of unforeseen hurdles or costs. In addition, if we were
unable to perform adequately under such service contracts our efforts to successfully market our products and services could be impaired.
Any one of these outcomes could have a material adverse effect on our business, reputation, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Since our WEC technology can only be deployed
in certain geographic locations, our ability to grow our business could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our WEC technology is designed
for use in the near-shore and on-shore&#160;marine environment and is usually installed on marine structures such as piers, breakwaters
and jetties, or in locations in which such marine structures are required; however, not all areas worldwide have appropriate natural
resources needed to harness wave energy. In addition, we have been researching the ability to add solar panels to our WEC technology,
which may or may not prove to be successful. Seasonal and local variations, wave frequency and direction, water depth and the effect
of particular locations of islands and other geographical features may limit our ability to deploy our WEC technology, both with and
without the additional of solar panels, if any, in certain coastal areas. If we are unable to identify and secure sufficient sites with
appropriate natural resources for the deployment of our WEC technology to capture wave energy or solar power, if including solar panels
in our WEC technology, our ability to grow our business could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Volatility in pricing for renewable energy
may impact our financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of renewable
energy sources is volatile and subject to significant fluctuations, which may cause our ability to generate revenue, and profits, if
any, to fluctuate significantly. The market price of renewable energy sources is dependent on many factors, many of which are out of
our control. We cannot predict the future price of the energy that is produced, if any, by our WEC technology. Unprofitable prices for
the sale of renewable energy, and specifically, wave energy, may result from the significant fluctuations in market prices. If the prices
of other renewable energy sources decrease, or become more competitive than the price of wave energy, we believe that the demand for
and price of wave energy may be adversely affected. Fluctuations in the market price of renewable energy may cause our revenue, and profitability,
if any, to fluctuate significantly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure by third parties to supply or manufacture
components of our products or to deploy our systems timely or properly could adversely affect our business, financial condition and results
of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been and expect to
continue to be highly dependent on third parties to supply and manufacture components of our WEC technology. If, for any reason, our
third-party&#160;manufacturers or vendors are not willing or able to provide us with components or supplies in a timely fashion, or at
all, our ability to manufacture and sell many of our products could be impaired, which, in turn, could have a material adverse effect
on our business, results of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have long-term&#160;contracts
with all of our third-party&#160;suppliers and manufacturers or vendors. Therefore, if we do not develop ongoing relationships with those
vendors located in different regions, we may not be successful at controlling unit costs as our manufacturing volume increases. We may
not be able to negotiate new arrangements with these third parties on acceptable terms, or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we rely on third
parties, under our oversight, for the deployment and installation of our WEC technology. For example, the manufacture, assembly and installation
of the hydraulic, control and automation and electrical sub-systems&#160;of our WEC technology are performed by third-party&#160;suppliers.
The mechanical sub-system&#160;is installed (moored) at the relevant project site by third-party&#160;engineering service providers.
If these third parties do not properly manufacture, assemble, and install our WEC technology and sub-systems, or otherwise do not perform
adequately, or if we fail to recruit and retain third parties to deploy our systems in particular geographic areas, our business, financial
condition and results of operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b><i>Our business strategy includes the
entry into collaborative agreements. As a result of these agreements, we may become dependent on the efforts of our partners. In addition,
we may not be able to enter into additional collaborative agreements due to restrictions in existing agreements or may not be able to
negotiate commercially acceptable terms for future agreements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current business strategy
may include entry into collaborative agreements for the development and commercialization of our technology and products. The negotiation
and consummation of these types of agreements typically involve simultaneous discussions with multiple potential collaborators and require
significant time and resources from our officers and our business development and research and development staff. In addition, in attracting
the attention of prospective collaborators, we compete with numerous other third parties with product opportunities as well as the collaborators&#8217;
own internal product opportunities. We may not be able to consummate collaborative agreements, or we may not be able to negotiate commercially
acceptable terms for these agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may face significant competition
in seeking appropriate alliance partners. Moreover, these development agreements and strategic alliances are complex to negotiate and
time consuming to document. We may not be successful in our efforts to establish additional strategic relationships or other alternative
arrangements. The terms of any additional strategic relationships or other arrangements that we establish may not be favorable to us.
Furthermore, even if we are able to find, negotiate and enter into these relationships, such arrangements may be conditional upon our
receipt of additional funding. There can be no assurance that we will receive such additional funding. In addition, strategic relationships
may not be successful, and we may be unable to sell and market our products to these companies, their affiliates and customers in the
future, or growth opportunities may not materialize. Any of which could adversely affect our business, financial condition and results
of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, these agreements
generally cause us to be somewhat dependent upon the subsequent success of these other parties in performing their respective responsibilities
and the cooperation of our partners. Our collaborators may not cooperate with us or perform their obligations under our agreements with
them. We cannot control the amount and timing of our collaborators&#8217; resources that will be devoted to our research activities related
to our collaborative agreements with them. Our collaborators may choose to pursue existing or alternative technologies in preference
to those being developed in collaboration with us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, we collaborate
strategically with Siemens AG, or Siemens, in the EDF EWP One project. Pursuant to our collaboration with Siemens, we installed Siemens
products and technology for the EDF EWP One electric system and grid connection works, while Siemens is expected to provide its knowledge
and resources for an upgrade of our electrical components and transmission to the grid to enhance the electrical system&#8217;s efficiency.
Because we have elected to rely on our relationship with Siemens for this project, our progress on this project is, to a certain extent,
dependent on the efforts of Siemens or other subcontractors, which, if not carried out with our best interests in mind, could have an
adverse impact on our business, operations and financial condition. Although we are reviewing the possibility of expanding our strategic
cooperation with Siemens to our future commercial scale installations, there can be no guarantee that we ever expand such relationship
or that the current relationship will be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we are generally
required to cooperate with national electric companies in order to connect our WEC technology to the national electricity grid. Just
as with any private party with whom we collaborate, although these entities have interests that are generally aligned with those of our
customers, there can be no guarantee that these collaborations are undertaken without any adverse events caused as a result of our reliance
on their ability to perform their required tasks effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under agreements with any
collaborators we may work with in the future, we may rely significantly on them, among other activities, to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fund research and development
    activities with us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complete research and development
    projects or product development within the allotted or expected timeline;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide product or technology
    certifications and validations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide technical resources
    and human resources services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay us fees upon the achievement
    of milestones; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market for or with us any
    commercial products that result from our collaborations.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we do not consummate collaborative
agreements, we may have to use our funds more rapidly on our product development efforts, continue to defer certain development activities
or forego the exploitation of certain geographic territories, any of which could have a material adverse effect on our business prospects.
Further, we may not be successful in overseeing any such collaborative arrangements. If we fail to establish and maintain necessary collaborative
relationships, our business prospects could suffer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our targeted markets are highly competitive.
We compete against incumbent solutions already being utilized by our customers and potential customers. If we are unable to compete effectively,
we may be unable to generate revenues and achieve or maintain profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal targeted markets
include the overall energy sector, engineering, manufacturing and industry, defense and security, science and research, ports, islands,
micro-grid, coastal cities and countries. In our targeted markets, which are highly competitive, we compete against incumbent power solutions
already being utilized by our customers and potential customers. If we are unable to demonstrate to our customers and our potential customers
that our products are cost competitive to their existing alternative power solutions, or if it takes us longer to do so than we anticipate,
we may be unable to expand our business, maintain our competitive position, satisfy our contractual obligations, continue to commercialize
our products, or become profitable. In addition, if the cost associated with these development efforts exceeds our projections, our results
of operations could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, competition
may arise from other companies selling similar products, developing different products that produce energy more efficiently than our
products, or making improvements to traditional energy-producing&#160;methods or technologies, any of which could make our products less
attractive or render them obsolete. If we are not successful in manufacturing systems that generate competitively priced power, we may
not be able to respond effectively to competitive pressures from other renewable energy technologies or improvements to existing technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to respond
effectively to such competitive forces, our business, financial condition and results of operations could be adversely affected. Our
targeted markets are subject to their own inherent risks, and if those risks should materialize then our business, financial condition
and results of operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating under letters of intent and other
non-definitive agreements could result in operating difficulties or dilution and may create a distraction for our management and uncertainty
that may adversely affect our operating results and business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have several ongoing projects
that are not based on comprehensive definitive written agreements but rather on letters of intent and other similar arrangements where
both parties have expressed a mutual interest to cooperate; however, certain final definitive terms may not have been addressed in such
arrangements.&#160;Although we and our counterparties tend to enter into definitive agreements at later dates, the lack of comprehensive
definitive written agreements can lead to uncertainty or misunderstanding among the parties, which can lead to deteriorated relationships
and increased risk of disputes, either of which could adversely affect our business, results of operations and financial condition. In
addition, although we and parties to these preliminary agreements negotiate in good faith to enter into definitive agreements, there
can be no guarantee that projects in our pipeline (now or in the future) are ever realized even if we have signed letters of intent,
or other similar agreements.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Product Development and Commercialization</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our research and development expenses may
increase in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expenses primarily relate to our efforts to increase the output, durability and commercial viability of our technology. The results of
such research and development can be unforeseen and undesirable and therefore our forecasted costs related to such research and development
are associated with great uncertainty. Our research and development expenses were $0.89 million and $0.67&#160;million in our fiscal
years ended December&#160;31, 2022 and 2021, respectively. We expect that our research and development expenses will increase in the
future. It is our goal to fund the majority of our research and development expenses through grants and/or cost sharing obligations under
some of our customer contracts or joint venture agreements over the next several years with sources of external funding, and although
we have received governmental grants, for example, from the Israeli Ministry of Energy, and we entered into a joint venture with EDF
Renewables IL, we may not be able to secure any such funding or enter into such an arrangement in the future. Pursuant to our agreement
with EDF Renewables IL, we and EDF Renewables IL are scheduled to fund the development of our Jaffa port project by EDF EWP One, in a
ratio correlating to the respective ownership in the joint venture, which is currently owned by the parties in equal parts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to obtain
external funding, our operations may be materially and adversely affected, and we may be required to curtail our engineering and product
development expenses, among other consequences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unforeseen research and development
results could require us to undertake supplementary research and development at significant costs or cause us to pause or stop research
and development efforts. A delay or non-existent&#160;launch of our technology or an insufficient investment (or overspend on such expenditure)
could have a material adverse effect on our business, results of operations and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Although we have entered into agreements
which may appear to be definitive agreements, such as Concession Agreements or Power Purchase Agreements, for the construction of our
WEC technology, there can be no guarantee that we commercialize our WEC technology.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although our Power Purchase
Agreements and Concession Agreements, and similar agreements that we may enter into in the future, are not letters of intent or other
similar agreements, and include definitive terms, even if we complete the development of our WEC technology, there can be no guarantee
that we or our partners will carry out our pipeline projects or that they will be successfully connected to the national, or other, electricity
grid in the region(s) in which we operate. For example, although we have an agreement to develop WEC technology in Mexico, due to the
lack of breakwater in the region, the projected costs of the project are of high nature and therefore, we have not advanced this project
further along into the development stage and we do not know if this, or other events may occur, that result in a similar outcome.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have only manufactured a limited amount
of WEC technology and to date we have not produced WEC technology in any significant quantity for commercial production. Our WEC technology
may not have a sufficient operating history to confirm how they will perform over their estimated useful life.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We began developing and testing
wave energy technology over ten years ago. However, to date, we have only manufactured a limited amount of WEC technology for use in
ocean testing and commercialization and have not produced WEC technology in any significant quantity for commercial production. The longest
continuous in-sea&#160;deployment of our WEC technology was the use of our pilot WEC technology in the Jaffa Port over a six-year&#160;period
from 2014 to 2020 and in Gibraltar from 2016 to March 2022. As a result, our WEC technology may not have a sufficient operating history
to confirm how they will perform over their estimated useful life. Our technology may not yet have demonstrated that our engineering
and test results can be duplicated in volume or in commercial production. If our WEC technology is ultimately proven ineffective or unfeasible
at commercial scale, we may not be able to expand our commercial production of our WEC technology or we may become liable to our customers
for quantities we are obligated but are unable to produce, if such obligations are made. If our WEC technology performs below expectations,
we could lose customers and face substantial repair and replacement expenses which could in turn adversely affect our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Product and services liability suits, whether
or not meritorious, could be brought against us. These suits could result in expensive and time-consuming litigation, payment of substantial
damages and an increase in our insurance rates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of our current or
future products and services that we make or sell (including items that we source from third parties) are defectively designed or manufactured,
contain defective components, are misused, have safety or quality issues, have inadequate operating guidelines, malfunctions or if someone
claims any of the foregoing, whether or not meritorious, we may become subject to substantial and costly litigation. Misuse of our products
by us or other operating parties or services or failing to adhere to the operating guidelines could cause significant harm to the public
and the environment. The foregoing events could lead to recalls or safety alerts, result in the removal of a product or service from
the market and result in product liability or similar claims being brought against us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any product liability claims
brought against us could divert management&#8217;s attention from our core business, be expensive to defend and result in sizable damage
awards against us. While we maintain product liability insurance, we may not have sufficient insurance coverage for all future claims.
Any product liability claims brought against us, with or without merit, could increase our product liability insurance rates or prevent
us from securing continuing coverage, could harm our reputation in the industry and could reduce revenue, if any. Product and services
liability claims in excess of our insurance coverage would be paid out of cash reserves, harming our financial condition and adversely
affecting our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if we expand
into additional geographic markets, we may then be exposed to different and changing regulations regarding, for example, environmental
impact and damages, which entail risks for compensation obligation, which may mean that we would need to update our existing insurance
policy or obtain additional policies for specific geographical markets. If we do not have sufficient insurance coverage or the cost of
obtaining the appropriate insurance coverage is costly, this could have a material adverse effect on our business, results of operations
and financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face numerous accident and safety risks
and hazards, including extreme environmental hazards, which are inherent in operating our products in the water and our existing insurance
policies may not be sufficient to cover all potential types of claims or the amounts of such claims.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Portions of our operations
are subject to hazards and risks inherent in the building, testing, deploying, operating and maintenance of our WEC technology and related
products. These hazards and risks could result in personal injuries, loss of life, liberation of a product from its mooring due to extreme
environmental conditions and damage caused by its drifting, and other damages which may include damage to our properties, including our
WEC technology, and the properties of others and other consequential damages, and could lead to the suspension of certain of our operations,
large damage claims, damage to our safety reputation and a loss of business. Some of these risks may be uninsurable and some claims may
exceed our insurance coverage. Therefore, the occurrence of a significant accident or other risk event or hazard that is not fully covered
by insurance could materially and adversely affect our business and financial results and, even if fully covered by insurance, could
materially and adversely affect our business due to the impact on our reputation for safety. In addition, the risks inherent in our business
are such that we cannot assure that we will be able to maintain adequate insurance in the future at reasonable rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Problems with the quality or performance
of our products would adversely affect our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our agreements with customers
will sometimes include guarantees with respect to the quality and performance of our products. Because of the limited operating history
of our products, we have been required to make analytical assumptions and forecasts regarding the durability, reliability, life-span&#160;and
performance of the systems, and we may not be able to predict whether and to what extent we may be required to perform under the guarantees
that we expect to give our customers. Our assumptions could prove to be materially different from the actual performance of our products,
causing us to incur substantial expense to repair or replace defective systems in the future. We will bear the risk of claims long after
we have sold our products and recognized revenue. Moreover, any widespread product failures could adversely affect our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future success in our selected markets
depends in part on our ability to achieve cost savings over existing and incumbent solutions. If we are unable to achieve cost savings
relating to our products, the commercial prospects for our products may be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our goal is to commercialize
our technology. Our success in meeting this objective depends, in part, on our ability to provide energy to our prospective customers
at a cost savings over existing and incumbent power solutions already being utilized by our customers and potential customers. If we
are unable to demonstrate to our prospective customers that our products are cost competitive with existing alternative power sources,
or if it takes us longer to do so than we anticipate, we may be unable to continue our business, achieve commercialization of our products,
achieve a competitive position, satisfy our contractual obligations, or become profitable. In addition, if the costs associated with
these development efforts exceed our projections, our results of operations will be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We must continually improve existing products,
design and sell new products and invest in research and development in order to compete effectively.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The markets for our products
are characterized by rapid technological change, evolving industry standards and continuous improvements in products. Due to constant
changes in our markets, future success depends on our ability to develop new technologies, products, processes, and product applications.
New product development and commercialization efforts, including efforts to enter markets or product categories in which we have limited
or no prior experience, have inherent risks. These risks include the costs involved, such as development and commercialization, product
development or launch delays and the failure of new products and line extensions to achieve anticipated levels of market acceptance or
growth in sales or operating income. We also face the risk that our competitors will introduce innovative new products that compete with
our products. If new product development and commercialization efforts are not successful, including those aimed at incorporating solar
panels into our WEC technology or new automation technology (WPV software), our financial results could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our product and technological
developments are accomplished primarily through internally-funded&#160;research and development projects, and when necessary, through
joint ventures or other collaborative measures. Because it is not generally possible to predict the amount of time required and costs
involved in achieving certain research and development objectives, actual development costs may exceed budgeted amounts and estimated
product development schedules may be extended. Our financial condition and results of operations may be materially and adversely affected
if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product improvements are
    not completed on a timely basis or as expected;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new products are not introduced
    on a timely basis or do not achieve sufficient market penetration;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there are budget overruns
    or delays in research and development efforts; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new products experience
    reliability or quality problems, or otherwise do not meet customer preferences or requirements.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Swedish Law and Our Operations
in Sweden and Israel</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The employment agreement that we have with
our Chief Executive Officer may discourage, delay, or prevent a change in control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The employment agreement
with our Chief Executive Officer provides that she may become eligible for a cash bonus of $2.0&#160;million upon a change of control,
as defined in her employment agreement. This may discourage, delay, or prevent a change in control, even if such change of control is
favorable for our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a Swedish company with limited liability.
The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a Swedish company
with limited liability. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated
in Sweden. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights
and obligations of shareholders and boards of directors in companies governed by the laws of U.S. jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;Under Swedish corporate
law, in the performance of its duties, our board is required to consider the interests of our Company, its shareholders, its employees
and other stakeholders, in all cases with due observation of the principles of reasonableness and fairness. It is possible that some
of these parties will have interests that are different from, or in addition to, the interests of our shareholders. Except in certain
limited circumstances, which require at a minimum that a proposal for special review of accounts or a review of a specific item/topic
as defined by shareholders requesting such review, has been supported by a minimum of 10% of the shareholders voting and being present
at a general meeting, our shareholders may not ask for an inspection of our corporate records under Swedish corporate law, while under
Delaware corporate law any shareholder, irrespective of the size of such shareholder&#8217;s shareholdings, may do so. Shareholders of
a Swedish limited company are also unable to initiate a derivative action, a remedy typically available to shareholders of U.S. companies,
in order to enforce a right of our company, in case we fail to enforce such right ourselves, other than in certain cases of board member/management
liability under limited circumstances. In addition, a majority of our shareholders may release a member of our board of directors or
our executive management from any claim of liability we may have, including if such board member or manager has acted in bad faith or
has breached his or her duty of loyalty. However, a shareholder may bring a derivative action on behalf of our company against, among
other persons, a member of our board of directors or our executive management, provided that the circumstances of the act or omission
giving rise to the claim of liability were not known to the shareholders at the time of such shareholder resolution, or if shareholders
representing at least 10% of the share capital represented at the relevant general meeting have opposed such shareholder resolution.
In contrast, most U.S. federal and state laws prohibit a company or its shareholders from releasing a board member from liability altogether
if such board member has acted in bad faith or has breached such board member&#8217;s duty of loyalty to our company. Additionally, distribution
of dividends from Swedish companies to foreign companies and individuals can be subject to non-refundable&#160;withholding tax, and not
all receiving countries allow for deduction. Also, the rights as a creditor may not be as strong under Swedish insolvency law as under
U.S. law or other insolvency law, and consequently creditors may recover less in the event our company is subject to insolvency compared
to a similar case including a U.S. debtor. In addition, the use of the tax asset consisting of the accumulated tax losses requires that
we are able to generate positive taxable income and the use of tax losses carried forward to offset against future income is subject
to certain restrictions and can be restricted further by future amendments to Swedish tax law. Finally, Swedish corporate law may not
provide appraisal rights in the case of a business combination equivalent to those generally afforded a shareholder of a U.S. company
under applicable U.S. laws. For additional information on these and other aspects of Swedish corporate law and our articles of association.
As a result of these differences between Swedish corporate law and our articles of association, on the one hand, and U.S. federal and
state laws, on the other hand, in certain instances, you could receive less protection as an equity holder of our company than you would
as a shareholder of a U.S. company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Claims of U.S. civil liabilities may not
be enforceable against us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
Swedish law and are headquartered in Israel. Certain members of our board of directors and senior management are non-residents&#160;of
the United&#160;States, and all or a substantial portion of our assets and the assets of such persons are located outside the United&#160;States.
As a result, it may not be possible to serve process on such persons or us in the United&#160;States or to enforce judgments obtained
in U.S. courts against them or us based on civil liability provisions of the securities laws of the United&#160;States. As a result,
it may not be possible for investors to effect service of process within the United&#160;States upon such persons or to enforce judgments
obtained in U.S. courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities
laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United&#160;States and
Sweden do not currently have a treaty providing for recognition and enforcement of judgments (other than arbitration awards) in civil
and commercial matters. Consequently, a final judgment for payment given by a court in the United&#160;States, whether or not predicated
solely upon U.S. securities laws, would not automatically be recognized or enforceable in Sweden. In addition, uncertainty exists as
to whether the courts in Sweden would entertain original actions brought in Sweden against us or our directors or senior management predicated
upon the securities laws of the United&#160;States or any state in the United&#160;States. Any final and conclusive monetary judgment
for a definite sum obtained against us in U.S. courts would not be automatically recognized. Instead, new proceedings would need to be
initiated before the competent court in Sweden. However, a judgment obtained in the U.S. may still have a strong evidentiary weight in
the Swedish proceedings, depending on the circumstances and the assessment of the court. If a Swedish court gives judgment for the sum
payable under a U.S. judgment, the Swedish judgment will be enforceable by methods generally available for this purpose. These methods
generally provide the Swedish court discretion to prescribe the manner of enforcement. As a result, U.S. investors may not be able to
enforce against us or certain of our directors any judgments obtained in U.S. courts in civil and commercial matters, including judgments
under the U.S. federal securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, foreign courts
(including those in Israel and Sweden) may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that
Sweden or Israel is not the most appropriate forum in which to bring such a claim. In addition, even if such a court agrees to hear a
claim, it may determine that its local law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content
of applicable U.S. law may be required to be proven as a fact by expert witnesses, which can be a time consuming and costly process.
Certain matters of procedure may also be governed by such foreign law. There is little binding case law in Sweden or Israel that addresses
the matters described above. As a result of the difficulty associated with enforcing a judgment against us in Sweden and Israel (or other
foreign jurisdictions in which we carry out our operations), you may not be able to collect any damages awarded by either a U.S. or foreign
court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our headquarters and other significant
operations are located in Israel, and, therefore, our results may be adversely affected by political, economic and military instability
in Israel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive offices and
research and development laboratories are located in Tel Aviv-Yafo, Israel. In addition, the majority of our key employees, officers
and directors are residents of Israel. If these or any future facilities in Israel were to be damaged, destroyed or otherwise unable
to operate, whether due to war, acts of hostility, earthquakes, fire, floods, hurricanes, storms, tornadoes, other natural disasters,
employee malfeasance, terrorist acts, pandemics, power outages or otherwise, or if performance of our research and development is disrupted
for any other reason, such an event could delay commercialization of our products, and if we choose to manufacture all or any part of
them internally, jeopardize our ability to manufacture our products as promptly as our prospective customers will likely expect, or possibly
at all. If we experience delays in achieving our development objectives, or if we are unable to manufacture products within a timeframe
that meets our prospective customers&#8217; expectations, our business, prospects, financial results and reputation could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Political, economic and military
conditions in Israel may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed conflicts
have taken place between Israel and groups in its neighboring countries, Hamas (an Islamist militia and political group that has historically
controlled the Gaza Strip) and Hezbollah (an Islamist militia and political group based in Lebanon). In addition, several countries,
principally in the Middle East, restrict doing business with Israel, and additional countries may impose restrictions on doing business
with Israel and Israeli companies whether as a result of hostilities in the region or otherwise. Any hostilities involving Israel, terrorist
activities, political instability or violence in the region or the interruption or curtailment of trade or transport between Israel and
its trading partners could adversely affect our operations and results of operations and the market price of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial insurance
does not cover losses that may occur as a result of an event associated with the security situation in the Middle East. Although the
Israeli government is currently committed to covering the reinstatement value of direct damages that are caused by terrorist attacks
or acts of war, we cannot assure you that this government coverage will be maintained or, if maintained, will be sufficient to compensate
us fully for damages incurred. Any losses or damages incurred by us could have a material adverse effect on our business, financial condition
and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, our operations could
be disrupted by the obligations of our employees to perform military service. As of December 31, 2022, we had 11 full-time&#160;employees
based in Israel. Of these employees, some may be military reservists, and may be called upon to perform military reserve duty of up to
36&#160;days per year (and in some cases more) until they reach the age of 40 (and in some cases, up to the age of 45 or older). Additionally,
they may be called to active duty at any time under emergency circumstances. In response to increased tension and hostilities in the
region, there have been, at times, call-ups&#160;of military reservists, and it is possible that there will be additional call-ups&#160;in
the future. Our operations could be disrupted by the absence of these employees due to military service. Such disruption could harm our
business and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Furthermore, the Israeli
government is currently pursuing extensive changes to Israel&#8217;s judicial system. In response to the foregoing developments, individuals,
organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact
the business environment in Israel including due to reluctance of foreign investors to invest or conduct business in Israel, as well
as to increased currency fluctuations, downgrades in credit rating, increased interest rates, increased volatility in securities markets,
and other changes in macroeconomic conditions. Such proposed changes may also adversely affect the labor market in Israel or lead to
political instability or civil unrest. To the extent that any of these negative developments do occur, they may have an adverse effect
on our business, our results of operations and our ability to raise additional funds, if deemed necessary by our management and board
of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We received grants from various government
agencies for certain activities. The terms of these grants impose certain conditions on us, including specified conditions in order to
receive the full amount of the grant. If we fail to satisfy these conditions, we may lose our grant funding and be required to refund
investments previously received.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our activities
have been funded by grants from various government agencies, including the Israeli Ministry of Energy, the European Commission, Innovate
UK (the United Kingdom&#8217;s national innovation agency), the ILIAD consortium, and the European Union Regional Development Fund, or
ERDF and others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our project to build a 100
kilowatt (or 0.1 megawatt) installed capacity pilot station to create electricity from waves in Jaffa Port, Israel has been financed
in part through a royalty-bearing&#160;grant in the aggregate amount of up to NIS 492,000 ($139,000) that we have partially received
from the Israeli Ministry of Energy pursuant to a financing agreement. Pursuant to the terms of this agreement, we are to receive installation
payments, which started in January&#160;2019, and the last of which we are scheduled to receive after we file the final project report,
while the Israeli Ministry of Energy is to receive a non-exclusive, non-assignable&#160;and irrevocable license to use our know-how created
during this project for national needs. We are committed to pay royalties at a rate of 5.0% from commercialization of the project&#8217;s
know-how&#160;and intellectual property (if any is created) up to the cumulative amount of the grant, linked to the Israeli consumer
price index, and with the addition of the interest rate of the Accountant General of Israel. In addition, we provided a guarantee in
the amount of NIS 36,900 (approximately $10,000), or 7.5% of the total amount of the grant, regarding our obligations under the grant.
If we violate our obligations under the financing agreement, the Israeli Ministry of Energy has the right to redeem our bank guarantee
and/or demand the return of the investments we have already received at the time of the violation. As of December 31, 2022 our bank guarantee
has expired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Furthermore,
in 2021, we won a grant of EUR 178,500 (approximately $190,000) from the European Commission in the EU Horizon 2020 Research and Innovation
Programme as part of the&#160;</span>ILIAD<span style="font-size: 10pt">&#160;consortium&#160;for our participation in a three years
program consortium of 56 partners from 18 countries in Europe, the Middle East and North Africa to combine high-resolution modelling
with real-time sensing of ocean parameters, advanced algorithms for forecasting of spatio-temporal events and pattern recognition. The
virtual representations will consist of several real-time to near-real-time digital replicas of the ocean. As part of this consortium,
we expect to play a role to aid with pilot applications related to wave energy. In 2022, we received EUR 86,000 (approximately $92,000)
as an advanced payment on account of this program. On October 28, 2021, we were awarded a grant of GBP 103,993 (approximately $125,000)
from Innovate UK for Eco Wave Power Gibraltar to research and conduct feasibility studies for sea wave energy powered microgrids for
remote islands and rural coastlines. The terms of the grant require us to contribute GBP 44,569 (approximately $54,000) towards these
activities in order to receive grant funding. Under the terms and&#160;conditions&#160;of these&#160;grants, we are obligated to comply
with various reporting requirements, meet certain project milestones and to take certain administrative actions. Material noncompliance
with the terms and&#160;conditions&#160;of the&#160;grants&#160;may result in one or more enforcement actions by the relevant grant agency,
which could include denying funds for the cost of funded activities, suspending the grant in whole or in part, pending corrective action,
and withholding further grant awards. In 2022, Eco Wave Power Gibraltar received GBP 71 thousand (approximately $85 thousand) from Innovate
UK.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022, we received an ERDF
grant approval called &#8220;Ports Towards Energy Self Sufficiency&#8221; that was approved for a research project in Porto, led by the
University of Porto, on November 24, 2022.The grant amount is EUR 25,262.50 (approximately $27,000).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We received a grant from the Israel Ministry
of Energy for certain of our research and development activities. The terms of those grants require us to satisfy specified conditions
in order to transfer know-how funded by such grant or to assign any know-how developed pursuant to such grant. If we fail to comply with
the requirements of our grant in this regard, we may be required to pay penalties, and it may impair our ability to complete any strategic
transactions within or outside of Israel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our research and
development efforts were financed through a grant that we received from the Israeli Ministry of Energy, pursuant to which our ability
to transfer the know-how&#160;requires the prior consent of the Israeli Ministry of Energy, and the terms of any such transfer would
generally require the repayment of the grant following the project&#8217;s success as well as ensuring the ability to utilize the achievements
of the project and the plan for the benefit of the Israeli economy and the State of Israel, including continued work to further the utilization
of the technology in Israel. If we fail to comply with the requirements of our grant in this regard, we may be required to pay penalties.
In addition, the terms of our grant may impair our ability to complete any strategic transactions within or outside of Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange rate fluctuations between the
U.S. dollar and the SEK, or the NIS and the SEK or U.S. dollar may negatively affect our results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our existing agreements,
we make a significant amount of payments in U.S. dollars, SEK, NIS, and euros. As a result, changes and fluctuations in currency exchange
rates between the U.S. dollar and other currencies, especially the SEK, NIS and euro, could have a materially adverse effect on our operating
results. Since our reporting currency is the U.S. dollar, financial line items are converted into U.S. dollar at the applicable exchange
rates. We also expect that in the future, a significant portion of our revenues and expenses will be denominated in U.S. dollars, SEK
and euros. Therefore, unfavorable developments in the value of the U.S. dollar as compared to the SEK, NIS, euro or any other currency
could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Ownership of Our ADSs and
our Common Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market price of the ADSs may be highly
volatile due to factors beyond our control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading price of the
ADSs is likely to be volatile. Since our ADSs began trading on Nasdaq on July 1, 2021, our ADSs traded as high as $30.00 per ADS and
as low as $2.52 per ADS. The following factors, in addition to other risk factors described in this section, may have a significant impact
on the market price of the ADSs:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological innovations
    or commercial product introductions by us or competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to finish research
    and development projects or product development within the allotted or expected timeline;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulation of renewable
    energy, and specifically, wave energy;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays in entering into
    strategic relationships with respect to development or commercialization of our product candidates or entry into strategic relationships
    on terms that are not deemed to be favorable to us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the loss of any of our
    key management personnel or members of our board of directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to recruit
    and retain qualified regulatory, research and development personnel;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publication of research
    reports or comments by securities or industry analysts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the results of our research
    and development efforts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our capital needs and ability
    to obtain financing on terms favorable to us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic weakness, including
    inflation, or political instability in particular foreign economies and markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    of employee stock options (also known as warrants) or other equity awards;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    resulting from a local or worldwide pandemic, such as COVID-19, geopolitical actions, including war and terrorism, or natural disasters;
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in investors&#8217;
    and securities analysts&#8217; perception of the business risks and conditions of our business.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the stock market
in general, and Nasdaq in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate
to the operating performance of small companies. Broad market and industry factors may negatively affect the market price of the ADSs,
regardless of our actual operating performance. Furthermore, the war between Russia and Ukraine and concerns regarding inflation have
resulted in significant financial market volatility and uncertainty in the recent year. Further, a systemic decline in the financial
markets and related factors beyond our control may cause the ADS price to decline rapidly and unexpectedly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our executive officers, directors and principal
shareholders will maintain the ability to exert significant control over matters submitted to our shareholders for approval. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April 21, 2023, our
executive officers, directors and principal shareholders who own more than 5% of our outstanding Common Shares, in the aggregate, beneficially
own shares representing approximately 53.3% of our share capital. As a result, if these shareholders were to act together, they would
be able to exert significant influence over all matters submitted to our shareholders for approval (including a prospective acquisition
or other change of control of our company), as well as our management and affairs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investors in the ADSs may not receive the
same distributions or dividends as those we make to the holders of our common shares, and, in some limited circumstances, you may not
receive dividends or other distributions on our common shares and you may not receive any value for them, if it is illegal or impractical
to make them available to you.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary for the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on common shares or other deposited securities
underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of common
shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution
available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities
that require registration under the Securities Act, but that are not properly registered or distributed under an applicable exemption
from registration. In addition, conversion into U.S. dollars from foreign currency that was part of a dividend made in respect of deposited
common shares may require the approval or license of, or a filing with, any government or agency thereof, which may be unobtainable.
In these cases, the depositary may determine not to distribute such property and hold it as &#8220;deposited securities&#8221; or may
seek to affect a substitute dividend or distribution, including net cash proceeds from the sale of the dividends that the depositary
deems an equitable and practicable substitute. We have no obligation to register under U.S. securities laws any ADSs, common shares,
rights or other securities received through such distributions. We also have no obligation to take any other action to permit the distribution
of ADSs, common shares, rights or anything else to holders of ADSs. In addition, the depositary may withhold from such dividends or distributions
its fees and an amount on account of taxes or other governmental charges to the extent the depositary believes it is required to make
such withholding. This means that you may not receive the same distributions or dividends as those we make to the holders of our common
shares, and, in some limited circumstances, you may not receive any value for such distributions or dividends if it is illegal or impractical
for us to make them available to you. These restrictions may cause a material decline in the value of the&#160;ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be or may become classified as a
&#8220;passive foreign investment company&#8221; for U.S. tax purposes. If we are or become classified as a passive foreign investment
company, our U.S. shareholders may suffer adverse tax consequences as a result.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, we will be treated
as a passive foreign investment company, or a PFIC, for U.S. federal income tax purposes in any taxable year in which either (1)&#160;at
least 75% of our gross income is &#8220;passive income&#8221; or (2)&#160;on average at least 50% of our assets by value produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including
those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets
of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. We do not expect
that we will be treated as a PFIC for 2022. If we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs or Common
Shares, such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did
not make an election to treat us as a &#8220;qualified electing fund,&#8221; or QEF, or make a &#8220;mark-to-market&#8221; election,
then &#8220;excess distributions&#8221; to the U.S. taxpayer, and any gain realized on the sale or other disposition of the ADSs or Common
Shares by the U.S. taxpayer: (1)&#160;would be allocated ratably over the U.S. taxpayer&#8217;s holding period for the ADSs or Common
Shares; (2)&#160;the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in
which we were a PFIC would be taxed as ordinary income; and (3)&#160;the amount allocated to each of the other taxable years would be
subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the
deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition,
if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that
we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market&#160;election. U.S. taxpayers that
have held the ADSs or Common Shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be
a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market&#160;election. A U.S. taxpayer
can make a QEF election by completing the relevant portions of and filing IRS Form&#160;8621 in accordance with the instructions thereto.
We do not intend to furnish U.S. taxpayers annually with information needed in order to complete IRS Form&#160;8621 and to make and maintain
a valid QEF election for any year in which we or any of our Subsidiaries are a PFIC. Therefore, the QEF election will not be available
with respect to our Common Shares or ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have not paid, and do not intend to
pay in the foreseeable future, dividends on our share capital and, therefore, unless our traded securities appreciate in value, our investors
may not benefit from holding our securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid cash dividends on our share capital. We do not anticipate paying any cash dividends our share capital in the foreseeable future.
Moreover, Swedish Law imposes certain restrictions on our ability to declare and pay dividends. Therefore, the success of an investment
in the ADSs will depend upon any future appreciation in their value. There is no guarantee that the ADSs will appreciate in value or
even maintain the price at which our investors have purchased their securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders of ADSs must act through the depositary
to exercise their rights as shareholders of our company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our ADSs do not
have the same rights of our shareholders and may only exercise the voting rights with respect to the Common Shares in accordance with
the provisions of the deposit agreement for the ADSs. When a shareholder meeting is convened, holders of our ADSs may not receive sufficient
notice of a shareholders&#8217; meeting to permit them to withdraw their Common Shares to allow them to cast their vote with respect
to any specific matter. In addition, the depositary and its agents may not be able to send voting instructions to holders of our ADSs
or carry out their voting instructions in a timely manner. We will make all reasonable efforts to cause the depositary to extend voting
rights to holders of our ADSs in a timely manner, but we cannot assure holders that they will receive the voting materials in time to
ensure that they can instruct the depositary to vote their ADSs. Furthermore, the depositary and its agents will not be responsible for
any failure to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a
result, holders of our ADSs may not be able to exercise their right to vote and they may lack recourse if their ADSs are not voted as
they requested. In addition, in the capacity as a holder of ADSs, they will not be able to call a shareholders&#8217; meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ADSs holders may not be entitled to a jury
trial with respect to claims arising under the deposit agreement, which could augur less favorable results to the plaintiff(s) in any
such action.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The deposit agreement governing
the ADSs representing our Common Shares provides that holders and beneficial owners of ADSs, including purchasers in secondary transactions,
irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs,
including claims under federal securities laws, against us or the depositary to the fullest extent permitted by applicable law. If this
jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement
with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally
adjudicated by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the
State of New&#160;York, which govern the deposit agreement, by a court of the State of New&#160;York or a federal court, which have non-exclusive&#160;jurisdiction
over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver provision,
New&#160;York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement
is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect
to the deposit agreement and the ADSs. In addition, New&#160;York courts will not enforce a jury trial waiver provision in order to bar
a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor&#8217;s negligence in failing to liquidate collateral
upon a guarantor&#8217;s demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe
are applicable in the case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs
serves as a waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the federal
securities laws. If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with
matters arising under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial
with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. As a result
of the terms of the deposit agreement, it may prove to be more costly for you to bring actions against us pursuant to such agreement.
If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the
applicable trial court, which would be conducted according to different civil procedures and may augur different results than a trial
by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other
things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As a foreign private issuer, we are permitted
to follow certain home country corporate governance practices instead of otherwise applicable SEC and Nasdaq requirements, which may
result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our status as a foreign private
issuer exempts us from compliance with certain SEC laws and regulations and certain regulations of the Nasdaq Stock Market, including
the proxy rules, the short-swing&#160;profits recapture rules, and certain governance requirements such as a majority of independent
directors comprising our board of directors, independent director oversight of the nomination of directors and executive compensation
or the existence of a compensation committee. In addition, we will not be required under the Exchange Act to file current reports and
financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange
Act and we will generally be exempt from filing quarterly reports with the SEC. Furthermore, as a foreign private issuer, we are also
not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. These exemptions and leniencies
will reduce the frequency and scope of information and protections to which you are entitled as an investor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an emerging growth company and the
reduced disclosure requirements applicable to emerging growth companies may make the ADSs less attractive to investors. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an emerging growth
company, as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements that are applicable to
other public companies that are not emerging growth companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For as long as we remain
an emerging growth company we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable
to other public companies that are not &#8220;emerging growth companies.&#8221; These exemptions include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not being required to comply
    with the auditor attestation requirements in the assessment of our internal control over financial reporting;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 107 of the JOBS
    Act, which provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period provided in
    Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting
    standards. This means that an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until
    those standards would otherwise apply to private companies. We have elected to delay such adoption of new or revised accounting standards.
    As a result of this adoption, our financial statements may not be comparable to companies that comply with the public company effective
    date;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
    or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced disclosure obligations
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemptions from the requirements
    of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
    approved.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will remain an emerging
growth company for up to five years, or until the earliest of: (i)&#160;the last day of our fiscal year during which we have total annual
gross revenues of at least $1.235&#160;billion; (ii)&#160;the date on which we have, during the previous three-year period, issued more
than $1.0&#160;billion in non-convertible debt; or (iii)&#160;the date on which we are deemed to be a &#8220;large accelerated filer&#8221;
under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When we are no longer deemed
to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. We cannot predict
if investors will find ADSs less attractive as a result of our reliance on exemptions under the JOBS Act. We cannot predict if investors
will find the ADSs less attractive because we may rely on these exemptions. If some investors find the ADSs less attractive as a result,
there may be a less active trading market for the ADSs, and our market price may be more volatile and may decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market price of the ADSs may be highly
volatile.&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading price of the
ADSs is likely to be volatile. The stock market in general, and the market for alternative energy companies in particular, has experienced
extreme volatility that has often been unrelated to the operating performance of particular companies which has resulted in decreased
stock prices for many companies notwithstanding the lack of a fundamental change in their underlying business models or prospects. Broad
market and industry factors, including potentially worsening economic conditions and other adverse effects or developments relating to
concerns regarding inflation, may negatively affect the market price of the ADSs, regardless of our actual operating performance. As
a result of this volatility, you may not be able to sell the ADSs at or above the price you paid.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our quarterly operating
results fall below the expectations of investors or securities analysts, the price of the ADSs could decline substantially. Furthermore,
any quarterly fluctuations in our operating results may, in turn, cause the price of the ADSs to fluctuate substantially. We believe
that quarterly comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication of
our future performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, following periods
of volatility in the market price of a company&#8217;s securities, securities class-action litigation often has been instituted against
that company. Such litigation, if instituted against us, could cause us to incur substantial costs to defend such claims and divert management&#8217;s
attention and resources, which could seriously harm our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>General Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cybersecurity breaches of our systems and
information technology could adversely impact our ability to operate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We utilize, develop, install
and maintain a number of information technology systems. Various privacy and security laws require us to protect sensitive and confidential
information from disclosure. In addition, we are bound by our customers and other contracts, as well as our own business practices, to
protect confidential and proprietary information (whether it be ours or a third party&#8217;s information entrusted to us) from disclosure.
Our computer systems, as well as those of our customers, contractors and other vendors, as well as the central control software of our
power stations and the WPV software that we are aiming to develop face the threat of unauthorized access, computer hackers, viruses,
malicious code, cyber-attacks, phishing and other security incursions and system disruptions, including attempts to improperly access
our confidential and proprietary information as well as the confidential and proprietary information of our customers and other business
partners. While we endeavor to maintain industry- accepted security measures and technology to secure our computer systems and power
stations and while we endeavor to ensure our cloud vendors that store our data maintain similar measures, these systems and the information
stored on these systems may still be subject to threats. There can be no assurance that our efforts will prevent these threats. Further,
as these security threats continue to evolve, we may be required to devote additional resources to protect, prevent, detect and respond
against such threats. A party who circumvents our security measures, or those of our customers, contractors or other vendors, could misappropriate
confidential or proprietary information, improperly manipulate data, or cause damage or interruptions to systems. Any of these events
could damage our reputation, result in litigation and regulatory fines and penalties, or have a material adverse effect on our business,
financial condition, results of operations or cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be involved in litigation matters
or other legal proceedings that are expensive, time consuming, and could divert management attention.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may become involved in
litigation matters, including class&#160;action lawsuits and lawsuits relating to intellectual property and product liability. Any lawsuit
to which we are a party, with or without merit, may result in an unfavorable judgment. We also may decide to settle lawsuits on unfavorable
terms. Any such negative outcome could result in payments of substantial damages or fines, damage to our reputation, loss of rights,
or adverse changes to our offerings or business practices. Any of these results could adversely affect our business. In addition, defending
claims is costly and can impose a significant burden on our management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, in the past companies
that have experienced volatility in the market price of their securities have been subject to securities class&#160;action litigation.
We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion
of management&#8217;s attention and resources, which could seriously hurt our business. Any adverse determination in litigation could
also subject us to significant liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The requirements associated with being
a public company will require significant company resources and management attention.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the reporting
requirements of the Exchange Act, Nasdaq listing requirements and other applicable securities rules and regulations. The Exchange Act
requires that we file periodic reports with respect to our business and financial condition and maintain effective disclosure controls
and procedures and internal control over financial reporting. In addition, subsequent rules implemented by the SEC and the Nasdaq Stock
Market may also impose various additional requirements on public companies. As a result, we will incur additional legal, accounting and
other expenses that we did not incur as a nonpublic company or as a company traded on Nasdaq First North, particularly after we are no
longer an &#8220;emerging growth company&#8221; as defined in the JOBS Act. We estimate that these expenses will be at least several
hundred thousand dollars annually. Further, the need to establish the corporate infrastructure demanded of a public company may divert
management&#8217;s attention from implementing our development plans. We have made changes to our corporate governance standards, disclosure
controls and financial reporting and accounting systems to meet our reporting obligations. The measures we take, however, may not be
sufficient to satisfy our obligations as a public company, which could subject us to delisting of our ADSs, fines, sanctions and other
regulatory action and potentially civil litigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We identified a material weakness in our
internal control over financial reporting and have not remedied this weakness. If we fail to maintain an effective system of internal
control over financial reporting, we may not be able to accurately or timely report our financial results, or prevent fraud, and investor
confidence in our Company and the market price of the ADSs may be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective internal control
over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and
procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in
their implementation, could cause us to fail to meet our reporting obligations. Ineffective internal control could also cause investors
to lose confidence in our reported financial information, which could have a negative effect on the trading price of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We identified a material
weakness in our internal control over financial reporting in the financial year ended December 31, 2019. A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material
misstatement of our financial statements will not be prevented or detected on a timely basis. Specifically, we determined that due to
the small-scale&#160;nature of our Company and the difference in regulatory requirements between Sweden and the United&#160;States, we
currently do not have sufficient finance staff to provide for effective control over our period-end&#160;financial reporting process.
As of the date of this annual report on Form 20-F, we have not remediated this material weakness. If, in the future, we will have insufficient
financial reporting staff, we may be unable to adequately segregate duties in a manner consistent with control objectives for our period-end&#160;financial
reporting process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to identify our staffing
requirements and commence the process of hiring additional personnel for our finance team with the appropriate level of training and
expertise. However, the implementation of these initiatives may not fully address this or any other material weakness or other deficiencies
that we may have in our internal control over financial reporting. We intend to assess our internal control environment and the potential
remediation of this weakness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to maintain effective
internal control over financial reporting, we may be unable to report our financial results accurately or meet our reporting obligations.
This could cause us to lose investor confidence in the accuracy and completeness of our financial reports, which could harm our business,
the price of the ADSs and our ability to access the capital markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish or cease publishing research or reports about us, our business or our market, or if they adversely change their recommendations
or publish negative reports regarding our business or our securities, the ADS or our share price and trading volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for the
ADSs will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market
or our competitors. We do not have any control over these analysts and we cannot provide any assurance that analysts will cover us or
provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding the ADSs, or provide
more favorable relative recommendations about our competitors, the ADS would likely decline. If any analyst who may cover us were to
cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in
turn could cause the ADS or trading volume to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales of the ADSs could reduce the
market price of the&#160;ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantial sales of the
ADSs may cause the market price of the ADSs to decline. Sales by us or our security holders of substantial amounts of the ADSs, or the
perception that these sales may occur in the future, could cause a reduction in the market price of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of any additional
ADSs or any securities that are exercisable for or convertible into our Common Shares, may have an adverse effect on the market price
of our the ADSs and will have a dilutive effect on our existing shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 4. <span style="text-transform: uppercase">INFORMATION ON
THE COMPANY</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_013"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History and Development of the Company.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a wave energy company
primarily engaged in the development of a smart and cost-efficient&#160;WEC, technology that converts ocean and sea waves into clean
electricity. Our corporate mission is to revolutionize energy production with our proprietary wave technology, and to become a leader
in the renewable energy industry, which, according to an analysis by Frost &amp; Sullivan, is expected to see $3.4 trillion in new investment
in the next decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming
waves by converting the rising and falling motion of the waves into a clean energy generation process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in Sweden
in 2019. The ADSs are currently listed for trading on the Nasdaq Capital Market under the symbol &#8220;WAVE.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EWP Israel was incorporated
in 2011. EWP Israel was the parent and operating company until the Acquisition. In connection with the Acquisition, we acquired EWP Israel
and its subsidiaries through an issue in kind (no cash consideration was involved, but rather EWP Israel shareholders exchanged their
shares in EWP Israel for our shares) in May&#160;2019. We refer to this transaction in this prospectus as the &#8220;Acquisition.&#8221;
The purpose of the Acquisition was to have a parent company incorporated under Swedish law prior to the listing on Nasdaq First North.
Prior to the Acquisition, EWPG had no assets or operations. As a result of the Acquisition, we became the parent company of EWP Israel.
Since the Acquisition, our operations have been carried out by EWP Israel and its subsidiaries and we expect to continue to follow this
practice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the Acquisition,
on May&#160;21, 2019, our shareholders approved a 50 for 1 split of our Common Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;Our principal executive
offices are located at 52 Derech Menachem Begin St., Tel Aviv-Yafo, Israel 6713701. Our telephone number in Israel is +972-3-509-4017.
Our website address is&#160;https://www.ecowavepower.com/</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
on our website or available through our website is not incorporated by reference into and should not be considered a part of this annual
report on Form 20-F, and the reference to our website in this annual report on Form 20-F is an inactive textual reference only. Puglisi
&amp; Associates is our agent in the United States, and its address is 850 Library Ave., Suite 204, Newark, DE 19711.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &#8220;emerging
growth company,&#8221; as defined in Section&#160;2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified
by the JOBS Act. As such, we are eligible to, and intend to, take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not &#8220;emerging growth companies&#8221; such as not being required to comply with the
auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley&#160;Act of 2002, or the Sarbanes-Oxley&#160;Act. We could
remain an &#8220;emerging growth company&#8221; for up to five years, or until the earliest of (a)&#160;the last day of the first fiscal
year in which our annual gross revenue exceeds $1.235&#160;billion, (b)&#160;the date that we become a &#8220;large accelerated filer&#8221;
as defined in Rule&#160;12b-2&#160;under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the
market value of our ADSs that is held by non-affiliates&#160;exceeds $700&#160;million as of the last business day of our most recently
completed second fiscal quarter, or (c)&#160;the date on which we have issued more than $1&#160;billion in nonconvertible debt during
the preceding three-year&#160;period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the information
reporting requirements of the Exchange Act that are applicable to &#8220;foreign private issuers,&#8221; and under those requirements
we file reports with the SEC. As a foreign private issuer, we are not subject to the same requirements that are imposed upon U.S. domestic
issuers by the SEC. Under the Exchange Act, we are subject to reporting obligations that, in certain respects, are less detailed and
less frequent than those of U.S. domestic reporting companies. For example, we are not required to issue quarterly reports, proxy statements
that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that
is as detailed as that required of U.S. domestic reporting companies. We also have four months after the end of each fiscal year to file
our annual report with the SEC and are not required to file current reports as frequently or promptly as U.S. domestic reporting companies.
Our officers, directors and principal shareholders are exempt from the requirements to report transactions in our equity securities and
from the short-swing&#160;profit liability provisions contained in Section&#160;16 of the Exchange Act. As a foreign private issuer,
we are not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. In addition, as a foreign
private issuer, we are permitted to follow certain home country corporate governance practices instead of those otherwise required under
the Nasdaq Stock Market rules for domestic U.S. issuers and are not required to be compliant with all Nasdaq Stock Market rules as of
the date of our initial listing on Nasdaq as would domestic U.S. issuers. For example, as a Swedish company, and pursuant to applicable
Swedish law, we do not have a compensation committee. See &#8220;Item 3.D. &#8212; Risk Factors &#8212; Risks Related to Ownership of
Our Common Shares and ADSs.&#8221; These exemptions and leniencies will reduce the frequency and scope of information and protections
available to you in comparison to those applicable to a U.S. domestic reporting company. We intend to take advantage of the exemptions
available to us as a foreign private issuer during and after the period we qualify as an &#8220;emerging growth company.&#8221; &#160;</p><div>

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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Overview. </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a wave energy company
primarily engaged in the development of a smart and cost-efficient&#160;WEC technology that converts ocean and sea waves into clean electricity.
Our corporate mission is to revolutionize energy production with our proprietary wave technology, and to become a leader in the renewable
energy industry, which, according to an analysis by Frost &amp; Sullivan, is expected to see $3.4 trillion in new investment in the next
decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves
by converting the rising and falling motion of the waves into a clean energy generation process.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our WEC technology,
we are also building out a pipeline of ancillary technology services that we may provide to our customers and other parties, such as
other companies and research institutions. These services currently include feasibility studies for potential clients of our WEC technology.
We are also developing a smart Wave Power Verification, or WPV, software, intended to provide real-time&#160;production verification
that is expected to allow preventative-predictive&#160;and corrective measures to be taken. We believe that by providing these complementary
services, we will be better positioned to be a leader of the wave energy industry.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Today, more than ever, a
WEC solution such as ours is needed. Global energy production is expected to continue growing, where there is strong economic growth,
to meet increasing global energy demand, with the U.S. Energy Information Administration projecting global energy consumption expected
to rise by 50% between 2018 and 2050, led by growth from countries that are not in the Organization for Economic Cooperation and Development,
or the OECD, and focused in regions where strong economic growth is driving demand, particularly in Asia. Historically, the world has
relied on traditional polluting energy sources that come from fossil fuels, such as coal and oil. Fossil fuels have been the preferred
energy source over time mainly because they have been cheaper than renewable energy sources like solar and wind even though fossil fuels
pollute the earth and are limited in supply.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the world continues
to rely on fossil fuels, we believe that in recent years solar and wind power have crossed a new threshold, moving from mainstream to
preferred energy sources across much of the globe. As they reach price and performance parity with conventional sources, demonstrate
their ability to enhance grids, and become increasingly competitive via new technologies, deployment obstacles and ceilings are dissolving.
Already among the cheapest energy sources globally, solar and wind have the potential to advance much further, as we believe that the
enabling trends have not run their full course yet. Costs are continuing to fall, and successful integration is proceeding apace, undergirded
by new technologies that are bringing even greater efficiencies and capabilities. Meanwhile, according to the International Energy Agency,
or IEA, the demand for renewables is growing and, according to a report from Deloitte, solar and wind power now come closest to meeting
three energy consumer priorities: reliability, affordability, and environmental responsibility. However, we believe that marine energy,
and specifically wave energy, remains largely unexploited, due to high implementation, operation and maintenance costs, and that marine
energy technologies remain at an early stage of development, especially in the case of wave power.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wave energy is considered
to have the highest energy production rate of any renewable energy source. According to the 2020 paper, &#8220;Electrical Power Generation
from the Oceanic Wave for Sustainable Advancement in Renewable Energy Technologies&#8221; from the peer review journal,&#160;<i>Sustainability</i>,
ocean wave energy has the highest energy production compared to other renewable energy sources as it can produce energy 90% of the time,
and which, according to an article &#8220;On the reversed LCOE calculation: Design constraints for wave energy commercialization&#8221;
from the International Journal of Marine Energy, also has the potential capacity to become one of the cheapest and cleanest. According
to an estimate from the Intergovernmental Panel on Climate Change, approximately 32,000 terawatt-hours&#160;per year could theoretically
be produced from the oceans&#8217; waves (subject to there being sufficient wave energy technologies), which is approximately double
the world&#8217;s electricity production in 2008. However, we believe that many companies trying to develop WEC systems have been struggling
to move beyond research and development and into commercialization primarily due to the fact that most WEC systems are designed for offshore
application where wave heights are of a higher nature. However, we believe that offshore installations typically give rise to certain
critical issues that may make commercialization difficult. According to our research and based on reports from the International Renewable
Energy Agency, or IRENA, and research papers from Chalmers University of Technology, we believe that there are four primary issues challenging
the commercialization of offshore installation. The first issue is the high capital expenses implicit in the installation, maintenance,
and grid-connection&#160;of offshore technologies which require the use of ships, divers, underwater electrical transmission cables,
and underwater mooring, which are all highly capital intensive. The second issue is the lack of reliability for these offshore technologies
due to the extremely harsh weather conditions which are prevalent in the offshore sea/ocean environment. The stationary manmade equipment
has no way of avoiding the extreme loads caused by the offshore storms, and many offshore wave energy developers had their equipment
dislodged and broken down after a short time of operation. The third issue we believe is both in its difficulty to reach insurability
and, if insurance is available, to obtain the applicable insurance policy at a reasonable cost. Developers with offshore wave energy
technologies struggled to secure insurance as insurance companies were hesitant to risk insuring such technologies (which are deemed
&#8220;pre-commercial&#8221;) due to the aforementioned high capital expenses and low survivability. The final issue is environmental,
as many environmental organizations object the deployment of offshore WEC technologies as many of them require mooring to the ocean floor,
which has the potential to disturb the ecological balance. Also, offshore wave energy developers have to install long underwater electricity
transmission lines to connect to the grid, which is complicated, capital intensive and impacts the environment.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our WEC Technology</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our WEC technology
has the potential to accelerate the viability of wave power in a way that was previously not achievable because our WEC technology is
more cost-efficient, reliable, insurable and environmentally friendly and easier connected to the grid compared to offshore systems.
Our WEC technology, first wave-pool&#160;tested in Kiev in 2011, employs units of point absorber floating devices, referred to as floaters,
which are installed on existing marine structures such as (but not limited to) piers, breakwaters and jetties, or in locations in which
such marine structures are required. Our specially designed floaters move accordingly with the movement of the waves pressing hydraulic
pistons, which create pressure in land located accumulators, depending on wave heights, which is rotating a hydromotor, that then rotates
a generator, which sends the clean electricity to the grid via an inverter..</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WEC solutions placed closer
to shore, such as our WEC technology, generally encounter waves coming from the same direction, thereby boosting the quantity of energy
captured. In deep water, where offshore solutions are usually placed, waves can travel in almost any direction, making it difficult to
extract energy due to the fact that these waves are more difficult to predict and more complex to account for in system design. So, although
the maximum wave power is higher offshore, the exploitable level of power nearshore may be practically the same level as in offshore
locations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Different parts of the system
are measured by sensors, which collect and transmit various information in real-time&#160;and allows the system to be continuously monitored
and controlled by a central control system, which automatically optimizes the electricity production in order to ensure continuous power
generation. In addition, when the waves are too high for the system to handle, the floaters will automatically lift above the water level
and remain in the upward position until the wave heights return to pre-storm&#160;levels, at which time, the system automatically commences
operation. In the event that the automation system is not available, this action can also be performed manually.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our WEC technology is also
fully modular, allowing us to more easily scale projects. Our system does not connect to the ocean floor or create a new presence in
the surrounding marine environment. Furthermore, we have submitted a patent and have been testing the ability to add solar panels to
our WEC technology, which we believe will allow our system to generate larger amounts of electricity from multiple renewable energy sources.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our WEC technology
design significantly reduces construction and production prices, and grid connection prices, while increasing reliability and insurability.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>Project Pipeline and Achievements
</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b> </b>We
have entered into a variety of agreements with parties interested in the utilization of our WEC technology. These agreements consist
of Power Purchase Agreements, Concession Agreements and other agreements in various stages, including letters of intent. Based on the
terms of the agreements and our own calculations, we believe that we have a total worldwide pipeline of projects that may be up to 404.7
megawatts in size. In addition, we have entered into agreements to conduct feasibility studies. Although the majority of the megawatts
included in our pipeline are subject to preliminary agreements, we have a limited amount of megawatts that are subject to more advanced
agreements, such as our Power Purchase Agreement in Gibraltar for up to five megawatts (which we are not currently actively working on
advancing, due to lack of compatible breakwater in the region), a Concession Agreement in Portugal for up to 20 megawatts, a Concession
Agreement for up to 77MW in Turkey, a Concession Agreement in Spain for up to 2MW, an Interconnection Agreement in Mexico for up to 25
megawatts (which we are not currently actively working on advancing), a Pioneering Technology approval from the Israeli Ministry of Energy
to construct a 100 kilowatt (or 0.1 megawatt) WEC array, which is in advanced construction in the Jaffa port in Israel, and a Collaboration
Agreement with AltaSea in the Port of Los Angeles for the installation of a pilot station which was relocated from Gibraltar. Although
some of these agreements may be deemed to be definitive, there is no guarantee that we will complete the construction of any WEC systems
for such projects (or any others), as we will need to meet certain conditions and obtain certain licenses to reach the actual construction
stage of such projects, of which there can be no guarantee. See &#8220;Item 4. D. Risk Factors &#8212; Risks Related to Our Business
Operations&#8221; for risks associated with our pipeline projects and &#8220;Item 4. B. &#8212; Business Overview &#8212; Project Pipeline&#8221;
for additional information.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preliminary agreements, including
letters of intent and other similar agreements that require the parties to enter into definitive documents, are subject to ongoing negotiation
and there can be no guarantee that we are able to enter into definitive agreements with these parties. As a result, the total aggregate
megawatts of our project pipeline does not reflect only those projects covered by definitive agreements. We are continuously working
to expand our pipeline, including efforts to enter into definitive agreements to cover projects that are not covered by definitive agreements.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to continue to develop
the projects in our pipeline, specifically our EDF EWP One project, the installation of the Gibraltar Pilot to AltaSea&#8217;s premises
in the Port of Los Angeles, and to work towards the completion of the licensing required for our megawatt project in Portugal and/or
in Spain and/or in other locations, further expand our project pipeline, conduct research and development aimed at continuing to upgrade
and improve our WEC technology, continue the reinforcement of our patent portfolio, and to expand the team that will help us achieve
our growth strategy. Prioritized countries for our project pipeline include those with significant wave heights, governmental support
for renewable energy projects, short and clear licensing procedures, favorable feed-in-tariffs&#160;or subsidy schemes, high electricity
demand, strong promotion of renewable energy and/or lack of electricity access and available grid-capacity. In addition, we will be prioritizing
growth in specific high-potential&#160;target markets. Primarily, we are concentrating on growth in Europe and United States, where there
is high wave energy potential and growing support for renewable energy technologies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently engaged with
the following projects:</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Gibraltar Pilot and its
Relocation to the Port of Los Angeles</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between 2016 and March 2022,
we operated a grid-connected&#160;proof-of-concept&#160;wave energy array in Gibraltar, as part of a five megawatt Power Purchase Agreement
that we signed with the Government of Gibraltar and Gibraltar&#8217;s National Electric Company, or GibElectric. On January 20, 2022,
we announced a collaboration with AltaSea, a non-profit that accelerates scientific collaboration and advances an emerging blue economy,
at the Port of Los Angeles. We will work with AltaSea, to locate and submit grants to implement our technology and implement a pilot
program on the AltaSea campus, located in the Port of Los Angeles. Together, we and AltaSea will look to secure other locations for future
wave technology projects. In December 2022, we announced that the energy conversion unit formerly deployed in Gibraltar, arrived at AltaSea
at the Port of Los Angeles where we expect it will be installed as a pilot station when approval is granted by the Port of LA (which
owns the site) . This is the first U.S. location for our technology. We expect to produce new floaters and floaters&#8217; mechanisms
for the Port of Los Angeles project.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>EDF EWP One Project</i>&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This project involves the
installation and operation of a 100 kilowatt (or 0.1 megawatt) installed capacity project in the Jaffa Port in Israel in a partnership
with EDF Energies Nouvelles Israel Ltd., or EDF Renewables IL, a subsidiary of the French multinational electric utility company &#201;lectricit&#233;
de France S.A., or EDF, pursuant to which we co-own, in equal parts, the joint venture EDF EWP One Ltd., or EDF EWP One. In addition
to the shared funding of this project pursuant to our Joint Venture Agreement with EDF Renewables IL, we also received co-funding&#160;from
the Israeli Ministry of Energy, which recognized our technology as a &#8220;pioneering technology.&#8221; Pioneering technology recognition
is a designation granted by the Chief Scientist of the Israeli Ministry of Energy to renewable energy technologies, which grants such
companies with a production quota to connect their technology to Israel&#8217;s national electricity grid in accordance with the guidelines
established for Pioneering Technologies. We previously operated an off-grid&#160;pilot power station, in the same place, mainly for research
and development purposes. In August&#160;2020, we secured the engineering coordination permit required for the deployment of the grid
connection work for the project, and in February&#160;2021, we obtained the engineering coordination permit for the cement works and
conversion unit&#160;and floaters installation. On January 7, 2021, we completed the first stage of the grid-connection route works in
Jaffa Port for the project. On May 5, 2021, we completed the wall reinforcement works required for the installation of the floaters on
the sea wall in Jaffa Port. On June 14, 2021, the power station&#8217;s conversion unit was delivered and installed in Jaffa Port. On
October 4, 2021, we entered into a Collaboration Agreement with Lesico Ltd. for the production of floaters for the EWP EDF One project.
On January 5, 2022, the first set of floaters and supporting structures for the project were delivered to the Jaffa Port project site.
On February 1, 2022, we officially completed the grid connection route works at the Jaffa Port site. In April 2022, we completed the
installation of eight floaters to the sea wall. In August 2022,&#160;the Israeli Electric Authority has set an official Feed-In Tariff,
or FIT, for our newly-installed wave energy pilot project at the Jaffa Port. With the FIT in place, the Israeli Electric Corporation
commenced operations to officially connect the&#160;EWP-EDF&#160;One project to Israel&#8217;s energy grid.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Portugal Planned Project</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2020, we entered into
a Concession Agreement with the Port of Leix&#245;es, or APDL, to use an area potentially suitable for the construction, operation
and maintenance of a wave energy power plant of up to 20 megawatts in four locations owned and operated by APDL. Pursuant to the Concession
Agreement with APDL, APDL will provide us with the concession for its breakwaters for a period of between 25 to 30&#160;years, while
we will be responsible for securing all the licenses, constructing and commissioning the power plant and selling the electricity to be
generated by the power plant in accordance with an approved production quota, to be determined for each site. The power plant is planned
to be constructed and commissioned in several stages starting with a one megawatt station, and subject to certain conditions, to be followed
by the construction, operation and maintenance of the remaining capacity of the plant (19 megawatts). In order to commence the licensing,
EWP Israel incorporated a wholly owned subsidiary company in Portugal under the name EW Portugal-Wave&#160;Energy Solutions, Unipessoal
Ida., or EW Portugal. EW Portugal has initiated the process for obtaining the necessary licenses required in order to commence construction
of the first megawatt of the project. On August 19, 2021 EW Portugal received an installation and grid connection permit of 1MW in the
form of a Small-Production Unit registration approval from the Portuguese Directorate-General for Energy and Geology. This registration
approval is required for the installation and grid connection of a 1MW pilot project at the Barra do Douro breakwater in Porto, Portugal.
The Small-Production Unit Registration approval is the first permit required by EW Portugal to proceed with the actual installation and
grid connection of a first 1MW wave energy power station on the ocean side of the Barra do Douro breakwater. In order to commence project
construction, EWP has to comply with the terms of the registration approval and obtain a license called T&#237;tulo de Utiliza&#231;&#227;o
de Recursos H&#237;dricos, or TURH, from APDL.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 11, 2022, we announced
that we entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to
2MW. According to the terms of the agreement, Port Adriano will assign a potentially suitable location to us for a period of 20 years
and we will be responsible for securing all the licenses, constructing, and commissioning the power plant(s) and selling the electricity
to be generated by the power plant(s) in accordance with an approved production quota to be determined for the site. Port Adriano has
been in contact with Ports de les Illes Balears (Ports of the Balearic Islands, the public entity responsible for the powers and executive
functions of the ports managed by the autonomous community) to inform it about the project, and will proceed to carry out all the legal
procedures necessary for the potential installation of this innovative wave energy power plant, the first application of this technology
in Spain.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The power plant is planned
to be constructed and commissioned in two stages: the first stage is the construction of a plant of up to 1MW; and the second stage involves
the construction, operation and maintenance of the remaining capacity of the plant (2 MWs). Port Adriano will have a right of first refusal
to invest partially or fully in both stages of the project and we will have the right to combine the two stages of the project and execute
the whole 2MW from the start. Eco Wave Power is currently conducting a feasibility study for the site, which is the first step of the
collaboration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Turkey</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 8, 2022, we announced
that we entered into an agreement with OREN Ordu Enerji, or Ordu Energji, a fully owned subsidiary of Ordu Municipality, for the potential
construction of an up to 77 megawatts wave energy installation in Ordu, Turkey &#8211; the largest agreement in our history. If built,
the power station would be Turkey&#8217;s first grid-connected wave energy station, and upon completion, would be the world&#8217;s largest
wave energy power station.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">According
to the terms of the agreement, Ordu Enerji will assign nine potentially suitable breakwaters to us for a period of 25 years from activation
of the relevant pilot or power station, while we will be responsible for constructing, and commissioning the power plant(s) and selling
the electricity to be generated by the power plant in accordance with an approved production quota to be determined for the site.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain conditions,
including, among others, receiving favorable results from feasibility studies and receipt of applicable licenses and permits, the 77
megawatts power station is planned to be constructed in several stages, starting with an up to 4 megawatts pilot station, and continuing
with the construction, operation, and maintenance of the remaining capacity of the plant of up to 73 megawatts. Ordu Enerji has a right
of first refusal to invest partially in different stages of the project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Israeli Navy Project</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 17, 2021 a Collaboration
Agreement was signed between EWP Israel and the Israeli Ministry of Defense and The Israeli Navy, to examine the feasibility of installing
our technology at Navy bases in Israel. We have begun the procurement process and are planning to deploy wave measuring systems to collect
extended wave data in one to three potential locations on Israeli Navy bases, while the Israeli Navy will secure all permits for the
deployment of the wave measuring equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Navy&#8217;s specialized
diving team will install the measurement equipment in the territorial waters of the Navy&#8217;s bases. At the end of the measurement
period, we will share the information collected with the Navy, which, in turn, will test the applicability of our technology in line
with the prevailing waves in the selected sites. Then, we and the Navy will jointly analyze the results, and create energy production
forecasts, based on such analysis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon identifying the most
suitable locations for the installation, and provided that the technology is found to be feasible for the proposed locations, we and
the Navy will work towards the next step of the collaboration, which is the potential deployment of our technology for producing clean
electricity for the Navy bases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Mexico</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2015, we entered into
an Interconnection Agreement with the National Center of Energy Control. Our Joint Venture acquired land in Manzanillo for the project
and the necessary licenses and permits, such as sea portion concession, granted by the Secretariat of Communications and Transportation
of Mexico and several licenses and permits from the Secretariat of the Navy of Mexico. Due to electricity prices in Mexico, our local
JV partners were not able to secure the necessary financing. As a result, we are not currently actively working on advancing this project.
In the future we may seek other opportunities to launch this project, although there can be no guarantee that we determine to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We signed a number of letters
of intent during 2019, 2020 and 2021 with several prominent ports around the world; however, there can be no guarantee that we will ever
enter into any such definitive agreements with these parties or any others and we are not currently planning to pursue this project in
the near future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>COVID-19 Pandemic </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns), as a result of the remaining restrictions, we experienced certain
delays in projects&#8217; execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>Our Strategy </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We aspire to build wave energy
power stations using our WEC technology that will give people access to electricity generated from a source in proximity to their residence
without creating air pollution and while mitigating environmental damage. In order to accomplish our strategic objectives, we are focused
both on our growth and research and development strategies, both of which are expected to evolve as we grow our Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our core
WEC technology is the basis to our future success, and as such, we aim to continuously improve and enhance our WEC technology in order
to deliver the best solution available in the field for wave energy generation. To achieve this, we undertook different research and
development activities at our previously operational power station in Gibraltar and are planning to undertake additional such activities
at the site of our EWP&#160;EDF One project at Jaffa Port in Israel, which is in advanced construction, and in AltaSea&#8217;s premises
in the Port of Los Angeles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
strategy is currently focused on:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the completion of the development
    of WPV software for our WEC technology for real-time&#160;production verification;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the optimization of our
    WEC technology to generate larger amounts of electricity from low wave heights below 0.5 meters in height; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">optimization of our WEC
    technology&#8217;s materials for operation in different weather and marine climates.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our growth strategy is currently
focused on:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">finalizing the construction
    of the EWP EDF One project, in collaboration with EDF Renewables IL, a subsidiary of the French multinational electric utility company
    EDF, which will be our second grid connected project, and, as such, will reinforce our position as a leading wave energy developer;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -27pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Producing the floaters
    mechanisms and installing the pilot we relocated from Gibraltar to the Port of LA;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">moving more projects from
    the &#8220;project pipeline&#8221; stage into the &#8220;ready-to-build&#8221; stage;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">finalizing the licensing
    and construction of the first megawatt of the Portugal power station, the purpose of which is to demonstrate that wave energy can
    generate significant energy amounts and in commercial scale (of 20MW and above) to generate significant revenue, and potentially
    allow us to become profitable; and commencing feasibility studies and other relevant milestones to promote our planned project in
    Spain; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon successfully executing
    our first one megawatt scale project, we may pursue additional financing, which may include debt financing deal(s), which we believe
    would enable us to construct and operate multiple revenue yielding assets in parallel, which we believe will then facilitate significant
    growth of our Company. (See Item 4.B. &#8212; &#8220;Revenue Models&#160;&#8212; WEC Technology&#8221; for additional information).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Renewable Energy Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investments in the renewable
energy market were valued at approximately $311&#160;billion by the IEA in 2019<sup>&#160; </sup>and based on research from Taras Shevchenko
National University of Kyiv, Ukraine, investment is expected to reach a value of approximately $436&#160;billion by 2025 as the share
of renewable energy in the global energy mix continues to grow. According to a review by the SUN DAY Campaign of data released by the
U.S. Federal Energy Regulatory Commission, it was estimated that renewable energy made up 57% of new capacity additions in the United
States during the first half of 2020. Moreover, in spite of the COVID-19&#160;pandemic, according to research from the IEA, 2020 was
a record year for renewable energy. According to research from the IEA, growth in the sector is expected to continue: in the power sector,
additions of wind and hydropower took global renewable capacity additions to a new record during 2020, accounting for almost 90% of the
increase in total power capacity worldwide, while renewable energy capacity is expected to grow by about 50% from 2019 to 2024 (and set
to account for 95% of the net increase in global power capacity between 2020 and 2025), led by solar photovoltaics, or PV.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In combination with several
political efforts, solar and wind energy resources have now grown to become attractive to investors also from a financial perspective,
as the levelized cost of energy, or the LCOE, has fallen across the board between 2010 and 2019 (LCOE is a measure of the average net
present cost of electricity generation for a generating plant over its lifetime). For example, the LCOE of onshore wind has decreased
by 39% from $0.086&#160;per kilowatt hour in 2010 to $0.053 per kilowatt hour in 2019, offshore wind has decreased by 29% from $0.161&#160;per
kilowatt hour in 2010 to $0.115 USD per kilowatt hour in 2019, concentrating solar power decreased by 47% from $0.346 per kilowatt hour
in 2010 to $0.182 USD per kilowatt hour in 2019, and utility scale solar PV has fallen by 82% from $0.378 per kilowatt hour in 2010 to
$0.068 USD per kilowatt hour in 2019.<sup>&#160;</sup>Taking into account the changes in the LCOE levels of offshore and onshore wind,
concentrating solar power and utility scale solar PV, we believe that these resources are expected to grow within the next decades. To
replace fossil fuels in full, we believe that the world needs energy from a variety of renewable energy sources, as there is not enough
energy that can be generated by solar, wind, and other renewable energy resources based on these sources&#8217; current capacity. By
combining solar, wind, and water energy sources, we believe that the joint energy consumption demand can be met. According to the Renewables
2020 Global Status Report,<sup>&#160;</sup>globally, fossil fuel consumption is 79.9% of the total share of energy consumption, followed
by renewable energy sources with 17.9%. Traditional biomass accounts for 6.9%, while modern renewable energy has a 11% stake.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite a number of initiatives
to boost the role of renewables and the electrification of heating and transport, progress in these sectors continues to be relatively
slow. Policy makers have paid much less attention to renewable heating and cooling compared to renewable power generation. Consequently,
renewable heating and cooling has been identified as &#8220;the sleeping giant of renewable energy potential&#8221; for the past decade
according to the Renewables 2018 Global Status Report.<sup>&#160;</sup>The supply of modern renewable heat is expected to increase 22%
in the period from 2019 to 2024.<sup>&#160;</sup>In the transportation sector, 92% of global energy demand is still being met using oil.
If recent progress from the renewable energy sector is taken into account, we believe the gap between fossil fuel consumption and the
renewable market can be closed in the near future. Excluding hydropower, the installed global renewable energy sector grew from approximately
630 gigawatts to approximately 2,768 gigawatts, an increase of more than 439%, between 2010 and 2019, according to data from IRENA. Further
data from IRENA shows that (i) the wind industry dominated the growth in the renewable energy sector in terms of capacity, where it grew
from approximately 180 gigawatts to approximately 622&#160;gigawatts between 2010 and 2019 and (ii) in percentage, the solar PV sector
grew much more with an increase in capacity from approximately 41.5 gigawatts to approximately 584.8 gigawatts during the same time period,
an increase of 1,307%.<sup>&#160;</sup>The highest average growth rate of renewables in OECD countries over the past decade has been
in solar PV, which has seen an increase of 38.5% from 2000 through 2019, according to the IEA.<sup>&#160;</sup>The growth in the renewable
sector has been due to a number of factors including political support, financial incentives and reduction in the costs of technology
making renewable energy cost competitive.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The convergence of cheaper
renewable energy technologies, digital applications and the rising role of electricity is a crucial vector change that we believe is
central to the prospects for meeting many of the world&#8217;s sustainable development goals. Although momentum in the power sector is
positive, the power sector alone will not deliver the emission reductions required by the Paris Agreement under the UN&#8217;s Framework
Convention on Climate Change, or the Paris Agreement and the Convention, respectively, nor will it be able to fulfil the aspirations
of United Nations&#8217;, or the UN, Sustainable Development Goals, an initiative by the UN to promote a more sustainable future. Policies
continue to remain critically important for the future of renewables. In order to meet long term climate and other sustainable goals,
renewable energy development in these sectors must accelerate. According to the IEA, if progress continues at the currently forecasted
pace, renewables would only have a share of approximately 18% in final energy consumption by 2040. This is well below the IEA Sustainable
Development Scenario&#8217;s benchmark, where the share of renewables in final energy consumption is 28%. As a result, renewable electricity
could supply almost 30% of global power demand by 2023, a growth of 6% from 2017, according to an analysis and report from the IEA, which
we believe indicates that the renewable electricity sector on track to meet long-term&#160;climate and sustainability goals. Below is
a brief summary highlighting the recent expansion of the renewable energy market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Energy Security</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Energy security means a country&#8217;s
uninterrupted access to energy resources at an affordable price and is central to today&#8217;s society and its ability to function.
In order to secure the national energy consumption, many countries are today dependent on importing energy. In recent years, EU dependence
on natural gas imports has largely decreased; however, member states are still highly dependent on large levels of imports of petroleum
products and natural gas, which accounted for 70.7% and 25%, respectively, of energy imports into the EU in the first half of 2020, according
to a report from the European Commission. The European Commission also estimated that in the first half of 2020, the estimated monthly
cost of EU energy imports was valued at roughly 17.7&#160;billion Euro. Although during the 21<sup>st</sup>&#160;century the dependence
on natural gas imports has decreased, the member states of the EU are still dependent on imports of petroleum products and natural gas,
which accounted for approximately 66% and 24%, respectively, of energy imports into the EU in 2018, according to a report from the European
Commission.<sup>&#160;</sup>Natural gas is imported from countries such as Russia. In 2009, a conflict between Russia and Ukraine caused
a serious deficit in energy consumption for many European countries, although in recent years the dependence on natural gas imports has
decreased (in certain cases dramatically).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A conversion to more locally
produced, renewable energy resources would decrease geopolitical risks associated with high dependency on imports and consequently it
would increase energy security.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hydropower, wind power and
solar power are considered the more mature, cost efficient and technically advanced technologies within renewable energy. Research from
the IEA indicates that despite slower capacity growth, hydropower will remain the largest source of renewable electricity generation
by 2022, but given limited possibilities for its expansion, solar and wind power are expected to generate the largest growth in the foreseeable
future. Like all other energy resources, solar and wind power have their disadvantages, including the need for large areas of land, which
has an environmental as well as visual impact on the landscape. In many parts of the world, such need could prevent large expansion.
As such, solar and wind power need to be complemented by other renewable energy resources in order to meet future sustainability goals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The energy production from
solar and wind power is unpredictable, especially in areas where the climate prerequisites are not optimal. Solar power only produces
energy while the sun is shining, therefore not during nighttime, and wind power only produces energy while the wind blows. For example,
a BNEF report estimates that wind and solar power could account for 50% of the United&#160;Kingdom&#8217;s energy production by 2040;
however, that estimation assumes that the weather conditions would always be favorable for such sources, and as such, during prolonged
periods of time, sometimes months, solar and wind energy may not be able to provide a sufficient amount of the energy need in the United&#160;Kingdom
due to changing weather conditions. As a result, there is a large complementary need for predictable and cost-efficient&#160;renewable
energy resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compared to solar and wind,
which are currently the two fastest growing renewable energy sources, water energy/power is generally deemed much more reliable. Solar
and wind energy currently only work when either the sun is up or the wind blows. Water energy, in suitable locations and given suitable
weather conditions, has the potential to operate around the clock. In addition, certain waves, water streams and tides are generally
easily predictable and generally have a relatively low cost related to data collection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Wave Energy Potential</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the shortcomings
of each of the various renewable energy sources currently available, in order to successfully make the transition to an emission-free&#160;future,
the world will need to use a diverse array of renewable energy sources, tailored to each region&#8217;s specific climate and environment,
to generate the amounts of renewable energy from its available resource. Therefore, there is currently a need to adopt new renewable
energy sources alongside more established sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One such resource is our
oceans and seas, which, as reported by National Geographic, cover 71% of our planet&#8217;s surface and are an abundant source of renewable
power. According to a 2020 report from IRENA, wave energy has the potential to meet all of global energy demand with potential global
energy production from waves estimated at 29,500 terawatt-hours&#160;of electricity per year. In addition, according to the U.S. Department
of Energy, as of January 2021, the potential in the United States is estimated at 3,500 terawatt-hours&#160;per year.<sup>&#160;</sup>Wave
energy is an abundant renewable energy source, which has several significant advantages over other renewable energy sources. For example,
it is available at night. In many locations around the world with significant and stable wave resources, power from WEC technology can
be produced around the clock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the greatest benefits
of wave energy, especially if it&#8217;s nearshore or onshore, is that it may allow for power generation in proximity to population centers.
Nearly 2.4&#160;billion people, about 40% of the global population, live within 100 kilometers of a coast, according to a report from
the United Nations. In addition, most of the world&#8217;s megacities are located near the coastline, with eight out of the ten largest
cities in the world being located by the coast, according to an article from UN Atlas of the Oceans, which also highlights a trend in
current population growth and migratory patterns which are seeing more people leaving the urban inland for life in cities. We believe
that this results in making wave energy an increasingly attractive source of power generation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Opportunities are expanding
as the wave energy field evolves. According to a review article published by the Department of Mechanical Engineering, &#8220;Dunarea
de Jos&#8221; University of Galati, Romania, the successful development of wave technology in the European wave market could generate
188 gigawatts (10%) of Europe&#8217;s electricity needs by 2050; provided, however, that for this to occur, there must be successful
development and operation of new wave generation systems that are planned for 2022 to 2040.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the 2019 European Green
Deal, the European Commission identified the blue economy (a term used to describe sustainable use of ocean resources for economic growth,
improved livelihoods, and jobs while preserving the health of ocean ecosystem), as having a central role to play in mitigating and adapting
to climate change. To boost the European blue economy, in February&#160;2020, the European Commission and European Investment Fund launched
a 75&#160;million Euro &#8220;Blue Invest&#8221; fund that provides financing to equity funds that strategically target and support companies
and technologies in the blue economy sector. As more sources of renewable power are sought, governments and entrepreneurs are increasingly
looking to our oceans and wave energy as a source of clean power. Further support for ocean energy can be seen in the United&#160;States,
where the United&#160;States Department of Energy, or the DOE, opened new funding opportunities worth $22&#160;million in 2020 for wave
technology research and development.<sup>&#160;</sup>This comes in the wake of the DOE&#8217;s 2019 report &#8220;Powering the Blue Economy&#8482;:
Exploring Opportunities for Marine Renewable Energy in Maritime Markets,&#8221; which outlines the potential of the ocean and tidal energy
opportunities in the United&#160;States.<sup>&#160;</sup>This report highlights the increased potential of wave power as an important
source of renewable energy and a viable part of the decarbonization of the energy sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="Chart, bar chart  Description automatically generated" src="image_002.jpg" style="height: 259px; width: 624px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Source: https:/academc.oup.com/ce/article/2/1/10/4924611</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Ocean Energy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the increase
in solar and wind energy cannot singlehandedly solve the world&#8217;s energy consumption needs because these types of energies are unlikely
to have the capacity to completely replace fossil fuels. However, we believe that developments in these sectors have demonstrated the
possibility that significant new technologies may enable large amounts of energy to be harvested in a reliable manner. Oceans, lakes
and rivers, which contain significant amounts of kinetic energy, cover 75% of the earth&#8217;s surface. The kinetic energy in sea water
is 832&#160;times as high as in wind, whereas the average water flow in all of earth&#8217;s rivers is a million cubic meters per second,
according to an article from The Economic Times.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite decades of development
efforts, according to an IRENA report, ocean energy remains a largely untapped renewable energy source with two tidal barrage facilities
representing more than 95% of the approximately 522&#160;megawatts of operating capacity at the end of 2019. The IRENA report further
indicates that ocean energy technologies deployed in open waters have seen positive development in the last few years, as both tidal
current and wave energy deployments saw new capacity come online, particularly in the waters of Scotland. In 2020, the total capacity
of tidal stream was 10.6 megawatts while wave energy amassed to 2.3 megawatts of capacity.<sup>&#160;</sup>Finally, this IRENA report
from 2020 also estimated that in 2020, the pipeline for wave and tidal stream energy projects was 2.83 gigawatts, with up to 10 gigawatts
of wave and tidal stream energy solutions potentially deployed by 2030.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Global Warming and the Need for Green Energy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The World Health Organization,
or WHO, in 2014 characterized air pollution as &#8220;the world&#8217;s largest single environmental health risk.&#8221; The WHO estimates
that 91% of the world&#8217;s population lives in places where air quality is below its guidelines. Furthermore, the WHO estimates that
air pollution accounts for approximately 4.2&#160;million deaths per year, with the WHO data showing that nine out of ten people breathe
air that exceeds the WHO guideline limits for levels of&#160;pollutants,&#160;with low- and middle-income&#160;countries suffering from
the highest exposures.<sup>&#160;</sup>In addition to these devastating figures, in 2019, an article from The World Bank stated that
840&#160;million people lacked access to electricity. With 40% of the world&#8217;s population living within 100 kilometers of the coastline,
we aspire to build wave energy power stations that will provide people access to electricity in proximity to their residence without
creating air pollution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the increase in global
energy consumption must be met, there is also a need for reduced pollution emerging from the energy sector. Today, more than ever before,
public awareness regarding the detrimental impact pollution has on the environment is at a peak, and we expect the public awareness to
continue to climb, with the consensus being that humans are the largest contributors to global warming.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current status of global
warming has resulted in several political efforts to assume responsibility and provide solutions for a more sustainable future. These
political efforts are a largely contributing factor to the increased demand in renewable energy, an energy source generated from natural
processes that are constantly replenished, including sunlight, geothermal heat, water, wind, tides and various forms of biomass.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Market growth for renewable
energy has so far been somewhat restrained due to the high cost of investment. However, increased government funding and development
in the technologies present new opportunities for future growth. Energy efficiency represents what could be the single largest potential
contributor to global emissions reduction. The switch to this type of energy has the potential to reduce carbon dioxide emissions by
billions of tons. For example, according to the World Resources Institute, in 2017 the United States passed the milestone of 1&#160;billion
light-emitting&#160;diode (LED) and compact fluorescent (CF) lights installed, avoiding what is estimated to be 142&#160;million tons
a year of carbon dioxide emissions, at a cost of about $7 per ton of avoided carbon dioxide. Political initiatives relating to the slowing
of global warming include, but are not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Paris Agreement, which
    was agreed upon at the UN&#8217;s annual climate conference in 2015 and signed in 2016, provides that those countries party to such
    agreement will undertake to take specific measures to reduce emissions and slow down global warming. According to the Convention,
    as of February&#160;19, 2021, of the 197 parties to the Convention, 190 parties have ratified the Paris Agreement. Although, the
    United&#160;States, the second largest emitter of greenhouse gases after China, withdrew from the agreement in 2020, President Biden
    signed an executive order to have the United&#160;States rejoin the Paris Agreement.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The EU&#8217;s climate
    and energy goal states that greenhouse gas emissions by 2030 shall be reduced by 55% by the end of 2030 compared to 1990. In 2030,
    32% of total energy consumption is expected to originate from renewable energy sources.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During COP26, it was clearly
    seen that the renewable energy market is facing major expansion. Energy day, which was one of the key thematic sessions taking place
    during the UN climate summit, started with the COP26 co-hosts echoing the words of the UN Secretary-General Ant&#243;nio Guterres:
    &#8220;consign coal to history&#8221;. President of the Conference, Alok Sharma, announced the new Global Clean Power Transition
    Statement, a commitment to end coal investments, scale up clean power, make a just transition, and phase out coal by the 2030s in
    major economies, and in the 2040s elsewhere. The pledge has 77 signatories, including 46 countries such as Poland, Vietnam, and Chile,
    and 23 of which are making commitments on ending coal for the first time. Meanwhile, the Powering Past Coal Alliance, which aims
    to achieve coal phase-out in a sustainable and economically inclusive way, welcomed new members that include seven countries and
    14 financial institutions. Also, the governments of South Africa, France, Germany, the United Kingdom and the United States, along
    with the European Union, announced a new ambitious, long-term Just Energy Transition Partnership to support South Africa&#8217;s
    decarbonization efforts. U.S. President Joe Biden and President of the European Commission Ursula von der Leyen appeared virtually
    to officially present the Global Clean Power Transition Statement during COP26.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In leading renewable markets
such as Denmark, supranational, national and local community interests are aligned on the utilization of renewable energies. In the United&#160;States,
under President Biden, there is an effort by the federal government to put renewable energies at the forefront. In others, such as Australia,
where the national leadership is retreating on decarbonization efforts, cities, communities, and corporations have become the most relevant
actors. They have stepped up to fill the vacuum and demand has continued to grow. Finally, the emerging markets that will see the most
significant growth in electricity demand as they develop have leaped into a position of solar and wind leadership.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At a 2019 meeting in Paris,
the Network for Greening the System, an alliance of central banks and financial regulators, published a letter in which they clarified
that they can no longer ignore the obvious threat and risk that comes from climate change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2021, in one of his first
acts as a new administration, as noted above, President Biden rejoined the Paris Agreement. In addition, President Biden cancelled the
controversial Keystone XL Pipeline. President Biden has listed tackling climate change as one of the core priorities of his presidency
and has promised to facilitate significant investment into renewable energy and sustainable technologies. Furthermore, as part of President
Biden&#8217;s $2 trillion pre-election&#160;plan to &#8220;Build a modern, sustainable infrastructure and an equitable clean energy future,&#8221;
the administration has pledged over the next four years to invest significantly in and to escalate the use of clean energy in the transportation,
electricity and building sectors in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In
recent years, the U.S. Congress has considered legislation to reduce emissions of greenhouse gas (&#8220;GHGs&#8221;), including methane
and carbon dioxide, byproducts of burning fossil fuels. In August 2022, the U.S. Congress passed, and President&#160;</span>Biden<span style="font-size: 10pt">&#160;signed
into law, the Inflation Reduction Act, which provides $369 billion in new funding for clean energy programs. The Inflation Reduction
Act appropriates significant federal funding for renewable energy initiatives and, for the first time ever, imposes a fee on GHG emissions
from certain facilities. This bill could increase the operating costs of conventional energy sources and accelerate the transition away
from fossil fuels, which could, in turn, benefit our renewable energy projects, business and results of operations. In April 2021, President&#160;</span>Biden<span style="font-size: 10pt">&#160;announced
a goal of reducing the United States&#8217; GHG emissions by 50 to 52% below 2005 levels by 2030. Relatedly, the United States and European
Union jointly announced the launch of the &#8220;Global Methane Pledge,&#8221; which aims to cut global methane pollution at least 30%
by 2030 relative to 2020 levels, including &#8220;all feasible reductions&#8221; in the energy sector. These developments could also
have the effect of accelerating the transition away from fossil fuels.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2020, the New&#160;York
State Pension Fund, one of the world&#8217;s largest state funds with over $226&#160;billion in assets, stated that it will pursue divestment
from companies that fail to meet its minimum standards, as part of a broader goal to transition its entire investment portfolio to net-zero&#160;emissions
by 2040.&#160;Divestment by investors in fossil fuels has gained traction over the last several years, and, according to the US SIF Foundation&#8217;s&#160;Report
on U.S.&#160;Sustainable and Impact Investing Trends 2020, money managers applied restrictions related to fossil fuels across $374&#160;billion
in assets under management in 2020. Additionally, at the outset of 2020, institutional asset owners adopted fossil fuel restrictions
or divestment policies that apply to $770&#160;billion in assets. Moreover, according to Fossil Free, a public fossil fuel divestment
campaign, institutions and individuals worldwide representing about $14&#160;trillion in assets have so far made public&#160;commitments&#160;to
divest from fossil fuels.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenue Models</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>WEC Technology</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date we have not generated
any significant revenues. However, if we are able to commercialize our WEC technology, we expect to seek to generate revenue for our
projects under three distinct models: (1)&#160;Build, Own, Operate, or BOO, (2)&#160;Build, Own, Transfer, or BOT, and (3)&#160;Joint
Venture or Turnkey projects, pursuant to which we expect to recognize revenue, if any. To date, we have not generated any revenue under
any of these models.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial contracts
with governments and governmental agencies, also referred to as our business to government customers, or B2G, subject to generating revenue
from the sale of wave energy, is expected to fall under the BOO revenue stream, whereas our private business customers, or B2B segment,
are expected to generally fall under the BOT or Joint Venture or Turnkey potential revenue stream.</p><div>

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    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Build, Own, Operate (BOO).&#160;&#160;&#160;&#160;Under
    this arrangement, we would own 100% of the project, and, therefore, we would finance and provide the operation and maintenance for
    the power station. We expect that the electricity produced would usually be sold to the grid in-line&#160;with long-term&#160;power
    purchase agreements (expected to be up to 25&#160;years) or other agreement types. This model incurs a higher initial investment
    cost but, assuming successful implementation, is expected to give a long-term&#160;recurring revenue stream from the amount of electricity
    that we sell to the grid.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Build, Own, Transfer (BOT).&#160;&#160;&#160;&#160;Under
    this arrangement, we would build the power station and then sell the power station. We believe that long-term&#160;fixed price revenue
    that may be generated by the power stations under Power Purchase Agreements may be attractive for institutional investors, who can
    pay a premium price to purchase the power stations due to their low required rate of return (in comparison to other purchasers).</span></td></tr>
  </table><div>
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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Joint Venture/Turnkey.&#160;&#160;&#160;&#160;</i>Under
    this arrangement, we would be responsible for constructing and operating the power station. When the construction is completed, we
    then invoice the partner the cost of construction plus an agreed margin after which they will be sole or joint owners of the power
    plant. Thereafter, the project would adopt the BOO revenue model (with the exception of the 100% stake and revenue interest) and
    the resulting revenue stream from electricity sales would be split between us and the joint venture partners. In addition to this
    joint venture path, we may also sell projects on a turnkey basis as we believe that it would provide us with a faster path to positive
    cash flow, and as such, may enable us to scale up the business at a more rapid rate. Under this arrangement, we may provide the technology
    and know-how&#160;and an exclusive license for our technology to be held by the joint venture entity in the respective country, and
    the partner may bring its knowledge and expertise in securing land, grid connection approval and funding for the power stations to
    be developed by such joint venture. Our Jaffa Port project is an example of our Joint Venture Agreement with the EDF Renewables IL.
    These joint venture agreements, such as the one we have with EDF Renewables, may provide our partners with certain beneficial rights.
    For instance, our Joint Venture Agreement with EDF Renewables IL provides EDF Renewables with a right of first look for three years
    from the date of the agreement (May 2019) on any M&amp;A transaction that EWP Israel may seek to execute and also provides EDF Renewables
    IL with a right of first offer for the first five years of the agreement to participate in the joint development of any other project
    using our technology for a wave energy station in Israel of above 0.25 megawatts.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As is customary in our industry,
we believe that in order to commercialize our WEC technology, especially under the BOO model, which is very capital intensive because
we finance and provide the operation and maintenance for the power stations, we will require additional financing. In the future, we
expect to achieve this by way of debt financing, which is a common and relatively cheaper method of financing of energy projects such
as ours, either with or without additional equity financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Wave Energy Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our operations
involving the sale/lease of our WEC technology, we also intend on expanding our product offering by providing increased project development
products and services. One of these services is the offering of feasibility studies for our potential clients, which we believe will
add to customer value and may provide an additional revenue stream for us in the event the feasibility study leads to initiation of commercial
projects. During 2020, we entered into our first Feasibility Study Agreement with MSMART Future Technology in Vietnam, which was completed
during 2021, and have since entered additional such agreements in Bangladesh and Morroco. These feasibility studies are conducted to
study the wave energy resource and preliminary project feasibility potential at a specific location and are performed as a precursor
to a more robust collaboration and project at the location.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we are working
on further expanding our product portfolio through the development of our new smart WPV software, intended to provide real-time&#160;production
verification that will allow preventative-predictive&#160;and corrective measures to be taken. We plan to release the software for use
by third parties, such as other wave energy developers, as well as relevant research institutions and leading universities, through unique
licensing agreements. We believe that the addition of these two services, and potentially others, will help position us as not only as
a technology provider, but also as a world-leader&#160;in a proprietary software for the growth of the wave energy industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competitive Advantages</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research has shown that renewable
energy has the potential to be a long-lasting, profitable and efficient source of energy. We believe that wave energy will become an
integral part of the world&#8217;s renewable energy mix. Other wave energy companies primarily focus on offshore installations, due to
the belief that there are more significant wave heights in the offshore. However, these systems have struggled to commercialize, for
among other reasons, those listed below, which we believe are competitive advantages that we currently hold over these and other offshore
competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><i>&#160;</i></p><div>

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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reliable.</i> We believe
    that our technology is extremely reliable as compared to other WEC technologies, and more specifically those that are offshore solutions.
    Unlike many of our competitors, our WEC technology, with the exception of our floater mechanisms, is located on land. Therefore,
    our conversion unit (the part of the system that holds the energy generation equipment) is not subject to an aggressive offshore
    marine environment. Furthermore, we utilize a storm protection mechanism, which is meant to prevent damage to the floaters during
    storms.</span></td></tr>
  </table><div>
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost Efficient. </i>The
    price of our WEC technology is highly competitive with a total forecasted capital expenditure of 1.2 million Euro ($1.3&#160;million)
    to 1.8 million Euro ($1.9&#160;million) per megawatt (the actual price may vary and final price is dependent on the amount of floaters
    needed per site, the work that must be performed for the installation of the systems to the existing structure, or the necessity
    of the construction of a new structure, and the proximity to the nearest substation or grid connection point). This capital expenditure
    is significantly lower than the price of the offshore competition, which, according to the World Energy Council World Energy Perspective
    Cost of Energy Technologies report, can range from a minimum of $5.48&#160;million (5.14&#160;million Euro) per megawatt to a sum
    as high as $16.05&#160;million (15.05&#160;million Euro) per megawatt, due to the fact that during both the installation of our system
    and the necessary operation and maintenance activities, we do not require the use of ships, divers, underwater cabling and mooring
    associated with offshore systems. As to the LCOE, based on our internal calculations that were derived using the International Energy
    Agency&#8217;s Ocean Energy Systems project LCOE calculation metrics, combined with our assumptions, we believe that it can be as
    low as 42 Euros ($45) per megawatt hour, in commercial scales.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Insurability.</i> The
    reduced capital expenditures and high reliability associated with our WEC technology, as compared to various offshore solutions,
    has allowed us to receive insurance coverage for our power stations. For example, our installations in Gibraltar and Israel have
    been insured by notable insurance companies. Although we are able to maintain what we believe is sufficient insurance, we still face
    risks in connection with the insurance coverage that we maintain for our technology. See &#8220;Item 3. D. Risk Factors &#8212; Risks
    Related to Product Development and Commercialization&#8221; for additional information.</span></td></tr>
  </table><div>
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Modular and Scalable
    Design</i>. Our WEC technology is fully modular, allowing us to scale projects, which is expected to minimize the common risks entailed
    in scalability. Our WEC technology can be scaled up to large-scale&#160;units of one megawatt or down to a few kilowatts for a purpose-built&#160;project.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Environmentally friendly.
    </i>Our WEC technology does not connect to the ocean or sea floor, and as such, it is considered to be a more environmentally friendly
    and cleaner energy system.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A study by the Institute
of Marine Sciences and Technology at Dokuz Eyl&#252;l University determined that onshore, also referred to herein as nearshore, technologies
have demonstrably higher survivability and are more cost effective than offshore solutions.<sup>&#160;</sup>In addition, in Dr.&#160;Peter
Harrop&#8217;s study in IDTechEx, in highlighting the advantages of wave energy solutions, he noted that Bali has decided to utilize
a 10 megawatt WEC solution in an effort to increase energy capacity without having to deal with huge infrastructure and other types of
energy sources due to the &#8220;invisible&#8221; nature of WEC technology.<sup>&#160;</sup>Another recent study from Oregon State University
and the Pacific Marine Energy Center noted the challenges in implementing WEC technology, while highlighting the importance of reliable,
low maintenance WEC technology with minimal environmental impact for commercial wave energy generation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, according to a
May&#160;2020 study by IRENA, a significant share of the of wave energy technologies operational today are point absorber technologies,
such as our WEC technology. According to the study, more than half of the wave energy converter developers with high technology readiness
levels focus on point absorbers due to their potential for wide range applicability. Finally, IRENA&#8217;s study concluded that most
of the current and planned projects in the ocean energy industry are point absorbers and that future projections point towards this technology&#8217;s
domination of the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the aforementioned
competitive advantages that we believe we hold (all of which we believe are disadvantages to offshore WEC technologies), in deep water
(where offshore solutions are placed), waves can travel in almost any direction, making it difficult to extract energy with offshore
technology due to the fact that these waves are more difficult to predict and more complex to account for in system design, whereas,
as shown below from a presentation at Texas A&amp;M University, although the maximum wave power is higher offshore, as waves get closer
to the shore, the direction of the waves becomes more consistent and milder (i.e.,&#160;maximum wave heights in near-shore&#160;areas
are closer to average wave heights), implying that the exploitable level of power offshore and nearshore is practically the same, which
may be due to the fact that utilization of WEC technology offshore, specifically in deep water, can make it difficult to extract energy
due to the uncontrollable movement of the waves. However, WEC solutions placed closer to shore, such as our WEC technology, generally
encounter waves coming from the same direction, thereby potentially boosting the quantity of energy captured.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following image depicts
the wave height observed in offshore, nearshore and onshore areas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="Chart  Description automatically generated" src="image_003.jpg" style="height: 308px; width: 624px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Source: https://waveenergyconversiontamu15.weebly.com/theory-of-wave-energy--availability.html</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The renewable energy industry
is very competitive and characterized by rapidly advancing technologies with a strong emphasis on proprietary and cost-effective&#160;solutions
that are environmentally friendly. We recognize that our competitive success will depend upon constant investments in innovative, pioneering
technological solutions, while continuing to offer a cost-effective&#160;solution that is environmentally friendly. We expect to compete
with other providers of renewable energy, and more specifically with in-ocean/sea autonomous power sources, where many of the providers
are substantially larger than us and may have access to greater financial resources. Incumbent wave energy power providers may also represent
established and reliable power sources and may have already gained customer acceptance. Our ability to compete successfully for business
from customers seeking renewable energy, and more specifically, energy generated from ocean and sea waves will depend on our ability
to produce and store energy reliably and at a total cost that is competitive with that of other sources, and on the on-going&#160;reliability
of our product and the perception of our Company. Our ability to compete effectively may be adversely affected by our current need for
additional financing and our future customers&#8217; concerns about our long-term&#160;viability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the end of the year
ended December&#160;31, 2022, there were over 400 companies, some with institutional funding, listed in the DOE Marine and Hydrokinetic,
or MHK, Technology Database. This DOE database provides up-to-date&#160;information on MHK renewable energy technologies and companies,
both in the United&#160;States and around the world. Some of these companies are located in the United&#160;Kingdom, continental Europe,
Japan, Israel, the U.S. and Australia, and many of those companies are pursuing the utility, grid-connected&#160;energy market. The MHK
industry continues to evolve as participants strive to differentiate themselves by promoting their specific technology focusing on cost
and efficiency. The companies are subdivided by implementation: wave power, current power, tidal and ocean thermal energy conversion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b>Project Development
and Manufacturing </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of our WEC technology
is comprised from off the shelf components from leading manufacturers. The value chain below shows the technical project development
process, which can be divided into six different steps as depicted in the image below: project planning, manufacturing, installation,
grid-connection, operation and maintenance and de-commissioning. We are active in all of the stages, either independently or through
sub-contractors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_004.jpg" style="height: 349px; width: 624px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We perform the initial project
planning phase, which includes detailed feasibility studies, project licensing, and project design activities. Following the planning
phase, our team then tenders manufacturers and suppliers for the procurement, manufacture and assembly of our technology&#8217;s sub-systems.
The sub-systems&#160;can be classified as: (i)&#160;the mechanical sub-system, which is comprised of the floaters&#8217; mechanisms;
(ii)&#160;the hydraulic sub-system, which consists of the hydraulic components such as the accumulators, pistons, valves and hydraulic
motors; (iii)&#160;the electrical sub-system, consisting of the electrical components such as the generators and inverters; and (iv)&#160;the
control and automation sub-system, which is a proprietary software developed by and for us. All of the sub-systems&#160;are manufactured
by parties who we believe are experienced third-party&#160;manufacturers and suppliers. The installation to the marine structure phase
of the project is then performed by a selected civil engineering company which is experienced in installation works in the sea/ocean
environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The grid-connection&#160;phase
is then performed by a relevant electric company. Depending on the business model for a particular project (BOO, BOT or Joint Venture/Turnkey),
the operation and maintenance is either performed by our team directly or by a local subcontractor or by the customer after undergoing
training in the operation and maintenance of our technology. The final de-commissioning&#160;phase is performed by a civil engineering
company with experience in the de-commissioning&#160;of energy projects in an industry accepted manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In most projects, we work
with several different types of suppliers and manufacturers throughout the value chain. We work with and procure parts from leading brand
name manufacturers known for extensive expertise and product quality such as Siemens. We do not believe that we are dependent on any
single vendor for manufacturing the components of and materials for our WEC technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, on our Gibraltar
project, ABB, formerly known as Asea Brown Boveri Ltd., installed the inverters and assisted in connecting the inverters to the grid,
which was performed by the GibElectric, the national electric utility provider in Gibraltar. Most of the significant hydraulic parts
in the Gibraltar and EDF EWP One project were manufactured by BOSCH Rexroth AG, Parker and other brand names, and were procured and installed
by a sub-contractor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The floaters mechanisms for
our system are built locally in each location, on-site, while the WEC units (conversion units) are constructed in Israel and delivered
and installed on-site. Our engineers are responsible for integration of the parts, thereby allowing us to keep important know-how&#160;inhouse.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Part of our rationale in
procuring parts from and working with experienced and brand name manufacturers is to ensure the availability of parts worldwide. In our
experience, parts from experienced manufactures are generally available in almost every country around the world and can be easily procured
and assembled in a project in almost any environment. Since most of our WEC technology is comprised of off-the-shelf&#160;parts from
the aforementioned manufacturers, we believe we face some exposure to fluctuations in the prices of raw materials or other supplies which
influence the price of parts from the experienced brand name manufacturers we work with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: 14pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b>Marketing and
Sales </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continue to enhance our
marketing capabilities across our target markets and we are actively marketing our WEC technology. We currently use a direct sales force
consisting of employees and industry expert consultants. Among other things, we attend relevant industry conferences and cleantech forums
such as the UN Summits on Climate Change COP22, COP23 and COP26, the World Energy Congress and the Smart Energy Summit. We also host
delegations and dignitaries for demonstration tours of our demo plant in our offices and in our power station which is currently under
construction in Jaffa Port, as well as participate in governmental trade and investment delegations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our ongoing
B2B and B2G digital marketing efforts, we also frequently receive attention from international media outlets, including Wired Magazine,
CNN, MSN, BBC, SKY News, the Economist, Forbes, Bloomberg, National Geographic, and Reuters.&#160;In addition to attention from these
media outlets, we have been featured in videos made by other high profile parties, including Google, the UN Environment Program, i24
News, the Weather Channel, Energy Observer, the Sustainable Markets Initiative, by His Royal Highness King Charles and the World Economic
Forum and Solar Impulse.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because our solutions use
technology which is not yet fully adopted by our target markets, we expect that the customer decision process could require us to spend
substantial time educating end-users&#160;and stakeholders, which may result in a lengthy sales cycle.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b>Intellectual
Property </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our technology
differentiates us from other providers of wave energy conversion technologies. As a result, our success depends in part on our ability
to obtain and maintain proprietary protection for our products, technology and know-how&#160;to operate without infringing upon the proprietary
rights of others and to prevent others from infringing upon our proprietary rights. Therefore, we invest significant resources in the
submission and maintenance of our global patent portfolio.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our policy is to seek to
protect our proprietary position by, among other methods, filing patent applications across the globe related to our proprietary technology,
inventions and improvements that are important to the development of our business. We also rely on trade secrets, know-how&#160;and continuing
technological innovation and may rely on licensing opportunities to develop and maintain our proprietary position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a list of
our issued patents and allowed patent applications as of the date of this annual report on Form 20-F:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application/<br/>
    Patent Number</b></span></td>
    <td style="width: 2%; text-align: justify">&#160;</td>
    <td style="width: 51%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subject</b></span></td>
    <td style="width: 2%; text-align: justify">&#160;</td>
    <td style="width: 25%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Status</b></span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 215739</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A pontoon with sharpened
    front and sloping back</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved on October 24,
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 246192</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system for lifting and
    submerging pontoon during storm</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on October 1,
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 246193</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system with shock absorber
    for preventing breakage of jib connections</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved on October 24,
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 246194</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system for changing a
    working volume of a hydro motor according to electricity demand</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on November
    30, 2019</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254987</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A pontoon with left-and-right
    front diagonal sides for splitting progressive sea waves</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on October 31,
    2020</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254988</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A pontoon with sharpened
    front and left-and-right front diagonal sides</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on September
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254990</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system including a pontoon
    with a vertical cylinder anchored to the bottom</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on October 31,
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254991</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system including a pontoon
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on May 1, 2021</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254992</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system with secondary
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on June 2, 2021</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254993</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system for regulating
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on August 31,
    2019</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 254994</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A system with double acting
    hydraulic cylinders and secondary accumulator</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on June 2, 2021</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US 16/762931</p>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System for generation of
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered on March 21,
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a list of
our patent applications as of the date of this annual report on Form 20-F:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 20%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application/<br/>
    Patent Number</b></span></td>
    <td style="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 51%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subject</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 2%; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 25%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Status</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPO 17932991.7</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System for generation of
    electricity or clean water from waves or combined system</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In examination</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 274332</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System for generation of
    electricity or clean water from waves or combined system</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In examination</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel 268942</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined sea wave photovoltaic
    power plant</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In examination</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPO 19943269.1</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined sea wave photovoltaic
    power plant</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiting for examination</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US 17/638214</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined sea wave photovoltaic
    power plant</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiting for examination</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>Government Regulation </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our technology is subject
to regulation in foreign jurisdictions in which we are currently pursuing projects concerning, among other areas, site approvals, environmental
approvals and compliance. In order to encourage the adoption of wave energy solutions, such as our WEC technology, some governments offer
subsidies and other financial incentives and have mandated renewable energy targets, which some of our customers may be able to leverage.
However, these subsidies, incentives and targets may change or may not be applicable to our technology, and, therefore, may not be available
to our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The renewable energy industry
has also been subject to increasing regulation. As the renewable energy industry continues to evolve, and as the wave energy industry
continues to evolve, we anticipate that wave energy technologies and our technology and deployment of our technology will be subject
to increased oversight and regulation in accordance with international, national, and local regulations relating to safety, sites and
environmental protection. The government practices and regulations that we followed to date in the various jurisdictions listed below
are subject to change and there can be no guarantee that we will be required to follow the same practices in the future or if additional
rules and/or regulations will be implemented that have a material impact on our operations in such jurisdictions. As we pursue new projects
in new jurisdictions, such as in Spain and the United States, we will become subject to regulations applicable to the renewable energy
industry and, in particular, wave energy industry in such jurisdictions (if such regulations are currently existent or will be developed).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Portuguese Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Site Approval and Compliance.
</i>In Portugal, federal agencies regulate the siting of long-term&#160;renewable energy projects and related-uses&#160;located in the
ocean. For example, in our Portugal project, APDL, which manages the Douro, Leix&#245;es and Viana do Castelo ports and the inland
waterway of Douro river, granted EWP Israel the preliminary Concession Agreement to use four sites under the management of APDL for the
project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to various
regulations and require various licenses and permits for construction and operation of our wave energy power station, for example, a
Private Use of Maritime Public Domain Title, known in Portuguese as a T&#237;tulo de Utiliza&#231;&#227;o de Recursos H&#237;dricos.
A wave energy power station with capacity up to one megawatt in Portugal requires formal confirmation from a municipality that a prior
control procedure, such as construction licensing proceeding or prior communication, is applicable for the project. Additionally, the
Directorate General for Energy and Geology needs to approve and accredit the party, applying to construct and operate a wave energy power
station with capacity up to one megawatt, as well as to provide permission to the party to connect to the grid. A party seeking to construct
and operate a wave energy power station with capacity above one megawatt, in addition to the foregoing permits and licenses, is also
required to carry out a preliminary environmental study and obtain a construction permit from the city council, among other things.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Gibraltar Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Site Approval and Compliance,
and Subsidies and Incentives. </i>In Gibraltar, the Government of Gibraltar and GibElectric granted EWP Israel the right to use land
to construct our wave energy plant. The Government of Gibraltar sets the conditions and delineates the process for connecting EWP Israel&#8217;s
five megawatt wave energy power station to the Gibraltar national electrical grid, and determines the remuneration scheme for the sale
of wave generated electricity to the national grid. EWP Israel, or EWP Gibraltar, will also have to apply for requisite environmental,
health and safety permits and trade license and conduct an environmental impact assessment. According to the terms of the Power Purchase
Agreement, for the pilot phase of 100 kilowatts (or 0.1 megawatt), EWP Israel had to obtain planning permission from the Development
and Planning Commission of Gibraltar and approval under the Building Regulations. For the five megawatt project, if executed, the Company
will also have to submit for requisite environmental and health and safety permits and trade license and an environmental impact assessment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we hold a PPA in
Gibraltar, at this time, we do not believe that our project in Gibraltar is material to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"></p><div>

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Israel Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Site Approval and Compliance,
and Subsidies and Incentives. </i>For our<i>&#160;</i>EDF EWP One project, EWP Israel obtained approval to use the site from Atarim and
conducted two engineering coordination processes, one for the grid connection works and the other one for the location of the WEC unit,
the cement works and the connection of the floaters to the breakwaters. The organizations that had to provide approvals as part of these
process are the Israel electric company, the Israeli water company, Shefa (a part of the Tel Aviv municipality), Jaffa Port, Atarim and
others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Mexico Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Site Approval and Compliance.
</i>In Mexico, federal agencies regulate the siting of long-term&#160;renewable energy projects and related-uses&#160;located in the
sea. In the case of Mexico, we purchased land in the municipality of Manzanillo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Environmental Approval
and Compliance.</i> In Mexico, Eco Wave Power Manzanillo One has commenced the process for receiving licensing approval for a five megawatt
Manzanillo project. In connection therewith, Eco Wave Power Manzanillo One received the following approvals:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Sea Portion Concession from the Communications and Transport
Ministry</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Environmental Impact Manifestation approved by the Environment
and Natural Resources Ministry</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">Federal Sea&#160;&amp; Land Zone Concession granted by the
Environment and Natural Resources Ministry</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">Non-Inexpediency&#160;to building the construction approval
by the Municipality</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">5.</td><td style="text-align: justify">Authorization of Validation of Social Impact by the Ministry
of Energy</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">6.</td><td style="text-align: justify">Opinion of Non-Affectation&#160;of Navigation by the Marine
Ministry</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">7.</td><td style="text-align: justify">Pre-Feasibility&#160;of Interconnection and Generation approved
by National Center for Energy Control</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although these approvals
have been obtained, they may be rescinded if Eco Wave Power Manzanillo One does not meet certain conditions. In addition, at this time,
we do not believe that our project in Mexico is material to our business we are not currently planning to pursue this project in the
near future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_015"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational Structure.
    </b>&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct our operations
through our wholly-owned&#160;subsidiary EWP Israel. In addition to EWP Israel, we have a number of other subsidiaries in Mexico, Portugal,
Gibraltar, Australia and the People&#8217;s Republic of China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;<img alt="Diagram  Description automatically generated" src="image_005.jpg" style="height: 266px; width: 624px"/></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Eco Wave Power Ltd.</b>,
also referred to as EWP Israel,<b>&#160;</b>is our wholly-owned&#160;subsidiary incorporated in Israel in 2011. The subsidiary has 11
employees and contains the majority of the management, marketing, sales and engineering personnel in our Company. EWP Israel is responsible
for the management of our subsidiary companies, the development of our project pipeline, the operation of our Company&#8217;s existing
projects, the development and construction of new projects, research and development activities for our wave energy technology, and the
maintenance and expansion of our intellectual property portfolio.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Eco Wave Power Gibraltar
Ltd.</b>, or EWP Gibraltar, is a wholly-owned&#160;subsidiary of EWP Israel, incorporated in Gibraltar in 2015. EWP Gibraltar operates
as the subsidiary which managed the operation and maintenance of our Company&#8217;s Gibraltar power station and was responsible for
the development of the project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Eco Wave Power Mexico&#160;</b>is
a partly-owned&#160;subsidiary of EWP Israel, incorporated as a joint venture in Mexico in 2014. Eco Wave Power Mexico operated as the
subsidiary responsible for the development, implementation, and management of our Manzanillo I project as well as the development of
the EWP technology in Mexico. Although we currently own 60% of the issued and outstanding shares of Eco Wave Power Mexico, as a result
of an investment into this entity certain investors have the right to receive shares in this company which would dilute our ownership
in it to 54% of the issued and outstanding share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Eco Wave Power Manzanillo
1.&#160;</b>is a majority-owned&#160;subsidiary of Eco Wave Power Mexico, incorporated in Mexico in 2016. Eco Wave Power Manzanillo 1.
will operate as a special purpose vehicle and is a project company for the EWP Manzanillo I project (if constructed).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>EW Portugal-Wave&#160;Energy
Solutions, Unipessoal Ida.</b>, is a wholly-owned&#160;subsidiary of EWP Israel, incorporated in Portugal in 2020. EW Portugal operates
as the main company for the development of the APDL project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>EDF-EWP&#160;One Ltd.&#160;</b>is
a partly owned subsidiary of EWP Israel, incorporated in Israel in 2019. EDF-EWP&#160;One Ltd. is a special purpose vehicle that is jointly
managed by EWP and EDF Renewables IL and is responsible for the development, implementation and management of the EDF EWP One project
in Jaffa Port, Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Eco Wave Power Australia
PTY Ltd.</b>, or EWP Australia,<b>&#160;</b>is a wholly-owned&#160;subsidiary of EWP Israel, incorporated in Australia in 2019. EWP Australia
operates as the main company for the development of the Company&#8217;s operations in Australia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Suzhou Eco Wave Power
Technology Co. Ltd.&#160;</b>is a partly-owned&#160;subsidiary of EWP Israel, incorporated in China in 2014. Suzhou Eco Wave Power Technology
Co. Ltd. operates as the main company for the development of the Company&#8217;s operations in China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_016"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plant and
    Equipment. </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our headquarters are located
at 52 Derech Menahem Begin St., Tel Aviv 6713701, where we occupy approximately 290 square meters. Our lease ends on November 30, 2024.
The lease agreement includes two consecutive one year extension options subject to a 5% price increase at the lessor&#8217;s discretion.
We moved to our new offices in March 2023. Our monthly rent payment as of April 2023 will be approximately NIS 30,000 (approximately
$9,000).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consider that our current
office space is sufficient to meet our anticipated needs for the foreseeable future and is suitable for the conduct of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 5. <span style="text-transform: uppercase">OPERATING AND FINANCIAL
REVIEW AND PROSPECTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_019"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Results.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements
and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking statements
that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially
from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in &#8220;Cautionary
Note Regarding Forward-Looking Statements&#8221; and under &#8220;Risk Factors&#8221; elsewhere in this annual report on Form 20-F. Our
discussion and analysis for the year ended December 31, 2021 compared to the year ended December 31, 2020 can be found in our Annual
Report for the fiscal year ended December 31, 2021 filed with the SEC on April 28, 2022 (File No. 001-40554).</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a wave energy company
primarily engaged in the development of a smart and cost-efficient&#160;WEC technology that converts ocean and sea waves into clean electricity.
Our wave energy technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves
by converting the rising and falling motion of the waves into an efficient and clean energy generation process. In addition to our WEC
technology, we are also building out a pipeline of ancillary technology services that we may provide to our clients and other parties,
such as research institutions. These services currently include feasibility studies for potential clients of our WEC technology. We are
also developing a smart WPV software, intended to provide real-time&#160;production verification that is expected to allow preventative-predictive&#160;and
corrective measures to be taken. We believe that by providing these complementary services, we will be better positioned to be a leader
of the wave energy industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into a variety
of agreements with parties interested in the utilization of our WEC technology. These agreements consist of Power Purchase Agreements,
Concession Agreements and other agreements in various stages, including letters of intent. Based on the terms of the agreements and our
own calculations, we believe that we have a total worldwide pipeline of projects that may be up to 404.7 megawatts in size. Although
the majority of the megawatts included in our pipeline are subject to preliminary agreements, we have a limited amount of megawatts that
are subject to more advanced agreements, such as our Power Purchase Agreement in Gibraltar (which we are not currently actively working
on advancing) for five megawatts, a Concession Agreement in Portugal for up to 20 megawatts, an Agreement in Spain for up to 2MW, an
Interconnection Agreement in Mexico for up to 25 megawatts (which we are not currently actively working on advancing), a Pioneering Technology
approval from the Israeli Ministry of Energy to construct a 100 kilowatt (or 0.1 megawatt) WEC array, which is in advanced construction
in the Jaffa port in Israel, and a Collaboration Agreement with AltaSea in the Port of Los Angeles (to include among other things) for
the relocation of our Gibraltar Pilot plant after its complete overhaul to the AltaSea premises in the Port of Los Angeles. Although
some of these agreements may be deemed to be definitive, there is no guarantee that we will complete the construction of any WEC systems
for such projects (or any others), as we will need to meet certain conditions and obtain certain licenses to reach the actual construction
stage of such projects, of which there can be no guarantee. (See Item. 4.D. &#8211; &#8220;Risk Factors &#8212; Risks Related to Our
Business Operations&#8221; for risks associated with our pipeline projects and Item. 4.B. &#8211; &#8220;Business &#8212; Project Pipeline&#8221;
for additional information).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to continue to develop
the projects in our pipeline, specifically our EDF EWP One project, the implementation of our Pilot project that was relocated from Gibraltar
to the AltaSea premises in the Port of Los Angeles, and to work towards the completion of the licensing required for our megawatt project
in Portugal and/or Spain and/or other locations, further expand our project pipeline, conduct research and development aimed at continuing
to upgrade and improve our WEC technology, continue the reinforcement of our patent portfolio, and to expand the team that will help
us achieve our growth strategy. We expect the development cost of launching any commercial-scale&#160;project (i.e., at least 20 megawatts),
will range from 1.2&#160;million Euro ($1.3&#160;million) to 1.8&#160;million Euro ($1.9&#160;million) for the cost of equipment per
megawatt. In addition to the cost of equipment, the cost to launch a commercial-scale&#160;project will also include installation and
connection to the local/regional electricity grid, which cost may significantly vary in accordance with the condition of the breakwater
and/or the construction of a novel marine structure, and the distance from the nearest grid connection point. In addition, the price
may vary significantly due to the wave climate in the region, as regions with lower wave climates may require significantly larger amounts
of floaters to reach an adequate capacity factor. At this time, most of our projects are either not of a commercial nature or in too
early stage of their development to determine the exact final construction, installation, and grid connection costs. In addition, we
expect that the costs of completing our pipeline projects will be impacted by applicable government regulations, some of which may cause
the actual cost of getting to commercial launch to become more expensive.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The EDF EWP One 100 kilowatt
(or 0.1 megawatt) installed capacity project, which is the most advanced project in our pipeline and is currently in construction, is
expected to cost, in the aggregate between $900,000 to $1 million depending on amounts of upgrades to be performed, installation and
grid connection costs. The cost of the project is more than originally expected due to component price increases resulting from supply
chain disruptions related to COVID-19 and different research and development activities to be performed at the site. The costs are to
be divided equally between us and EDF Renewables IL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our projects generally have
the following development milestones, once an agreement and/or proper licenses have been entered:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-feasibility studies,
    which entail preliminary site suitability and energy potential assessments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">feasibility studies, which
    entail detailed civil engineering studies, wave studies, forecasting energy generation calculations, forecasting cost calculations,
    as well as site and project suitability assessments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    grid connection approvals and terms and negotiating feed-in-tariffs, if not available), which generally entails securing all the
    licenses, permits, and approvals required for the development and construction of a power station at the relevant site;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns),as a result of the remaining restrictions, we experienced certain
delays in projects&#8217; execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our 2022 revenues of $26
thousand were from services we provided in connection with a feasibility study in Asia. To date, we have not generated any revenue from
product sales and do not expect to generate any significant revenue from product sales for at least the next several years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operating Expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current operating expenses
consist of three components&#160;&#8212;&#160;research and development expenses, sales and marketing expenses and general and administrative
expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Research and
Development Expenses </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expenses consist primarily of salaries and related personnel expenses, depreciation and other research and development expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table discloses
the breakdown of research and development expenses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that our research
and development expenses will materially increase as we grow our project pipeline and increase project execution rates in new locations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Sales and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our sales and marketing expenses
consist primarily of salaries, marketing and advertising services, including public relations and investor relations, and travel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table discloses
the breakdown of sales and marketing expenses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">92</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>General and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our general and administrative
expenses consist primarily of salaries, professional service fees, depreciation, and other general and administrative expenses, such
as rent and consulting fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table discloses
the breakdown of general and administrative expenses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b>Results of Operations
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Comparison
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i></span> &#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue decreased by $5 thousand,
or 16%, to $26 thousand for the year ended December 31, 2022, compared to $31 thousand for the year ended December&#160;31, 2021. This
revenue was generated from services we provided in connection with a feasibility study in Asia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Cost of Sales</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales decreased by
$5 thousand, or 16%, to $22 thousand, for the year ended December 31, 2022, compared to $27 thousand for the year ended December&#160;31,
2021. This cost of sales is attributable to services we provided in connection with a feasibility study in Asia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Research and
Development Expenses </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
expenses increased by $0.22&#160;million, or 34%, to $0.89&#160;million for the year ended December&#160;31, 2022, compared to $0.67&#160;million
for the year ended December&#160;31, 2021. This increase was primarily attributable to a $278 thousand one-off loss on the disposal of
the floater mechanism equipment of the Gibraltar wave energy array, due to the relocation of the energy conversion unit from our Gibraltar
project to the Port of Los Angeles, as well as from an increase in grants received by $90 thousand.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and Marketing Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and marketing expenses
remained at their level of $0.5 million for the year ended December&#160;31, 2022 and for year ended December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>General and Administrative
Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses increased by $0.35&#160;million, or 18%, to $2.26 million for the year ended December&#160;31, 2022, compared to $1.9&#160;million
for year ended December&#160;31, 2021. This increase was mainly the result of a $76 thousand increase in insurance costs as well as an
increase in professional services expenditures associated with the capital reorganization in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income for the year
ended December&#160;31, 2022, amounted to $28 thousand and primarily includes $24 thousand in management fees from a joint venture, EDF
EWP One</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share of net loss of a joint venture accounted
for using the equity method</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Share of net loss of a joint
venture accounted for using the equity method increased by $0.01 million, or 110%, to $0.02 million for the year ended December 31, 2022,
compared to approximately $0.01 million for year ended December 31, 2021. This increase was primarily attributable to management fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating loss</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating loss increased
by $0.53&#160;million, or 17%, to $3.6&#160;million for the year ended December&#160;31, 2022, compared to $3.07 million for year ended
December&#160;31, 2021. This increase was mainly the result of an increase in research and development costs mainly due to a $278 thousand
one-off loss on disposal of equipment, and an increase in general and administration expenses mainly due to a $76 thousand in insurance
costs as well as an increase in professional services expenditures associated with the capital reorganization in our fiscal year ended
December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Financial Income
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net financial income decreased
by $0.02 million to $0.7&#160;million for the year ended December&#160;31, 2022, compared to $0.72&#160;million for year ended December&#160;31,
2021. This decrease was mainly the result of decrease in income from foreign exchange differences due to the increased value of the USD
against the SEK.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Net Loss </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net loss increased by $0.55&#160;million,
or 23%, to $2.9&#160;million for the year ended December&#160;31, 2022, compared to $2.35&#160;million for year ended December&#160;31,
2021. This increase was mainly the result of the increase in research and development expenses as well as an increase in general and
administration expenses.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Liquidity and Capital Resources.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the inception of EWP
Israel and through December&#160;31, 2022, we have funded our operations principally with $25.4 million from the sale of our Common Shares
in our initial public offering on Nasdaq First North, from private issuances of Common Shares, from our public offering of our ADSs on
the Nasdaq Capital Market, from shareholder loans and from the receipt of various government grants. As of December&#160;31, 2022, we
had $5.3&#160;million in cash and cash equivalents and $5 million in short term cash deposits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents
our cash flows for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(2,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(2,530</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,301</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(130</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Cash provided by (used in) financing activities, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,861</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net (decrease) increase in cash and cash equivalents</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(8,083</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">5,201</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Effect of exchange rate changes on cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,243</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,314</td><td style="text-align: left">)</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Operating Activities
</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities of $2.46 million during the year ended December&#160;31, 2022 primarily reflects our net loss of $2.9 million for the period.
The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account in
calculating, and that increased our overall loss, including $0.2 million of depreciation expenses, $278 thousand of loss on disposal
of equipment, $0.1 million of other non-cash items and changes in components of working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities of $2.53&#160;million during the year ended December&#160;31, 2021 primarily reflects our net loss of $2.35 million for the
period. The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account
in calculating, and that increased our overall loss, including $0.25 million of depreciation expenses, $0.28 million of other non-cash
items and changes in components of working capital..</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities decreased by $0.07 million, to approximately $2.46 million for the year ended December&#160;31, 2022, compared to approximately
$2.53&#160;million for year ended December&#160;31, 2021. This decrease was mainly the result of an increase in non-cash expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Investing Activities
</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities in the year ended December&#160;31, 2022 consisted mainly of $5.3 million relating to investment in short term deposits of
$5 million, an investment in a joint venture of $0.29 million and to purchases of property and equipment of $3 thousands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities in the year ended December&#160;31, 2021 consisted mainly of $0.13 million relating to investment in a joint venture of $0.12
million and to purchases of property and equipment of $0.01 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities amounted to $5.3&#160;million for the year ended December&#160;31, 2022 compared to $0.13&#160;million for the year ended
December&#160;31, 2021. The increase in cash used in investing activities in 2022 was mainly relating to investment in short term bank
deposits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Financing Activities
</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in financing
activities in the year ended December&#160;31, 2022 consisted mainly of $0.3 million relating mainly to repayment of loan from a related
party of $0.2 million and principal elements of lease payments of $0.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in financing
activities in the year ended December&#160;31, 2021 consisted mainly of $9.2 million relating mainly to proceeds from issuance of share
capital, net of issuance costs of $1.24 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used by financing
activities decreased by $8.2&#160;million, to -$0.3&#160;million for the year ended December&#160;31, 2022, compared to net cash provided
in financing activities of $7.9&#160;million for the year ended December&#160;31, 2021. This decrease was mainly due to proceeds from
issuance of share capital, net of issuance costs in the aggregate amount of $7.9&#160;million in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March&#160;7, 2019, EWP
Israel signed a loan agreement with PortXL Netherlands B.V., or PortXL, to provide EWP Israel with 100,000 Euro (approximately $107,000).
The loan consisted of two components: (1) 85,000 Euro (approximately $91,000) in kind consisting of services related to participating
in PortXL&#8217;s startup accelerator program was provided; and (2) 15,000 Euro (approximately $16,000) was provided in cash. The loan
bears a compounded fixed interest of 5% per annum, accruing from April&#160;1, 2019 through March&#160;31, 2028. The outstanding balance
of the loan and any accrued and unpaid interest thereon shall be due and payable in five annual installments, commencing from April&#160;1,
2023. EWP Israel is entitled to prepay any part of the loan and/or the interest at any time, without any premium or penalty in its sole
discretion. To the extent that EWP Israel fails to repay the loan when due, PortXL shall be entitled, as a sole remedy, to be issued
ordinary shares of EWP Israel in such number equal to the unpaid balance of the loan and the accrued interest, divided by $357.825, which
is the value of such ordinary shares prior to our initial public offering on Nasdaq First North. According to the loan agreement, EWP
Israel is obligated to send PortXL audited financial statements, once such statements are available. As of December&#160;31, 2022, the
amount outstanding under the loan agreement with PortXL was $128,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2019, we conducted
our initial public offering on Nasdaq First North, in which we raised approximately SEK 111.6&#160;million ($11.95&#160;million) in net
proceeds, which represented that majority of the net cash provided by financing activities in the year ended December&#160;31, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2021, we completed
an underwritten public offering on Nasdaq Capital Market in which we raised approximately $7.96 million in net proceeds, which represented
the majority of the net cash provided by financing activities in the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31, 2022,
we also have the following indebtedness from loans received from a related party. (See Item. 7.B. &#8211; &#8220;Related Party Transactions&#8221;
for additional information).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with a loan
    received during the course of 2011 through 2016, EWP Israel entered into loan agreements with David Leb, a shareholder of the Company
    and a member of our board of directors, in the amounts of $200,000 and $800,000, or the First Shareholder Loan and the Second Shareholder
    Loan, respectively. According to the terms of the First Shareholder Loan, EWP Israel agreed to repay the borrowed amount through
    monthly payments of $666, commencing from January 2019. The First Shareholder Loan carries an annual interest rate of 4% per year,
    compounded annually and the principal amount and the interest thereon were scheduled to mature in January 2020. Pursuant to a side
    letter entered into in January 2021 by us and Mr.&#160;Leb, the First Shareholder Loan is scheduled to mature in January 2022. The
    First Shareholder Loan principal was paid in 2022. The accrued interest remained as a current liability to a related party in the
    statement of financial position. According to the terms of the Second Shareholder Loan, EWP Israel agreed to repay the borrowed amount,
    interest-free, within 36&#160;months, or the Maturity Date. In the event repayment is not made by the Maturity Date, the Second Shareholder
    Loan will begin to carry an interest rate of 4% per annum. We are currently accruing interest on the loan amount, as we have not
    yet decided whether to repay the loan, as per the terms of the loan agreement. Pursuant to a side letter from Mr. Leb dated December
    31, 2021, the repayment of the loan will depend on the Company&#8217;s financial condition and any demand to repay the loan will
    not be made prior to January 2023. The First Shareholder Loan principal was repaid in 2022. The accrued interest is classified as
    a current liability to a related party in our statement of financial position as of December 31, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we previously
received a variety of grants, including royalty and non-royalty&#160;bearing grants, and other commitments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Committee provided a
loan in the aggregate amount of RMB 3,977,700 (approximately $570,000) to EWP Suzhou. In order to repay the principal amount of the loan
and interest accrued thereon, pursuant to the terms of the agreement, EWP Suzhou is scheduled to pay the Committee 3% of the net proceeds
from commercialization of its future projects and products in addition to 5% annual interest, until the full amount is repaid. There
have been no significant proceeds in China since 2013 and there are no expected significant proceeds from near future projects in China.
In addition, EWP Suzhou is also obligated to pay to CS 5% of the net proceeds from commercialization of its future projects for a term
of 10 years from the date of the agreement. As of the date of this annual report on Form 20-F, the accelerator program has been terminated
and we are expected to become a 100% shareholder of the joint venture. See Note 16(b) to the audited consolidated financial statements
included elsewhere in this annual report on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-royalty&#160;bearing
grants that we have received, and which we are not required to repay, include an Australian Dollar 75,000 ($51,000) non-royalty&#160;bearing
grant from the government of Queensland Australia in order to support our operations and further growth in Australia, along with a 50,000
Euro ($53,000) grant from the European Commission&#8217;s Horizon 2020 program, a $2,500 grant from Vital Voices Global Partnership to
install certain equipment for the power station at the EDF EWP One Project and a 7,500 Euro ($8,000) grant from MazeX program for marketing
and business development in Portugal, a 71,000 GBP ($86,000) grant from Innovate UK through the Energy Catalyst Round 8: clean energy-
experimental development competition, a 8,480 GBP ($10,000) grant from the Wohl Clean Growth Alliance and an advance payment of 86,000
Euro (approximately $92,000) from the EU Horizon 2020 Research and Innovation Programme as part of the ILIAD consortium.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also were approved a royalty-bearing&#160;grant
in the aggregate amount of up to NIS 492,000 (approximately $140,000) that we have partially received from the Israeli Ministry of Energy
pursuant to a financing agreement. To date we have received NIS 420,000 (approximately $119,000) of the grant. Pursuant to the terms
of this agreement, we are to receive installation payments, which started in January 2019, and the last of which we are scheduled to
receive after we file the final project report with the Israeli Ministry of Energy. We are committed to pay royalties at a rate of 5.0%
from commercialization of the project&#8217;s know-how&#160;and intellectual property (if any is developed) up to the cumulative amount
of the grant, linked to the Israeli consumer price index, and with the addition of the interest rate of the Accountant General of Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current Outlook </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have financed our operations
to date primarily through proceeds from the sale of our Common Shares in our initial public offering on Nasdaq First North, from private
issuances of shares by EWP Israel prior to our initial public offering on Nasdaq First North, from the public offering of our ADSs on
Nasdaq Capital Market, from shareholder loans and from the receipt of various government grants. We have incurred losses and generated
negative cash flows from operations since the inception of EWP Israel in 2011. Through the end of 2022, we have not generated any significant
revenue, and we do not expect to generate significant revenues from the sale of our products in the near future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31, 2022,
our cash and cash equivalents were $5.3 million and our short term cash deposits were $5 million. Based upon our currently expected level
of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through at least
the next 12 months period from the date of this annual report on Form 20-F. However, we will require significant additional financing
in future periods to continue to fully execute our business plans. We currently anticipate that we will be able to return to a level
of operations more similar to that of our pre-COVID-19&#160;level operations during the course of the year ending December&#160;31, 2023,
and as such, we intend to increase our operational activities although we may continue to experience supply chain interruptions that
may result in additional costs and inefficiencies in operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our operating
plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than
planned. Our future capital requirements will depend on many factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our research and development
    efforts, including our ability to finish research and development projects or product development within the allotted or expected
    timeline;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the cost, timing and outcomes
    of seeking to commercialize our products in a timely manner;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to generate
    cash flows;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic weakness, including
    inflation, or political instability in particular foreign economies and markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the length of the COVID-19&#160;pandemic
    and its impact on our research and development, operations and financial condition;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government regulation in
    our industry, and more specifically, the costs and timing of obtaining regulatory approval&#160;or permits to launch our technology
    in various geographical markets; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs of, and timing
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until we can generate significant
revenues, if ever, we expect to satisfy our future cash needs through our existing cash, cash equivalents and short-term&#160;deposits,
the net proceeds from the past offerings, loans, or debt or equity financings. We cannot be certain that additional funding will be available
to us on acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research
or development plans for, or commercialization efforts with respect to, one or more applications of our products and projects in our
pipeline. This may raise substantial doubts about our ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><div><a id="a_021"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.C</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research and development,
    patents and licenses, etc.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of our
research and development programs and the amounts that we have incurred over the last two years pursuant to those programs, please see
&#8220;Item 5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212; Operating Expenses&#8212; Research and
Development Expenses&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212; Comparison
of the year ended December 31, 2021 to the year ended December 31, 2020&#8212; Research and Development Expenses.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the years ended December
31, 2022, 2021 and 2020, our research and development expenses were $0.90 million, $0.67 million and $0.36 million, respectively, which
consisted primarily of payroll and related personnel expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_022"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.D</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend Information</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns). As a result of the remaining restrictions, we experienced certain
delays in projects&#8217; execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations. See also &#8220;Item 3.D.
&#8211; Risk Factors&#8211; Risks Related to Our Business Operations &#8211; Our business and operations have been and are likely to
continue to be adversely affected by the evolving and ongoing COVID-19 pandemic.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_023"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.E.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical Accounting
    Estimates</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We describe our significant
accounting estimates more fully in Note 4 to our audited consolidated financial statements included elsewhere in this annual report on
Form 20-F. We believe that the accounting policies described below and in Note&#160;4 are critical in order to fully understand and evaluate
our financial condition and results of operations. By their very nature, such policies involve estimates that are subjective and complex
and consequently may differ from actual results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We prepare our financial
statements in accordance with IFRS. At the time of the preparation of the financial statements, our management is required to use estimates,
evaluations and assumptions which affect the application of the accounting policy and the amounts reported for assets, obligations, income
and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting estimates are recorded during the
period in which the change to the estimate is made. We believe the following accounting policies require significant judgment and estimates
by us in the preparation of our audited consolidated financial statements included elsewhere in this annual report on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred taxes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deferred taxes are recognized
using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future
taxable income will be available against which the temporary differences can be utilized. Due to the fact that we are currently engaged
primarily in research and development activities and we are not expected to generate taxable income in the foreseeable future, no deferred
tax assets are included in the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Government Grants </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Government grants, which
are received from the Israeli Ministry of Energy for an approved pioneering research and development program for research and development
that we conduct, fall within the scope of a &#8220;forgivable loan,&#8221; as set forth in International Accounting Standard 20 Accounting
for Government Grants and Disclosure of Government Assistance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As approved by the Israeli
Ministry of Energy, the grants are received in installments as the program progresses. We recognize each forgivable loan on a systematic
basis at the same time that we record the related research and development costs for which the grant is received, provided that there
is reasonable assurance that (a) we will comply with the conditions attached to the grant, and (b) it is probable that the grant will
be received (usually upon receipt of approval notice). The amount of the forgivable loan is recognized based on the participation rate
approved by the Israeli Ministry of Energy; thus, a forgivable loan is recognized as a receivable when approved research and development
costs have been incurred before grant funds are received.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since at the time of grant
approval there is reasonable assurance that we will comply with the forgivable loan conditions attached to the grant, grant income is
recorded against the related research and development expenses in the statements of loss and comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If forgivable loans are initially
carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid to
the Israeli Ministry of Energy, we then recognize a liability that is measured based on our best estimate of the amount required to settle
our obligation at the end of each reporting period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and development expenses</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
expenses are recorded in accordance with the accounting policies detailed in Note 2(m) to our audited consolidated financial statements
included elsewhere in this annual report on Form 20-F. Our management has examined the revenue recognition conditions specified in Note
2(l) to our audited consolidated financial statements included elsewhere in this annual report on Form 20-F and, in its opinion, as of
December 31, 2022, the Company did not meet them for the year ended December 31, 2022. Therefore, as of December 31, 2022, we have not
capitalized research and development expenses, and research and development expenses were charged to the income statement.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><b>JOBS Act Transition Period </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#160;107 of the JOBS
Act provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period provided in Section&#160;7(a)(2)(B)
of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption
of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of
the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements
available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation
timing for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison
of our financials to those of other public companies more difficult.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an emerging growth
company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. As such, we are eligible to, and intend
to, take advantage of certain exemptions and reduced reporting requirements under the JOBS Act. Subject to certain conditions, as an
emerging growth company, we may rely on certain of these exemptions, including without limitation, (i)&#160;providing an auditor&#8217;s
attestation report on our system of internal controls over financial reporting pursuant to Section&#160;404(b) of the Sarbanes-Oxley
Act and (ii)&#160;complying with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory
audit firm rotation or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial
statements, known as the auditor discussion and analysis. We will remain an emerging growth company until the earlier to occur of (1)&#160;the
last day of the fiscal year (a)&#160;following the fifth anniversary of our initial public offering in the United States , (b)&#160;in
which we have total annual gross revenues of at least $1.235&#160;billion or (c)&#160;in which we are deemed to be a &#8220;large accelerated
filer&#8221; under the rules of the SEC, which means the market value of our ADSs that is held by non-affiliates exceeds $700.0&#160;million
as of the prior June&#160;30th, and (2)&#160;the date on which we have issued more than $1.0&#160;billion in non-convertible debt during
the prior three-year period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 6. <span style="text-transform: uppercase">DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_025"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Senior Management.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Officers and Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding our executive officers and directors as of the date of this annual report on Form 20-F:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 28%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 5%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 65%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mats Andersson<sup>(1)(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inna Braverman</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aharon Yehuda</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="white-space: nowrap">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annath Abecassis<sup>(1)(2)</sup></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Leb<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elias Jacobson<sup>(1)(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director (as
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mats Andersson, Chairman of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mats Andersson has served
as our Chairman of the board since July&#160;2020. Mr.&#160;Andersson has over 40&#160;years of managing and leadership experience serving
as both Chief Executive Officer, Chief Operations Officer and on the board of directors of several companies. In addition to his current
service as Chairman of the Board, Mr.&#160;Andersson serves as Chairman of the Board at private Swedish companies, Dafo AB, Bluetest
AB, G&#228;fle Testteknik AB and CWT AB, and from 2016 until&#160;2019, Mr.&#160;Andersson served in the same capacity at Ranplan AB.
Mr.&#160;Andersson previously served as Chief Executive Officer of Unitraffic AB from 2005 to 2015, of Anticimex Group from 1995 to 2004,
and of Conductor AB from 1989 to 1994. Mr.&#160;Andersson holds a Bachelor of Arts in English, Theory of Science, Astronomy from the
University of Gothenburg and Master of Science in Engineering Physics from Chalmers University of Technology in Sweden.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inna Braverman, Chief Executive Officer, Director</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inna Braverman co-founded&#160;EWP
Israel in 2011 and has served as its Chief Executive Officer since its founding in 2011, and has served as our Chief Executive Officer
since our incorporation in 2019. Ms.&#160;Braverman holds a B.A. in Political Science and Government and English Language and Literature
from Haifa University in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Aharon Yehuda, Chief Financial Officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Aharon Yehuda has
served as our Chief Financial Officer since December&#160;2020. Mr.&#160;Yehuda has over 20&#160;years of experience as a Chief Financial
Officer and has an additional decade of experience providing advisory, initial public offering and audit services to public and private
companies in Israel. From 1999 and until November&#160;2020, Mr.&#160;Yehuda served as the Chief Financial Officer of Turbochrome Ltd.
(formerly Chromalloy Israel Ltd.) a company that operates in the aviation industry. Mr.&#160;Yehuda holds a B.A. in Economics and Accounting
and M.B.A. from Tel-Aviv&#160;University in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Annath Abecassis, Director </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms. Annath Abecassis has
served as a member of our board of directors since June 2022. Ms. Abecassis is a business strategist whose consultancy has been sought
out by industry professionals in clothing, energy and tech. She has been working as the head of the business development at Liam Design,
a men&#8217;s apparel company, since November 2016. Throughout all of her endeavors, Annath has always strived to keep the planet in
mind, from Liam Design&#8217;s biodegradable clothing line to relying on renewable energy sources whenever possible.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>David Leb, Director</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">David Leb co-founded&#160;EWP
Israel in 2011 and has served as a board member since its founding, and has served as a member of our board of directors since our incorporation
in 2019. Mr.&#160;Leb has over 30&#160;years of business experience running various online enterprises and making investments in a variety
of fields (blockchain based technologies and real estate) some of which have led to successful exits, including a publicly traded medical
company on the Canadian Stock Exchange. Mr.&#160;Leb founded Rancho Estero, a camp near Santa Catalina, Panama in 2010, and since June&#160;2020,
Mr.&#160;Leb has been a member of the board of directors of BlingKa Inc. Mr.&#160;Leb holds a Bs.C. degree in Social Science from Dawson
College.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Elias Jacobson, Director</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Jacobson has served
as a member of our board of directors since July&#160;2020. Mr.&#160;Jacobson has extensive experience advising early stage companies
and serving on the board of directors of private (and public) companies, as well as significant experience in the renewable energy and
technology sectors. In 2020, he co-founded&#160;WiT Venture Partners AB, a Swedish venture capital firm. He has been serving as a member
of the boards of Zensum AB since 2019, WPS Sweden AB since 2016 and MarketMath Europe AB since 2014, among others. His previous experience
includes serving as the Chief Executive Officer and Chairman of Peltarion Energy AB from 2016 to 2017, the external CEO of Peltarion
AB from 2017 to 2019 and of Swedish Modules I Emtunga AB from 2013 to 2014.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Family Relationships</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no family relationships
between any members of our executive management and our directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Arrangements for Election of Directors
and Members of Management</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, members of our
board of directors are elected by our shareholders and elected to serve pursuant to their appointment or election until the first annual
general meeting of shareholders held thereafter. We are not a party to, and are not aware of, any voting agreements among our shareholders,
customers, suppliers or others pursuant to which any of our directors or members of senior management were selected as such.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
all compensation paid by us to each of our directors and senior managers for the year ended December&#160;31, 2022. The table does not
include any amounts we paid to reimburse any of such persons for costs incurred in providing us with services during this period. During
the year ended December&#160;31, 2022, we did not pay any share-based&#160;compensation nor did we pay any other bonuses to our directors
and senior management team.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All amounts reported in the
tables below reflect the cost to the Company, in thousands of USD, for the year ended December&#160;31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Salary</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Inna Braverman, Chief Executive Officer</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">491</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">39</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Aharon Yehuda, Chief Financial Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Mats Andersson, Chairman of the Board of Directors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Annath Abecassis</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">David Leb, Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Elias Jacobson, Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Employment Agreements with Executive Officers
</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into written
employment agreements with each of our executive officers. All of these agreements contain customary provisions regarding noncompetition,
confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited
under applicable law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We amended our employment
agreement with our Chief Executive officer, Ms. Inna Braverman, to provide that upon a change of control, as defined in the amended agreement,
Ms. Braverman will be entitled to a cash bonus of $2.0&#160;million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of the
terms of our options and option plans, referred to under Swedish law as warrants, see &#8220;Item 6. E. Share Ownership&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Directors&#8217; Service Contracts </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than with respect to
our directors that are also executive officers, we do not have written agreements with any director providing for benefits upon the termination
of his employment with our Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_027"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board Practices.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Board of Directors </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors is
currently composed of five members. Under the rules and regulations of Nasdaq, a director will qualify as &#8220;independent&#8221; if
our board of directors affirmatively determines that he or she has no material relationship with us. Our board of directors has determined
that, of our five directors, Annath Abecassis, Mats Anderson, Elias&#160;Jacobson and David Leb are &#8220;independent,&#8221; as defined
under Nasdaq Stock Market Rule&#160;5605(a)(2).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors performs
its duties in accordance with the rules of procedure of the board of directors. Pursuant to the Swedish Companies Act, our rules of procedure
are reviewed and adopted by the board of directors annually. Our board of directors, including the chairman is elected by our shareholders
at the annual general meeting and serve until the end of the next annual general meeting, with the possibility of re-election.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors established
an audit committee in connection with the listing of our ADSs on Nasdaq. We do not have nor do we intend to have a compensation committee,
or a committee performing a similar function, in the near future. Our board of directors does not believe that such a committee is required
at this time in light of the size of our Company, including the limited number of officers and due to the ability of our directors to
provide oversight on this matter. As a result, our board of directors, as a whole, makes decisions with respect to our policies regarding
compensation of our directors and officers, except that our Chief Executive Officer does not vote on any matters relating to her compensation
as Chief Executive Officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Committees of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Audit Committee
</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Nasdaq Stock Market
rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent and are financially
literate and one of whom has accounting or related financial management expertise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of our audit
committee include Annath Abecassis, Mats Andersson and Elias Jacobson, each of whom is &#8220;independent,&#8221; as such term is defined
in under Nasdaq Stock Market rules. Elias Jacobson serves as the chairman of our audit committee. All members of our audit committee
meet the requirements for financial literacy under the Nasdaq Stock Market rules. Our board of directors has determined that Elias Jacobson
is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by the Nasdaq
Stock Market rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
our audit committee is governed by a charter that complies with Swedish law in lieu of a charter that complies with Nasdaq Stock Market
rules. The audit committee has the responsibility to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consider and make recommendations
    to the board of directors on our financial statements, review and discuss the financial statements and present its recommendations
    with respect to the financial statements to the board of directors prior to the approval of the financial statements by our board
    of directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">oversee our independent
    auditor and engage and determine compensation or termination of engagement of our auditor;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine and pre-approve&#160;the
    terms of certain audit and non-audit&#160;services provided by our auditor;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">review and monitor, if
    applicable, legal matters with significant impact and findings of regulatory authorities&#8217;, receive reports regarding irregularities
    and legal compliance, act according to our &#8220;whistleblower policy&#8221; and make recommendations to our board of directors
    if so required, and oversee our policies and procedures regarding compliance to applicable financial and accounting related standards,
    rules and regulations; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">review and assess the independent
    auditor&#8217;s report, management letters and take notice of all comments of the independent auditor on accounting procedures and
    systems of control and review the independent auditor&#8217;s reports with management.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the responsibility
to oversee our independent auditor, pursuant to the Swedish Companies Act, our audit committee must specifically review and monitor the
auditor&#8217;s impartiality and independence, while paying particular attention to whether the auditor provides us with any non-audit&#160;services,
which may be provided only if the auditor maintains its impartiality and independence while providing such services. In addition, the
Swedish Companies Act requires that our audit committee assist in the preparation of proposals for the general meeting of the Company&#8217;s
shareholders relating to the resolution on the election of the auditor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_028"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees. </b>&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 31, 2020, we
had 15 full-time employees. On December 31, 2021, we had 14 full-time employees. On December 31, 2022, we had 12 full-time employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2023, we
had 12 full-time&#160;employees, including two executive officers. Of these employees, 11 are located in Israel, and one is located in
China. We believe that our future success will depend in part on our continued ability to attract, hire and retain qualified personnel.
None of our employees is represented by a labor union, and we believe our employee relations are good.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_029"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Ownership.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 7.A. Major
Shareholders&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b>Share Option
Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Long-Term Incentive Plan</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have established two warrant
programs, as an incentive for our directors, employees and consultants: the 2020/2024:A Warrant Program, or Program A, and the 2020/2024:B
Warrant Program, or Program B, both of which were approved by our shareholders in 2020 and amended in 2022. We refer to Program A and
Program B as the Programs. Each warrant issued under the Programs entitles the holder to subscribe for our common shares at a specified
exercise price during a specified subscription period and may only be exercised for a whole number of shares. In addition, by default,
warrants are issued with preemptive rights, provided, however, that upon obtaining shareholder approval for the issuance of warrants,
the shareholders may elect to waive such rights for the term of the warrant. At the annual general meeting held on June 30, 2022, it
was resolved upon amending the terms for the Programs, extending the period for each program during which the warrants may be exercised
for subscription of new shares. The material terms of the Programs are summarized below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may amend the Programs
at any time with respect to changes which are required by legislation, court decisions, or decisions by public authorities, or, if in
our opinion, any such actions are appropriate or necessary and do not adversely affect the rights of any warrant holder without the consent
of the affected holder. As of the date of this annual report on Form 20-F, we have not issued any warrants under either Programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Program A</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Program A, which is
an incentive program for our employees, we are permitted to issue up to a maximum of 1,055,845 warrants to purchase up to an equal number
of common shares. The warrants are represented by warrant certificates issued for a certain person. Warrant certificates are issued by
us in connection with the issuance of the warrants as well as for exchanges and conversions of warrant certificates in connection with
transfers and when otherwise required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrant holders are entitled
to subscribe for one new common share in the Company for each warrant during the period starting on 26 June, 2024 up and including 31
December, 2027, with the exercise price per share amounting to SEK 0.02. Pursuant to the terms of Program A, warrant holders are entitled
to an adjustment of the number of warrants issued and/or the applicable exercise price in the event of certain corporate changes. Events
giving rise to an adjustment in certain cases include, among other things, new issuance of shares, an issuance of additional warrants
or convertible debentures, the issuance of bonus shares, in each case, assuming that the preemptive rights for the issued warrants have
not been waived, a consolidation or a share split or if the Company under other circumstances directs an offer to the shareholders, assuming
that the preemptive rights associated with such warrants (pursuant to the principles set forth in Chapter&#160;13, section 1 of the Swedish
Companies Act) have not been waived, to purchase securities or rights of any kind from the Company. Notwithstanding events that may give
rise to adjustments as described above, the exercise price may never be lower than the par value of the Company&#8217;s shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Program B</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Program B, which is
an incentive program for our directors, excluding Inna Braverman and David Leb, respectively, and certain consultants, we are permitted
to issue up to a maximum of 527,922 warrants to purchase up to an equal number of common shares. The warrants are represented by warrant
certificates issued for a certain person. Warrant certificates are issued by the company in connection with the issuance of the warrants
as well as for exchanges and conversions of warrant certificates in connection with transfers and when otherwise required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrant holders are entitled
to subscribe for one new common share in the Company for each warrant during the period starting on 26 June, 2024 up and including 31
December, 2027, with the exercise price per share amounting to SEK 9.38. Pursuant to the terms of Program B, warrant holders are entitled
to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events
giving rise to an adjustment in certain cases include, among other things, new issuance of shares, an issuance of additional warrants
or convertible debentures, the issuance of bonus shares, in each case, assuming that the preemptive rights for the issued warrants have
not been waived, a consolidation or a share split or if the Company under other circumstances directs an offer to the shareholders, assuming
that the preemptive rights associated with such warrants (pursuant to the principles set forth in Chapter&#160;13, section 1 of the Swedish
Companies Act) have not been waived, to purchase securities or rights of any kind from the Company. Notwithstanding events that may give
rise to adjustments as described above, the exercise price may never be lower than the par value of the Company&#8217;s shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7. <span style="text-transform: uppercase">MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_031"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major Shareholders. </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding beneficial ownership of our Common Shares as of April 21, 2023, by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person, or group of
    affiliated persons, known to us to be the beneficial owner of more than 5% of our outstanding Common Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of our directors and
    executive officers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all of our directors and
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as indicated in footnotes
to this table, we believe that the shareholder named in this table has sole voting and investment power with respect to all shares shown
to be beneficially owned by it, based on information provided to us by such shareholder. The shareholders listed below do not have any
different voting rights from any of our other shareholders. Beneficial ownership is determined in accordance with the rules of the SEC,
and includes voting or investment power with respect to Common Shares. Common Shares issuable under share options that are exercisable
within 60&#160;days after April 24, 2023 are deemed outstanding for the purpose of computing the percentage ownership of the person holding
the options but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the shareholders
named in this table have sole voting and investment power with respect to all shares shown to be beneficially owned by them, based on
information provided to us by such shareholders. Unless otherwise noted below, each beneficial owner&#8217;s address is: c/o Eco Wave
Power Ltd., 52 Derech Menachem Begin St., Tel Aviv-Yafo, Israel 6713701.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Annath Abecassis</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Mats Andersson</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Elias Jacobson</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All directors and executive officers as a group (5<sup>&#160;</sup>persons)</b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 1%.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The percentages shown are
    based on 44,394,844 Common Shares issued and outstanding as of April 24, 2023.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Changes in Ownership of Major Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the course of
2022, there were no increases or decreases in the percentage ownership of our major shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the course of 2021,
there were no increases in the percentage ownership of our major shareholders. On the other hand, there were decreases in the percentage
ownership of Ms. Inna Braverman and Mr. David Leb, who each had their ownership stake in the Company diluted from 33.4% to 26.5%, and
from 33.7% to 26.8%, respectively, due to the Company&#8217;s initial public offering on Nasdaq Capital Market. Based on a Schedule 13G/A
filed with the SEC on January 31, 2022, which reflects holdings as of December 31, 2021, Alpha Capital Anstalt has ceased to be a beneficial
owner of more than 5% of our shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the course of 2020,
there were no major changes in the percentage ownership of our major shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Record Holders </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April 11, 2023, there
were 1,869 shareholders of record of our Common Shares, of which 9 had registered addresses in the United States. Based upon a review
of the information provided to us by The Bank of New York Mellon, the depository of the ADSs,&#160;as of April 11, 2023, there were a
total of 65 holders of record of our ADSs on record with the Depository Trust Company. This number is not representative of the number
of beneficial holders of our shares nor is it representative of where such beneficial holders reside, since many of these shares were
held of record by brokers or other nominees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not controlled by
another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and here are no arrangements
known to us which would result in a change in control of us at a subsequent date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_032"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions.
    </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Employment Agreements and Bonuses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into written
employment agreements with each of our executive officers. All of these agreements contain customary provisions regarding noncompetition,
confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited
under applicable law. In addition, the amended employment agreement with our Chief Executive Officer provides that upon a change of control
she will be entitled to a cash bonus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Members of our senior management
may become eligible for bonuses each year. Our policy is to pay bonuses to such executive officers upon meeting objectives and targets
that are set by our Chief Executive Officer and approved annually by our board of directors that also set the bonus targets for our Chief
Executive Officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>D&amp;O Insurance</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers and
directors are subject to our directors and officers insurance policy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholder and Director Loans</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to a loan received
in 2011, on May&#160;13, 2019, EWP Israel entered into loan agreements with David Leb, a shareholder of the Company and a member of our
board of directors, in the amounts of $200,000 (the First Shareholder Loan) and $800,000 (the Second Shareholder Loan).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the terms of
the First Shareholder Loan, EWP Israel agreed to repay the borrowed amount through monthly payments of $666, commencing from January&#160;2019.
The First Shareholder Loan carries an annual interest rate of 4% per year, compounded annually and the principal amount and the interest
thereon were scheduled to mature in January&#160;2020. Pursuant to a side letter entered into in January&#160;2021 by us and Mr.&#160;Leb,
the term of the First Shareholder Loan has been extended for one additional year, such that the loan and interest will mature in January&#160;2022.
No additional extension was made. The First Shareholder Loan principal was paid in 2022. The accrued interest remained as a current liability
to a related party in the statement of financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the terms of
the Second Shareholder Loan, EWP Israel agreed to repay the borrowed amount, interest-free, by the Maturity Date. In the event repayment
is not made by the Maturity Date, the Second Shareholder Loan will begin to carry an interest rate of 4% per annum. We are currently
accruing interest on the loan amount, as we have not yet decided whether to repay the loan, as per the terms of the loan agreement. Pursuant
to a side letter from Mr. Leb dated December 31, 2021, the repayment of the loan will depend on the Company&#8217;s financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 6.B. Compensation&#8221;
for compensation to our directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_033"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests of Experts and Counsel.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. <span style="text-transform: uppercase">FINANCIAL INFORMATION.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_035"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated Statements and Other Financial Information.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;Item 18. Financial Statements.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not currently subject to any material legal
proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividends</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid any cash dividends on our Common Shares and/or ADSs, and do not anticipate paying any cash dividends on the ADSs or our Common Shares
in the foreseeable future. Payment of cash dividends, if any, in the future will be at the discretion of our shareholders, upon proposal
by our board of directors, and will depend on then-existing&#160;conditions, including our financial condition, operating results, contractual
restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Swedish law, the calculation
of amounts available for distribution to shareholders, as dividends or otherwise, must be determined on the basis of our non-consolidated&#160;statutory
accounts prepared in accordance with Swedish accounting rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of dividends may be subject to Swedish
withholding taxes.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_036"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Changes.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No significant change, other
than as otherwise described in this annual report on Form 20-F, has occurred in our operations since the date of our consolidated financial
statements included in this annual report on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. <span style="text-transform: uppercase">THE OFFER AND LISTING</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_038"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer and Listing Details.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADSs have been trading
on the Nasdaq Capital Market under the symbol &#8220;WAVE&#8221; since July 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2022, we delisted
our Common Shares from trading on the Nasdaq First North Growth Market Sweden.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_039"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan of Distribution.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_040"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADSs have been listed
on for trading on the Nasdaq Capital Market since July 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2022, we delisted
our Common Shares from trading on the Nasdaq First North Growth Market Sweden.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_041"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling Shareholders.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_042"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_043"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses of the Issue.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_044"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. <span style="text-transform: uppercase">ADDITIONAL INFORMATION</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_045"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Capital.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_046"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum and Articles of Association.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of our articles of
association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information called for by this Item is set forth in Exhibit
2.4 to this annual report on Form 20-F and is incorporated by reference into this annual report on Form 20-F.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_047"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Contracts.
    </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into
any material contract within the two years prior to the date of this annual report on Form 20-F, other than contracts entered into in
the ordinary course of business and other than those described in &#8220;Item 4.B &#8212; Business Overview,&#8221; &#8220;Item. 5.B.
&#8211; Liquidity and Capital Resources &#8211; Financing Activities,&#8221; &#8220;Item 6.E. &#8211; Share Ownership &#8212; Share Option
Plan &#8212; Long-Term Incentive Plan&#8221; and &#8220;Item. 7.B. &#8211; Related Party Transactions &#8211; Shareholder and Director
Loans.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_048"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Controls.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no Swedish legislation
affecting the import or export of capital or the remittance of dividends, interest or other payments to&#160;non-resident&#160;holders
of our securities, except that, subject to the provisions in any tax treaty, dividends are subject to withholding tax.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_049"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following description
is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our Common Shares
or ADSs. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences
that may arise under the laws of any state, local, foreign, including Swedish, or other taxing jurisdiction.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>SWEDISH TAX CONSIDERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of certain material Swedish tax issues for holders of Common Shares that are not resident in Sweden for tax purposes. The summary is
based on current legislation and is intended to provide general information only. The summary does not cover, inter alia, the special
rules regarding tax-free&#160;dividends that may be applicable when investors hold Common Shares or Common Shares underlying ADSs, that
are deemed to be held for business purposes (for tax purposes), foreign companies conducting business through a permanent establishment
in Sweden, or foreign companies that have been Swedish companies. Each person considering an investment in Common Shares is advised to
consult an independent tax advisor as to the tax consequences that could arise from the acquisition, ownership and disposition of the
Common Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dividends</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For holders not resident
in Sweden for tax purposes that receive dividends on Common Shares of a Swedish limited liability company, Swedish withholding tax is
normally withheld. The same withholding tax applies to certain other payments made by a Swedish limited liability company, such as payments
as a result of redemption of shares and repurchase of shares through an offer directed to all shareholders or all holders of a certain
class. The withholding tax rate is 30%. The tax rate is, however, generally reduced under an applicable tax treaty. For example, under
the U.S.-Sweden&#160;Tax Treaty the tax rate on dividends paid to U.S. holders entitled to the benefits of the U.S.-Sweden&#160;Tax Treaty
should not exceed 15%. In Sweden, withholding tax deductions are normally carried out by Euroclear Sweden AB or, in respect of nominee-registered&#160;shares,
by the nominee. The tax treaties Sweden has entered into generally enable the withholding tax deduction to be made in accordance with
the tax rate stipulated in the treaty, provided that Euroclear Sweden AB or the nominee, as applicable, has received the required information
concerning the tax residency of the investor entitled to the dividend (this applies also under the U.S. &#8212; Sweden tax treaty). Furthermore,
investors entitled to reduced tax rates under applicable tax treaties may claim a refund from the Swedish tax authorities within five
calendar&#160;years following the year the dividend was distributed if the full withholding tax rate at 30% has been withheld.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Capital Gains</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders not resident in Sweden
for tax purposes are normally not liable for capital gains taxation in Sweden upon disposals of Common Shares. Exceptions can apply for
holders that are private individuals and have been tax resident in Sweden during the calendar year of disposal of Common Shares or the
ten calendar years preceding the year of disposal. Holders of Common Shares may, however, be subject to taxation in their state of residence.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. FEDERAL INCOME TAX CONSEQUENCES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE FOLLOWING SUMMARY IS
INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S.
HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP
AND SALE OF COMMON SHARES AND AMERICAN DEPOSITARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS
AND POSSIBLE CHANGES IN THE TAX LAWS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences to a &#8220;U.S.
Holder&#8221; arising from the purchase, ownership and sale of the ADSs or Common Shares. For this purpose, a &#8220;U.S. Holder&#8221;
is a holder of Common Shares or ADSs that is: (1)&#160;an individual citizen or resident of the United&#160;States, including an alien
individual who is a lawful permanent resident of the United&#160;States or meets the substantial presence residency test under U.S. federal
income tax laws; (2)&#160;a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership (other
than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under the
laws of the United&#160;States or the District of Columbia or any political subdivision thereof; (3)&#160;an estate, the income of which
is includable in gross income for U.S. federal income tax purposes regardless of source; (4)&#160;a trust if a court within the United&#160;States
is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all
substantial decisions of the trust; or (5)&#160;a trust that has a valid election in effect to be treated as a U.S. person to the extent
provided in U.S. Treasury regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is for general
information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income tax considerations
that may be relevant to a decision to purchase our ADSs or Common Shares. This summary generally considers only U.S. Holders that will
own our ADSs or Common Shares as capital assets. Except to the limited extent discussed below, this summary does not consider the U.S.
federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable to determine a taxpayer&#8217;s
status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986, as amended, or the Code, final,
temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial interpretations thereof, (including
with respect to the Tax Cuts and Jobs Act of 2017), and the U.S./Swedish Income Tax Treaty, all as in effect as of the date hereof and
all of which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will
not seek a ruling from the IRS with regard to the U.S. federal income tax treatment of an investment in our Common Shares or ADSs by
U.S. Holders and, therefore, can provide no assurances that the IRS will agree with the conclusions set forth below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not
address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on such holder&#8217;s
particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state, local, excise or
foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who
is: (1)&#160;a bank, life insurance company, regulated investment company, or other financial institution or &#8220;financial services
entity;&#8221; (2) a broker or dealer in securities or foreign currency; (3)&#160;a person who acquired our Common Shares or ADSs in
connection with employment or other performance of services; (4)&#160;a U.S. Holder that is subject to the U.S. alternative minimum tax;
(5)&#160;a U.S. Holder that holds our Common Shares or ADSs as a hedge or as part of a hedging, straddle, conversion or constructive
sale transaction or other risk-reduction&#160;transaction for U.S. federal income tax purposes; (6)&#160;a tax-exempt&#160;entity; (7)&#160;real
estate investment trusts or grantor trusts; (8)&#160;a U.S. Holder that expatriates out of the United&#160;States or a former long-term&#160;resident
of the United&#160;States; or (9)&#160;a U.S. Holder having a functional currency other than the U.S. dollar. This discussion does not
address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively, at any time, Common Shares or ADSs
representing 10% or more of our voting power. Additionally, the U.S. federal income tax treatment of partnerships (or other pass-through&#160;entities)
or persons who hold Common Shares or ADSs through a partnership or other pass-through&#160;entity are not addressed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, for U.S. federal
income tax purposes, U.S. Holders of our ADSs will be treated as owning the underlying Common Shares represented by those ADSs. Accordingly,
exchanges of Common Shares for ADSs, and ADSs for Common Shares will not be subject to U.S. federal income tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each prospective investor
is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding or disposing
of our Common Shares or ADSs, including the effects of applicable state, local, foreign or other tax laws and possible changes in the
tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dividends Paid on Common Shares
or ADSs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not intend to pay dividends
in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under the heading &#8220;Passive Foreign
Investment Companies&#8221; below and the discussion of &#8220;qualified dividend income&#8221; below, a U.S. Holder will be required
to include in gross income as ordinary income the amount of any distribution paid on Common Shares or ADSs (including the amount of any
Swedish tax withheld on the date of the distribution), to the extent that such distribution does not exceed our current and accumulated
earnings and profits, as determined for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and
profits will be treated first as a non-taxable&#160;return of capital, reducing the U.S. Holder&#8217;s tax basis for the Common Shares
to the extent thereof, and then capital gain. We do not expect to maintain calculations of our earnings and profits under U.S. federal
income tax principles and, therefore, U.S. Holders should expect that the entire amount of any distribution generally will be reported
as dividend income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, preferential
tax rates for &#8220;qualified dividend income&#8221; and long-term&#160;capital gains are applicable for U.S. Holders that are individuals,
estates or trusts. For this purpose, &#8220;qualified dividend income&#8221; means, inter alia, dividends received from a &#8220;qualified
foreign corporation.&#8221; A &#8220;qualified foreign corporation&#8221; is a corporation that is entitled to the benefits of a comprehensive
tax treaty with the United&#160;States which includes an exchange of information program. The IRS has stated that the Swedish/U.S. Tax
Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our dividends
will be qualified dividend income if our Common Shares or ADSs are readily tradable on the Nasdaq Capital Market or another established
securities market in the United&#160;States. Currently, our Common Shares are not traded on an established securities market in the United
States. In addition, dividends will not qualify for the preferential rate if we are treated, in the year the dividend is paid or in the
prior year, as a PFIC, as described below under &#8220;Passive Foreign Investment Companies.&#8221; A U.S. Holder will not be entitled
to the preferential rate: (1)&#160;if the U.S. Holder has not held our Common Shares or ADSs for at least 61&#160;days of the 121&#160;day
period beginning on the date which is 60&#160;days before the ex-dividend&#160;date, or (2)&#160;to the extent the U.S. Holder is under
an obligation to make related payments on substantially similar property. Any days during which the U.S. Holder has diminished its risk
of loss on our Common Shares or ADSs are not counted towards meeting the 61-day&#160;holding period. Finally, U.S. Holders who elect
to treat the dividend income as &#8220;investment income&#8221; pursuant to Code section 163(d)(4) will not be eligible for the preferential
rate of taxation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of a distribution
with respect to our Common Shares or ADSs will be measured by the amount of the fair market value of any property distributed, and for
U.S. federal income tax purposes, the amount of any Swedish taxes withheld therefrom. Cash distributions paid by us in SEK will be included
in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on the date the dividend is includible
in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such SEK for U.S. federal income tax purposes equal to such
U.S. dollar value. If the U.S. Holder subsequently converts the SEK into U.S. dollars or otherwise disposes of it, any subsequent gain
or loss in respect of such SEK arising from exchange rate fluctuations will be U.S. source ordinary exchange gain or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of the Disposition of Common Shares
or ADSs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided under
the PFIC rules described below under &#8220;Passive Foreign Investment Companies,&#8221; upon the sale, exchange or other disposition
of our Common Shares or ADSs, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between such U.S.
Holder&#8217;s tax basis for the Common Shares or ADSs in U.S. dollars and the amount realized on the disposition in U.S. dollar (or
its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized is
denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Common Shares or ADSs will
be long-term&#160;capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition.
Individuals who recognize long-term&#160;capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses
is subject to various limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Passive Foreign Investment Companies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special U.S. federal income
tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for U.S. federal income
tax purposes for any taxable year that either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75% or more of our gross
    income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares
    by value), in a taxable year is passive; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least 50% of our assets,
    averaged over the year and generally determined based upon fair market value (including our pro rata share of the assets of any company
    in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For this purpose, passive
income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities transactions and from
notional principal contracts. Cash is treated as generating passive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not expect that we
will be treated as a PFIC for the current taxable year. The tests for determining PFIC status are applied annually, and it is difficult
to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend
in part on the market value of our Common Shares or ADSs. Accordingly, there can be no assurance that we currently are not or will not
become a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we currently are or become
a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain distributions
by us and upon disposition of our Common Shares or ADSs at a gain:&#160;(1) have such distribution or gain allocated ratably over the
U.S. Holder&#8217;s holding period for the Common Shares or ADSs, as the case may be; (2)&#160;the amount allocated to the current taxable
year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3)&#160;the
amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class
of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax
attributable to each such other taxable year. In addition, when shares of a PFIC are acquired by reason of death from a decedent that
was a U.S. Holder, the tax basis of such shares would not receive a step-up&#160;to fair market value as of the date of the decedent&#8217;s
death, but instead would be equal to the decedent&#8217;s basis if lower, unless all gain were recognized by the decedent. Indirect investments
in a PFIC may also be subject to these special U.S. federal income tax rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PFIC rules described
above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has held the Common Shares
or ADSs while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder who has made such
a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder&#8217;s pro rata share of our
ordinary earnings as ordinary income and such U.S. Holder&#8217;s pro rata share of our net capital gains as long-term&#160;capital gain,
regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only if we make available
certain required information. The QEF election is made on a shareholder-by-shareholder&#160;basis and generally may be revoked only with
the consent of the IRS. We do not intend to furnish U.S. Holders annually with information needed in order to complete IRS Form&#160;8621
and to make and maintain a valid QEF election for any year in which we or any of our Subsidiaries are a PFIC. Therefore, the QEF election
will not be available with respect to our Common Shares or ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the PFIC rules
described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market&#160;election. A U.S. Holder of our Common
Shares or ADSS which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the Common
Shares or ADSs to market annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close
of the taxable year between the fair market value of the Common Shares or ADSs and the U.S. Holder&#8217;s adjusted tax basis in the
Common shares or ADSs. Losses are allowed only to the extent of net mark-to-market&#160;gain previously included income by the U.S. Holder
under the election for prior taxable years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders who hold our
Common Shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC. U.S.
Holders are strongly urged to consult their tax advisors about the PFIC rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax on Net Investment Income</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain adjustments
under the PFIC rules, U.S. Holders who are individuals, estates or trusts will generally be required to pay a 3.8% Medicare tax on their
net investment income (including dividends on and gains from the sale or other disposition of our Common Shares or ADSs), or in the case
of estates and trusts on their net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the
extent the U.S. Holder&#8217;s total adjusted income exceeds applicable thresholds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Consequences for Non-U.S. Holders of Common
shares or ADSs</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided below,
an individual, corporation, estate or trust that is not a U.S. Holder referred to below as a non-U.S. Holder, generally will not be subject
to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of, our Common Shares
or ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. Holder may be
subject to U.S. federal income tax on a dividend paid on our Common Shares or gain from the disposition of our Common Shares or ADSs
if: (1)&#160;such item is effectively connected with the conduct by the non-U.S. Holder of a trade or business in the United&#160;States
and, if required by an applicable income tax treaty is attributable to a permanent establishment or fixed place of business in the United&#160;States;
or (2)&#160;in the case of a disposition of our Common Shares or ADSs, the individual non-U.S. Holder is present in the United&#160;States
for 183&#160;days or more in the taxable year of the disposition and other specified conditions are met. Any dividend income or gain
described in clause (1)&#160;above will be subject to U.S. federal income tax on a net income tax basis in the same manner as a U.S.
Holder and, with respect to corporate holders, a branch profits tax imposed at a rate of 30% (or such lower rate as may be specified
by an applicable income tax treaty) may also apply to its effectively connected earnings and profits (subject to adjustments). Any dividend
income or gain described in clause (2)&#160;above that is not effectively connected with the conduct by a Non-U.S. Holder of a trade
or business within the U.S. generally will be subject to 30% withholding tax (or such lower rate as may be specified by an applicable
income tax treaty) net of certain U.S. source capital losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, non-U.S. Holders
will not be subject to backup withholding with respect to the payment of dividends on our Common Shares or ADSs if payment is made through
a paying agent, or office of a foreign broker outside the United&#160;States. However, if payment is made in the United&#160;States or
by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S. Holder provides an applicable IRS
Form&#160;W-8&#160;(or&#160;a substantially similar form) certifying its foreign status, or otherwise establishes an exemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any backup
withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder&#8217;s U.S. federal income tax liability
and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder may be subject
to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of Common Shares or ADSs. In general,
backup withholding will apply only if a U.S.&#160;Holder fails to comply with specified identification procedures. Backup withholding
will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt&#160;organizations.
Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder,
provided that the required information is timely furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_050"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;F.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends and Paying
    Agents.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_051"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement by Experts.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="a_052"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents on Display.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the information
reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements will file reports with
the SEC. The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically
with the SEC. Our filings with the SEC are also available to the public through the SEC&#8217;s website at www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with
the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However, we file
with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on
Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the SEC, on
a Form 6-K, unaudited quarterly financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a corporate website
<i>https://www.ecowavepower.com/</i>. Information contained on, or that can be accessed through, our website and the other websites referenced
above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this annual report on
Form 20-F solely as inactive textual references.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_053"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary Information.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_054"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Annual Report to Security Holders.</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_055"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 11. <span style="text-transform: uppercase">QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the ordinary course of
our operations, we are exposed to certain market risks, primarily changes in foreign currency exchange rates and interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Quantitative and Qualitative
Disclosure About Market Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are exposed to market
risks in the ordinary course of our business. Our market risk exposure is primarily a result of SEK/NIS/U.S. dollar exchange rates, which
is discussed in detail in the following paragraph.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Foreign Currency Exchange
Risk </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of operations
and cash flow are subject to fluctuations due to changes in foreign currency exchange rates. As discussed above, 49% of our liquid assets
are held in SEK and 49% are held in USD while a certain portion of our expenses are denominated in NIS. For instance, in 2022, approximately
51% of our expenses were denominated in NIS. An increase of 5% and 10% in the USD exchange rate would have decreased our operating expenses
by 5% and 9%, respectively. A decrease of 5% and 10% in the USD exchange rate would have increased our operating expenses by 5% and 11%,
respectively. However, these historical figures may not be indicative of future exposure, as we expect that the percentage of our SEK
denominated expenses will materially decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not hedge our foreign
currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease the risk of financial exposure
from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may not adequately protect us
from the material adverse effects of such fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><div><a id="a_056"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. <span style="text-transform: uppercase">DESCRIPTION OF
SECURITIES OTHER THAN EQUITY SECURITIES</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_057"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt Securities.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_058"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants and rights.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_059"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Securities.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_060"></a></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary Shares. </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fees and Expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; border-bottom: black 1.5pt solid; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Persons
    depositing or withdrawing shares or ADS holders must pay</i>:</b></span></td>
    <td style="white-space: nowrap; width: 2%">&#160;</td>
    <td style="text-align: left; border-bottom: black 1.5pt solid; width: 49%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For:</i></b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs).</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of ADSs, including issuances resulting from
    a distribution of shares or rights or other property.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of ADSs for the purpose of withdrawal,
    including if the deposit agreement terminates.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05 (or
    less) per ADS.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any cash distribution to ADS holders.&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A fee
    equivalent to the fee that would be payable if securities distributed to the holder had been shares and the shares had been deposited
    for issuance of ADSs.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of securities distributed to holders of
    deposited securities (including rights) that are distributed by the depositary to ADS holders.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05 (or
    less) per ADS per calendar year.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary services.&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    or transfer fees.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and registration of shares on our share register
    to or from the name of the depositary or its agent when you deposit or withdraw shares.&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    of the depositary.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable (including SWIFT) and facsimile transmissions
    (when expressly provided in the deposit agreement). Converting foreign currency to U.S. dollars.&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes.&#160;</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any charges
    incurred by the depositary or its agents for servicing the deposited securities.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary collects its
fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal
or from intermediaries acting for them.&#160;The depositary collects fees for making distributions to investors by deducting those fees
from the amounts distributed or by selling a portion of distributable property to pay the fees.&#160;The depositary may collect its annual
fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry&#160;system
accounts of participants acting for them.&#160;The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting&#160;services until its fees for those services are paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the depositary
may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program,
waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing
its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers
that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary may convert
currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the depositary.
Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained
at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary&#8217;s
obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made
by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most
favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most
favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable
for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions
from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a
rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign
currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable
rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160;</p><div>

</div><div><a id="a_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. <span style="text-transform: uppercase">DEFAULTS, DIVIDEND
ARREARAGES AND DELINQUENCIES</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. <span style="text-transform: uppercase">MATERIAL MODIFICATIONS
TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following &#8220;Use
of Proceeds&#8221; information relates to the registration statement on Form F-1, as amended (File Number 333-256515), which was declared
effective June 30, 2021, for our initial public offering on Nasdaq Capital Market (the &#8220;IPO&#8221;),&#160;in which we offered and
sold 1,000,000 ADSs, at a public offering price of $8.00 per ADS. The offering raised a total of $9.2 million, with net proceeds of $7.96
million, after deducting fees and expenses. A.G.P./Alliance Global Partners was the underwriter of our IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net proceeds from the
offering have been used, and are expected to continue to be used, as described in the registration statement on Form F-1, as amended
(File Number 333-256515). As of April 24, 2023, we have not used all amounts of net proceeds from our IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 15. <span style="text-transform: uppercase">CONTROLS AND PROCEDURES</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(a) Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our disclosure controls and
procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to provide reasonable assurance
of achieving the desired control objectives. Our management, including our Chief Executive Officer and Chief Financial Officer, recognizes
that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions and cannot provide
absolute assurance that its objectives will be met. Similarly, an evaluation of controls cannot provide absolute assurance that misstatements
due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management, with the
participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls
and procedures as of December 31, 2022, or the Evaluation Date. Based on such evaluation, those officers have concluded that, as of the
Evaluation Date, our disclosure controls and procedures were ineffective due to the material weakness mentioned in Item 3.D. &#8212;
Risk Factors &#8212; General Risk Factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(b) Management&#8217;s Annual Report on Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under
the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief
Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based principally
on the framework and criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission as of the end of the period covered by this report. Based on that evaluation, our management has concluded
that due to the small-scale nature of our company and the difference in regulatory requirements between Sweden and the United States,
we currently do not have sufficient finance staff to provide for effective control over our period-end financial reporting process. As
of the date of this annual report on Form 20-F, we have not remediated this material weakness. Therefore, our management has concluded
that our disclosure controls and procedures were ineffective due to the material weakness as of December 31, 2022 at providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(c) Attestation Report of the Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
due to an exemption for EGCs provided in the JOBS Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(d) Changes in Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="z_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b>ITEM 16. [RESERVED]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
determined that Elias Jacobson is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience
as defined by the Nasdaq Stock Market rules. Each of the members of our audit committee is &#8220;independent&#8221; as such term is
defined in Rule&#160;10A-3(b)(1) under the Exchange Act and satisfies the independent director requirements under the Nasdaq Rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We adopted a Code of Business
Conduct and Ethics applicable to our and our subsidiaries&#8217; employees, independent contractors, executive officers and directors,
including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing
similar functions, which is a &#8220;code of ethics&#8221; as defined in Item&#160;16B of Form&#160;20-F promulgated by the SEC. The
full text of the Corporate Code of Ethics and Conduct is posted on our website at www.ecowavepower.com. Information contained on, or
that can be accessed through, our website does not constitute a part of this annual report and is not incorporated by reference herein.
If we make any amendment to the Corporate Code of Ethics and Conduct or grant any waivers, including any implicit waiver, from a provision
of such code, we will disclose the nature of such amendment or waiver on our website to the extent required by the rules and regulations
of the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kesselman&#160;&amp; Kesselman,
Certified Public Accountants (Isr.), a member of PricewaterhouseCoopers International Limited, an independent registered public accounting
firm, has served as our principal independent registered public accounting firm for each of the two years ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides
information regarding fees billed by Kesselman&#160;&amp; Kesselman, Certified Public Accountants (Isr.), a member of PricewaterhouseCoopers
International Limited, an independent registered public accounting firm, in relation to the years ended December 31, 2021 and 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-size: 10pt">Audit fees <sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Audit-related fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Tax fees<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">All other fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">80</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
professional services rendered in connection with the audit of our annual financial statements and review of our interim financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
fees are the aggregate fees billed (in the year) for professional services rendered for tax compliance and tax advice other than in connection
with the audit.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Pre-Approval of Auditors&#8217; Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our audit committee
charter our audit committee is responsible for, among other things: (1) pre-approving audit and non-audit services provided to us by
the independent registered public accounting firm; and (2) the audit committee shall be responsible for the preparation of the board&#180;s
proposal for the shareholders to resolve at their annual general meeting regarding the appointment, retention, termination and compensation
of the independent registered public accounting firm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_070"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require foreign private issuers, such as us, to comply with various corporate
governance practices. In addition, we are required to comply with the Nasdaq Stock Market rules. Under those rules, we may elect to follow
certain corporate governance practices permitted under the Swedish Companies Act in lieu of compliance with corresponding corporate governance
requirements otherwise imposed by the Nasdaq Stock Market rules for U.S. domestic registrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the Swedish
Companies Act&#160;and practice and subject to the exemption set forth in Rule&#160;5615 of the Nasdaq Stock Market rules, as a foreign
private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq
Stock Market rules, with respect to the following requirements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to follow
    Nasdaq Rule 5605(d) regarding the requirement to have a standing compensation committee. Under the Swedish Companies Act, no such
    committee is required for a company such as ours;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to follow
    Nasdaq Rule&#160;5620(c) regarding quorum requirements applicable to meetings of shareholders. Such quorum requirements are not required
    under the Swedish Companies Act. The Swedish Companies Act provides alternative quorum requirements that are generally applicable
    to meetings of shareholders;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to follow
    Nasdaq Rule 5605(b)(2), which requires that independent directors regularly meet in executive sessions where only independent directors
    are present. Our independent directors may choose to meet in executive sessions at their discretion;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to follow
    Nasdaq Rule&#160;5605(e) regarding the composition of the nominating committee. Under the Swedish Companies Act,&#160;we are not
    required to have candidates for the election to our board of directors nominated by a majority of independent directors or by a committee
    of such directors; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to follow
    Nasdaq Rule 5605(c)(2)(a) regarding composition of our Audit Committee or Nasdaq Rule 5605(c)(1) regarding the Audit Committee charter,
    and instead we will rely, to the extent permitted, on the Swedish Companies Act.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to take all actions
necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley
Act of 2002, the rules adopted by the SEC and the Nasdaq Stock Market corporate governance rules and listing standards. Because we are
a foreign private issuer, our directors and senior management are not subject to short-swing profit and insider trading reporting obligations
under Section&#160;16 of the Exchange Act. They are, however, subject to the obligations to report changes in share ownership under Section&#160;13
of the Exchange Act and related SEC rules.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_075"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 17. <span style="text-transform: uppercase">FINANCIAL STATEMENTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have elected to provide financial statements
and related information pursuant to Item&#160;18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_076"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 18. <span style="text-transform: uppercase">FINANCIAL STATEMENTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements and the related notes required by this Item are included in this annual report on Form 20-F beginning on page&#160;F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_077"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 19. <span style="text-transform: uppercase">EXHIBITS. </span></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390022036275/ea162303ex99-2_ecowave.htm">Amended Articles of Association of Eco Wave Power Global AB (publ)., filed as Exhibit 99.2 to Form 6-K, filed on June 30, 2022, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021033788/ea143093ex4-1_ecowave.htm">Form of Deposit Agreement, filed as Exhibit 4.1 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021033788/ea143093ex4-1_ecowave.htm">Form of American Depository Receipt (included in Exhibit 2.1).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3 </span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021033788/ea143093ex4-3_ecowave.htm">Form of Representative Warrant to Purchase Common Shares Represented by American Depositary Shares, filed as Exhibit 4.3 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex2-4_ecowave.htm">Description of Securities.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021033788/ea143093ex1-1_ecowave.htm">Form of Underwriting Agreement by and among Eco Wave Power Global AB (publ) and A.G.P./Alliance Global Partners, as representative of the several underwriters, filed as Exhibit 1.1 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-2_ecowave.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eco Wave Power Global AB
    (publ) Long-Term Incentive Program.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021029402/ff12021ex10-2_ewpghold.htm">Loan Agreement, dated May 13, 2019, in the Amount of $200,000, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.2 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021029402/ff12021ex10-3_ewpghold.htm">Loan Agreement, dated May 13, 2019, in the Amount of $800,000, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.3 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021029402/ff12021ex10-4_ewpghold.htm">Side Letter to Loan Agreements, dated January 21, 2021, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.4 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021029402/ff12021ex10-5_ewpghold.htm">Loan Agreement, dated March 7, 2019, by and between Eco Wave Power Ltd. and PortXL Netherlands B.V., filed as Exhibit 10.5 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1846715/000121390021029402/ff12021ex21-1_ewpghold.htm">List of Subsidiaries, filed as Exhibit 21.1 to Form F-1, filed on June 25, 2021, and incorporated herein by reference.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-1_ecowave.htm">Certification of the Principal Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-2_ecowave.htm">Certification of the Principal Financial and Accounting Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934</a>.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1%</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-1_ecowave.htm">Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, furnished herewith.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2%</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-2_ecowave.htm">Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. 1350.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
herewith.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registrant hereby certifies
that it meets all of the requirements for filing on Form&#160;20-F and that it has duly caused and authorized the undersigned to sign
this annual report on Form 20-F filed on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco Wave Power Global AB (publ).</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%">&#160;</td>
    <td style="width: 36%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: April 27, 2023</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>By:&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Inna Braverman</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inna Braverman</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><b><br/>
Eco Wave Power Global AB (publ)&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><b>INDEX TO CONSOLIDATED FINANCIAL
STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 88%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#report">Report of Independent Registered Public Accounting Firm</a></b></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(PCAOB name: Kesselman &amp; Kesselman C.P.A.s PCAOB ID:&#160;<ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1309</ix:nonNumeric>)</b></span></td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#consposition">Consolidated Statements of Financial Position</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#consloss">Consolidated Statements of Loss</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#conscompren">Consolidated Statements of Comprehensive Loss</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#consequity">Consolidated Statements of Changes in Equity</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#conscashflows">Consolidated Statements of Cash Flows</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#notes">Notes to the Consolidated Financial Statements</a></span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 90; Options: NewSection --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Consolidated financial statements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As of December 31, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div><a id="report"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Independent Registered Public Accounting
Firm</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Board of Directors and Shareholders of Eco
Wave Power Global AB (publ)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Opinion on the Financial Statements</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Eco Wave Power Global AB (publ) and its subsidiaries (the &#8220;Company&#8221;) as of December 31,
2022 and 2021, and the related consolidated statements of loss, statements of comprehensive loss, statements of changes in equity and
statements of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and
its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting
Standards, as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis for Opinion </i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits of these consolidated
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; padding-right: 0pt; padding-left: 0pt"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Kesselman &amp; Kesselman</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Kesselman &amp; Kesselman</p></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0pt; padding-left: 0pt; text-align: left; direction: rtl; unicode-bidi: embed; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified Public Accountants (Isr.)</span></td></tr> <tr style="vertical-align: top"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A member of PricewaterhouseCoopers International Limited</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Tel Aviv, Israel</ix:nonNumeric></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 27, 2023</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p></td></tr> </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">We have served as the Company&#8217;s auditor since 2020.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Kesselman &amp; Kesselman is a member firm of PricewaterhouseCoopers
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="consposition"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">CURRENT LIABILITIES:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in">Current maturities of long-term loans from related party</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="3" unitRef="usd">941</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in">Current maturities of other long-term loan</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">11</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentFinancialLiabilities" scale="3" unitRef="usd">32</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in">Accounts payable and accruals:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Trade</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="3" unitRef="usd">75</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="3" unitRef="usd">46</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Other</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentPayables" scale="3" unitRef="usd">510</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Current maturities of lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="usd">78</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="usd">127</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">TOTAL CURRENT LIABILITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="usd">1,859</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="usd">903</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">NON-CURRENT LIABILITIES:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Long-term loans from related party, net of current maturities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="wave:LongtermLoansFromRelatedPartyNetOfCurrentMaturities" scale="3" unitRef="usd">882</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Other long-term loan</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">11</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">96</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="usd">129</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Lease liabilities, net of current maturities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="usd">88</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">TOTAL NON-CURRENT LIABILITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="usd">184</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="usd">1,011</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">COMMITMENTS</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">16</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">&#160;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">&#160;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td style="font-size: 1pt">&#160;</td>
    <td style="font-size: 1pt; text-align: left">&#160;</td><td style="font-size: 1pt; text-align: right">&#160;</td><td style="font-size: 1pt; text-align: left">&#160;</td><td style="font-size: 1pt">&#160;</td>
    <td style="font-size: 1pt; text-align: left">&#160;</td><td style="font-size: 1pt; text-align: right">&#160;</td><td style="font-size: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">TOTAL LIABILITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="usd">2,043</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="usd">1,914</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">EQUITY:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 93 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="consloss"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF LOSS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">OPERATING EXPENSES</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="conscompren"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    USD thousands</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOSS
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="3" sign="-" unitRef="usd">2,901</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="3" sign="-" unitRef="usd">2,347</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="3" sign="-" unitRef="usd">1,970</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEMS
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCHANGE
    DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" scale="3" unitRef="usd">81</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" scale="3" unitRef="usd">340</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" scale="3" unitRef="usd">54</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEMS
    THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCHANGE
    DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" scale="3" sign="-" unitRef="usd">1,339</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" scale="3" unitRef="usd">1,451</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="3" sign="-" unitRef="usd">1,958</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="3" sign="-" unitRef="usd">1,679</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="3" unitRef="usd">1,397</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><!-- Field: Page; Sequence: 95 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="consequity"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><!-- Field: Page; Sequence: 96 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="conscashflows"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSOLIDATED STATEMENTS OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAdjustmentsForNoncashItems" scale="3" sign="-" unitRef="usd">166</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Loss on abandonment of fixed assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Changes in operating assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Decrease (increase) in other receivables and prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" sign="-" unitRef="usd">40</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" sign="-" unitRef="usd">241</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" unitRef="usd">28</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Increase (decrease) in accounts payable and accruals</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">91</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">85</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" sign="-" unitRef="usd">342</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">2,530</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">2,107</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">CASH FLOWS &#8211; INVESTING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Proceeds of short-term deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="3" unitRef="usd">48</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Investments in short-term deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="wave:InvestmentsInShorttermDeposits" scale="3" unitRef="usd">5,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Investment in a joint venture</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="wave:InvestmentInAJointVenture" scale="3" unitRef="usd">298</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="wave:InvestmentInAJointVenture" scale="3" unitRef="usd">117</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">3</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">13</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="usd">177</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">5,301</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">130</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">129</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">CASH FLOWS - FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Issuance of share capital, net of issuance cost (of $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssuingShares" scale="3" unitRef="usd">1,236</ix:nonFraction>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" scale="3" unitRef="usd">7,964</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Payment of long-term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">200</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><div><a id="notes"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 1 - GENERAL INFORMATION</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>a.</b></td><td style="text-align: justify"><b>General</b></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0"><b>Group</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Eco Wave Power Global AB (publ) (&#8220;the
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organized under the laws of the Kingdom of Sweden formed on March 27, 2019 and registered at the Swedish Companies Registration Office
on April 17, 2019. The Company&#8217;s American Depositary Shares (&#8220;ADSs&#8221;) are traded on the Nasdaq Capital Market (the &#8220;Nasdaq&#8221;)
in the United States. The Company&#8217;s corporate identity number is 559202-9499 and its address is Strandv&#228;gen 7A, 114 56 Stockholm,
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</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company acquired Eco Wave Power
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had no assets or operations at the time of the acquisition. The purpose of the acquisition was to incorporate the business in accordance
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a business combination as none of the combining parties can be identified as the acquirer according to International Financial Reporting
Standards (&#8220;IFRS&#8221;) 3. The comparative figures for the period prior to the formation of the Parent Company and the Group are
the figures for the Group of which Eco Wave Power Ltd. is the parent company. Apart from this event, no shares or businesses were acquired
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 98 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 1 - GENERAL INFORMATION</b> (continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_12" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><b>Joint venture</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0pt">The remaining
shares of EWP EDF One Ltd. are owned by EDF Renewables in Israel. The aim of this joint venture is to exclusively cooperate in the development,
financing, design, procurement, construction and operation of the new pilot project at Jaffa Port and to evaluate further possible collaborations
in wave power. EWP EDF One Ltd. commenced operations on January 1, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: left"><b>Update on Covid-19 implications</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The COVID-19 pandemic has changed market
and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry out operations
as usual, although some of the restrictions were removed in 2021 and furthermore in 2022 (such as travel restrictions, restriction on
movements between countries, lockdowns, industries shutdowns etc.). As a result of the remaining restrictions, the Company experienced
certain delays in projects&#8217; execution, shortage in components and price increase of certain components. The Company may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>



</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: left"><b>Approval of consolidated financial statements</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The consolidated financial statements
of the Group for the year ended December 31, 2022 were approved by the Board of Directors (the &#8220;Board&#8221;) on April 27, 2023,
and signed on its behalf by the Chairman of the Board, the Chief Executive Officer of the Parent Company and the Chief Financial Officer
of the Parent Company.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 156pt; text-align: left">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="wave_BasisOfPresentationPolicyTextBlock-c0_cont_2" id="wave_BasisOfPresentationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group&#8217;s consolidated financial
statements as of December 31, 2022 and 2021, the results of its operations, its changes in equity and its cash flows for each of the three
years in the period ended December 31, 2022, have been prepared in accordance with IFRS, as issued by the International Accounting Standards
Board (&#8220;IASB&#8221;). The significant accounting policies described below have been applied on a consistent basis, unless noted
otherwise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="wave_BasisOfPresentationPolicyTextBlock-c0_cont_3" id="wave_BasisOfPresentationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The consolidated financial statements
have been prepared on the basis of historical cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="wave_BasisOfPresentationPolicyTextBlock-c0_cont_4" id="wave_BasisOfPresentationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group classifies its expenses on
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</div><div>

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in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment
in the process of applying the Company&#8217;s accounting policies. Areas involving a higher degree of judgment or complexity, or areas
where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may
differ materially from estimates and assumptions used by the Company management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="wave:PrinciplesOfConsolidationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: justify"><b>Principles of consolidation</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_2" id="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Consolidated entities are all entities
over which the Parent Company has control. The Parent Company controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity to direct the activities
of the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to the Parent
Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_3" id="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Inter-company transactions and balances
between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment
of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation id="wave_PrinciplesOfConsolidationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Non-controlling interests in the results
and equity of subsidiaries are shown separately in the consolidated statement of loss, statement of comprehensive loss, statement of changes
in equity and financial position respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="wave_JointVenturesPolicyTextBlock-c0_cont_1" escape="true" name="wave:JointVenturesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: left"><b>Joint ventures</b></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="wave_JointVenturesPolicyTextBlock-c0_cont_2" id="wave_JointVenturesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">Joint ventures are joint arrangements in
which the Group has rights to the net assets of the arrangement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation id="wave_JointVenturesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Joint ventures are accounted for using
the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include the
Group&#8217;s share of the income and expenses in profit or loss of equity accounted investees and of their other comprehensive income,
after adjustments to align the accounting policies with those of the Group, from the date that a joint control commences until the date
that joint control ceases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_1" escape="true" name="wave:FunctionalAndPresentationsCurrencyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>d.</b></td><td style="text-align: justify"><b>Functional and presentation currency</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_2" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Swedish kronor (SEK) is the Parent
Company&#8217;s functional currency. The Group&#8217;s presentation currency as used in these consolidated financial statements is the
USD.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_3" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Transactions and balances</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_4" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Foreign currency transactions are translated
into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from
the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at
year end exchange rates, are generally recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_5" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Functional currency - Group companies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_6" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The results and financial position
of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the
functional currency of the Parent Company are translated into the functional currency of the Parent Company as follows: assets and liabilities
for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for
each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. When a foreign
entity is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 100 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_7" id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Presentation currency - Parent Company</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation id="wave_FunctionalAndPresentationsCurrencyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The results and financial position from
the Parent Company&#8217;s functional currency are translated into the presentation currency using the following procedures: assets and
liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and
expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this
is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive
income. Such exchange differences arising on translation to the presentation currency will not be reclassified to profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="wave_CashAndCashEquivalentPolicyTextBlock-c0_cont_1" escape="true" name="wave:CashAndCashEquivalentPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>d.</b></td><td style="text-align: justify"><b>Cash and cash equivalents </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation id="wave_CashAndCashEquivalentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Cash and cash equivalents include cash
on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use and are
therefore considered to be cash equivalents. The fair value of cash equivalents and short-term bank deposits approximates their carrying
value, since they bear interest at rates close to the prevailing market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:nonNumeric contextRef="c0" continuedAt="wave_ShortTermBankDepositsPolicyTextBlock-c0_cont_1" escape="true" name="wave:ShortTermBankDepositsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>e.</b></td><td style="text-align: left"><b>Short term bank deposits</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation id="wave_ShortTermBankDepositsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Short term bank deposits are bank deposit
for periods of up to <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="wave:ShortTermBankDepositsPeriod">one year</ix:nonNumeric>. The fair value of short-term bank deposits approximates their carrying value, since they bear interest
at rates close to the prevailing market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" continuedAt="wave_RestrictedShorttermBanksDepositsPolicyTextBlock-c0_cont_1" escape="true" name="wave:RestrictedShorttermBanksDepositsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>f.</b></td><td style="text-align: left"><b>Restricted short-term bank deposits</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation id="wave_RestrictedShorttermBanksDepositsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Restricted short term bank deposits
are short-term bank deposits that are restricted as to withdrawal or use. These deposits are subject to regulatory restrictions and are
therefore not available for general use by the Group. The fair value of restricted short-term bank deposits approximates their carrying
value, since they bear interest at rates close to the prevailing market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:nonNumeric contextRef="c0" continuedAt="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_1" escape="true" name="wave:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>g.</b></td><td style="text-align: left"><b>Property and equipment</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_2" id="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Property and equipment are stated at
historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items.
Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that Group management believes
the residual values of the assets to be negligible, as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><ix:continuation continuedAt="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_3" id="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>%</b></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Plant and equipment</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c52" decimals="2" format="ixt:num-dot-decimal" name="wave:UsefulLifeMeasuredPeriodOfTimePropertyPlantAndEquipment" scale="-2" unitRef="pure">10</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Office equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="2" format="ixt:num-dot-decimal" name="wave:UsefulLifeMeasuredPeriodOfTimePropertyPlantAndEquipment" scale="-2" unitRef="pure">33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Land</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation id="wave_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatorPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The assets&#8217; residual values, methods
of depreciation and useful lives are reviewed and adjusted, if appropriate, at each financial position date. An asset&#8217;s carrying
amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable
amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 101 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:nonNumeric contextRef="c0" continuedAt="wave_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="wave:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatoryPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>h.</b></td><td style="text-align: left"><b>Financial assets and financial liabilities</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="wave_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatoryPolicyTextBlock-c0_cont_2" id="wave_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">All financial assets and liabilities
are initially recognized at fair value and, in the case of loan liabilities, net of directly attributable transaction costs. The Group&#8217;s
financial liabilities include current and non-current interest-bearing liabilities, leasing liabilities, trade payables and other current
liabilities. The Group&#8217;s financial assets include current receivables and bank balances. The Group&#8217;s assets and liabilities
are measured at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation id="wave_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatoryPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group recognizes a loss allowance
for expected credit losses on a financial asset that is measured at amortized cost. On each financial position date, the Group recognizes
the change in expected credit losses in profit or loss. The Group had no material credit losses in 2022, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>i.</b></td><td style="text-align: justify"><b>Loans and borrowings</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation id="_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Loans and borrowings are initially
recognized at fair value, net of transaction costs incurred. Loans and borrowings are subsequently measured at amortized cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the loans
and borrowings using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>i.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Share capital</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company&#8217;s common shares are
classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the
issuance proceeds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>j.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Trade payables</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Trade payables are obligations to pay
for goods or services that have been acquired in the common course of business from suppliers. These payables are classified as current
liabilities if payment is due within one year or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>k.</b></td><td style="text-align: left; padding-right: 0.75in"><b>Deferred taxes</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Deferred taxes are recognized using
the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable
income will be available against which the temporary differences can be utilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As the Group is currently engaged primarily
in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included
in the financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>l.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Revenue recognition</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group generated its revenues from
performing feasibility study reports to its customers. The Group recognized revenues upon providing the required reports. The Group does
not grant a right of return.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>m.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Research and development expenses</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Research expenses are charged to profit
or loss as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">An intangible asset arising from development
(or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">technical feasibility exists for completing development of
the intangible asset so that it will be available for use or sale;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 102 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">it is management&#8217;s intention to complete development of the intangible asset for use or sale;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the Group has the ability to use or sell the intangible asset;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">it is probable that the intangible asset will generate future economic benefits, including existence of
a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the
usefulness of the intangible asset;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">adequate technical, financial and other resources are available to complete development of the intangible
asset, as well as the use or sale thereof; and</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the Group has the ability to reliably measure the expenditure attributable to the intangible asset during
its development.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Other development costs that do not
meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an
asset in subsequent periods. As of December 31, 2022, the Group has not yet capitalized development expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGovernmentGrantsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>n.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Grants:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_2" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">1)</td><td style="text-align: justify"><b>Government grants</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_3" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Government grants, which are received by way of participation
in research and development that is conducted by the Group, fall within the scope of &#8220;forgivable loans,&#8221; as set forth in International
Accounting Standard (&#8220;IAS&#8221;) 20, &#8220;Accounting for Government Grants and Disclosure of Government Assistance&#8221; (&#8220;IAS
20&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: -14.2pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_4" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group recognizes each forgivable loan on a systematic
basis at the same time the Group records, as an expense, the related research and development expenses for which the grant is received,
provided that there is reasonable assurance that (a) the Group complies with the conditions attached to the grant and (b) it is probable
that the grant will be received (usually upon receipt of approval notice).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_5" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Since at the time of grant approval there is a reasonable
assurance that the Group will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the
Group will not pay royalties, grant income is recorded against the related research and development expenses in the statements of loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_6" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If forgivable loans are initially carried
to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid, the Group
recognizes a liability that is measured based on the Group&#8217;s best estimate of the amount required to settle the Group&#8217;s obligation
at the end of each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_7" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify">The grant received from Maze X Acceleration Program in three instalments in June
2020, in August 2020 and in December 2021 for marketing and business development in Portugal is recognized at the time the Group is entitled
to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_8" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">3)</td><td style="text-align: justify">Grants received from the European Commission under its Horizon 2020 program for
conducting of concept and feasibility assessment of upscaling the Gibraltar power plant are recognized at the time the Group is entitled
to such grants, based on the costs incurred, and included as a deduction from research and development expenses. The grants are non-royalty
bearing.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 103 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_9" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_8">4)</ix:continuation></td><td style="text-align: justify"><ix:continuation id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_9">Grants received from Innovate UK &#8211; the UK&#8217;s innovation agency as part
of the Energy Catalyst Round 8: clean energy - experimental development competition, for a project titled &#8220;Sea Wave Energy Powered
Microgrid for Remote Islands and Rural Coasts&#8221;, executed in collaboration with the UK Queen Mary University of London, the Asian
Institute of Technology, and the Provincial Electricity Authority of Thailand by Eco Wave Power Gibraltar, a subsidiary of Eco Wave Power,
are recognized at the time the Group is entitled to such grants, based on the costs incurred, and included as a deduction from research
and development expenses.</ix:continuation> The grants are non-royalty bearing.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>o.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Employee benefits:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">1)</td><td style="text-align: justify; padding-right: 1in">Pension and severance pay obligations</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Israeli labor laws and Eco Wave Power
Ltd.&#8217;s employment agreements require Eco Wave Power Ltd. to pay retirement benefits to employees terminated or leaving their employment
in certain other circumstances. For defined contribution plans, the Group pays contributions to publicly or privately administered pension
insurance plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized
as employee benefit expense when they are due. The expense recognized in 2022, in 2021 and in 2020 in relation to these contributions
was $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="wave:ContributionAmount" scale="0" unitRef="usd">87</ix:nonFraction>, $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="wave:ContributionAmount" scale="0" unitRef="usd">92</ix:nonFraction> and $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="wave:ContributionAmount" scale="0" unitRef="usd">69</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify; padding-right: 1in">Vacation and recreation pay</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Labor laws in Israel entitle every employee
to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee&#8217;s
length of service at Eco Wave Power Ltd. Eco Wave Power Ltd. recognizes a liability and an expense in respect of vacation and recreation
pay based on the individual entitlement of each employee.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>p.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Loss per share</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The basic loss per share is calculated
by dividing the loss attributable to the holders of common shares by the weighted average number of common shares outstanding during the
year. The Company has no potential common shares outstanding that can dilute the current shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>q.</b></td><td style="text-align: justify; padding-right: 0.75in"><b>Leases</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group accounts for leases in accordance
with International Financial Reporting Standard No. 16 &#8220;Leases&#8221; (&#8220;IFRS 16&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group is a party to a contract
that is affected by IFRS 16 and constitutes a rental space in Israel that was signed in December 2022. The Group&#8217;s leases include the
lease of offices for the Company&#8217;s headquarters in Tel Aviv for a period of 21 months plus two consecutive one year extension options.
Lesssor is bound by lease contract, made prior to the Company&#8217;s lease contract, that provides an option to a third party on the
same premises. The Company will be able to exercise its options only in the case that the third party will not exercise its option. Third
party has until late 2024 to advise his decision whether to exercise the option or not to the lessor. If the third party will not exercise
its option, then the Company will be able to exercise its option. At inception of a contract, the Group assesses whether a contract is,
or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms
and conditions of the contract are changed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">At the commencement date, the Group
measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise
price of an extension option if the Group is reasonably certain to exercise that option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Simultaneously, the Group recognizes
a right-of-use asset in the amount of the lease liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 104 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Eco Wave Power Global AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Since the interest rate implicit in
the lease cannot be readily determined, the Group uses the Group&#8217;s incremental borrowing rate. This rate is the rate of interest
that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of
a similar value to the right-of-use asset in a similar economic environment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The lease term is the non-cancellable
period for which the Group has the right to use an underlying asset. Both periods covered by an option to extend the lease are excluded
from the lease term as the Group is uncertain that it will be able to exercise it due to the prior option that a third party has on the
same premises.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">After the commencement date, the Group
measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted
for any remeasurement of the lease liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Assets are depreciated by the straight-line
method over the estimated useful lives of the right-of-use assets or the lease period, whichever is shorter:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Interest on the lease liability is
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11">Payments associated with short-term
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company has one operating and reportable
segment. This was determined based on internal consolidated management reports reviewed by the Group&#8217;s chief operating decision maker,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Classification of Liabilities as
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The amendments to IAS 1, issued in January
2020, clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting
period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver
or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the &#8217;settlement&#8217; of a liability.
In response to concerns raised on the 2020 amendments, further amendments were issued in October 2022, which clarified that covenants
of loan arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as
current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting
date would affect classification as current or non-current, even if the covenant is only assessed after the entity&#8217;s reporting date.
The 2022 amendments introduce additional disclosure requirements when an entity classifies a liability arising from a loan arrangement
as non-current and that liability is subject to covenants which an entity is required to comply with within twelve months of the reporting
date. The amendments should be applied retrospectively for annual reporting periods beginning on or after January 1, 2024, with early
application permitted. The adoption of the amendments is not expected to have a material impact on the Group&#8217;s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 105 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><span style="text-decoration:underline">Disclosure
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendment defines
what is &#8216;material accounting policy information&#8217; and explains how to identify when accounting policy information is material.
The Amendment to IAS 1 further clarifies that immaterial accounting policy information does not need to be disclosed. If it is disclosed,
it should not obscure material accounting information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently evaluating the effects of adopting the Amendment to IAS 1 on its financial statements.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the assessments by Company management, the Group&#8217;s exposure to credit risk as of December 31, 2022 is immaterial (see Note 3c).
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other receivables</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trade payables</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c63" decimals="-3" format="ixt:num-dot-decimal" name="wave:TradePayable" scale="3" sign="-" unitRef="usd">1</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other payables</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c63" decimals="-3" format="ixt:num-dot-decimal" name="wave:AmountOfOtherPayables" scale="3" sign="-" unitRef="usd">15</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c64" decimals="-3" format="ixt:num-dot-decimal" name="wave:AmountOfOtherPayables" scale="3" sign="-" unitRef="usd">31</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total NIS-linked balances</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalNISlinkedBalances" scale="3" unitRef="usd">31</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalNISlinkedBalances" scale="3" unitRef="usd">16</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalNISlinkedBalances" scale="3" sign="-" unitRef="usd">335</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalNISlinkedBalances" scale="3" sign="-" unitRef="usd">18</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalNISlinkedBalances" scale="3" sign="-" unitRef="usd">37</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">USD-linked balances	</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="wave:CashAndCashEquivalent" scale="3" sign="-" unitRef="usd">10</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="wave:CashAndCashEquivalent" scale="3" sign="-" unitRef="usd">5</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="wave:CashAndCashEquivalent" scale="3" unitRef="usd">110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="wave:CashAndCashEquivalent" scale="3" unitRef="usd">6</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="wave:CashAndCashEquivalent" scale="3" unitRef="usd">12</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Short term bank deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermBankDeposit" scale="3" sign="-" unitRef="usd">455</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermBankDeposit" scale="3" sign="-" unitRef="usd">238</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermBankDeposit" scale="3" unitRef="usd">5,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermBankDeposit" scale="3" unitRef="usd">263</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermBankDeposit" scale="3" unitRef="usd">556</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Loans from related party</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromRelatedParties" scale="3" unitRef="usd">86</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromRelatedParties" scale="3" unitRef="usd">45</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromRelatedParties" scale="3" sign="-" unitRef="usd">941</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromRelatedParties" scale="3" sign="-" unitRef="usd">50</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromRelatedParties" scale="3" sign="-" unitRef="usd">105</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total USD- linked balances</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalUSDLinkedBalances" scale="3" sign="-" unitRef="usd">379</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalUSDLinkedBalances" scale="3" sign="-" unitRef="usd">198</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalUSDLinkedBalances" scale="3" unitRef="usd">4,169</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalUSDLinkedBalances" scale="3" unitRef="usd">219</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalUSDLinkedBalances" scale="3" unitRef="usd">463</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c60" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalRevenues" scale="3" sign="-" unitRef="usd">348</ix:nonFraction></td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c61" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalRevenues" scale="3" sign="-" unitRef="usd">182</ix:nonFraction></td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 106 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</b> (continued):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_7"><ix:continuation id="wave_ScheduleOfMarketRiskTabletextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
shown in the table above, the Group is primarily exposed to changes in USD/SEK exchange rates. The sensitivity of profit or loss to changes
in the exchange rates arises mainly from U.S. dollar-denominated financial instruments. The impact on other components of equity is considered
to be low.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)
Concentration of currency risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is certain data regarding U.S. dollar exchange rates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>

<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 107 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</b> (continued):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is information on the linkage of monetary items by currency:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_15" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" continuedAt="wave_ScheduleOfLinkageOfMonetaryItemsByCurrencyTableTextBlock-c0_cont_1" escape="true" name="wave:ScheduleOfLinkageOfMonetaryItemsByCurrencyTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-current liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liabilities, net of current maturities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT</b> (continued):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
                                            value of financial instruments</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, and 2021, the financial instruments of the Group consist of non-derivative assets and liabilities (primarily working
capital items, deposits and loans).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated
statement of financial position is generally close or identical to their carrying amount.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exposure
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of Group management, the market risk to which the Group is exposed is primarily related to currency risk exposure, as mentioned
above. Additionally, Group management does not consider the interest rate risk to be material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            in financial liabilities which are classified under cash flows provided from financial activities</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
notes 8b, 10b and 11b for changes in financial liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_24" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk arises from bank balances at banks and outstanding receivables. Credit risk is managed by Group management. Only banks and credit
institutions with a good credit rating are accepted. Outstanding receivables are outstanding with public authorities and other counterparties
with a strong financial position, which is why the credit risk is considered to be limited.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
careful liquidity management, the Group ensures that sufficient cash is available to meet the need in operating activities. At the same
time, the Group ensures that it has sufficient cash and cash equivalents to enable debts to be paid when they fall due. Group management
monitors rolling forecasts of the Group&#8217;s liquidity reserves on the basis of anticipated cash flows and maintains the liquidity
balances at a level that is sufficient to meet its needs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_28" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
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</div><div>

</div><ix:continuation id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 109 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the financial reporting process, Group management is required to make estimates that affect the value of assets, liabilities,
income, expenses and certain disclosures included in the Group&#8217;s consolidated financial statements. By their very nature, such
estimates are subjective and complex and consequently may differ from actual results.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting estimates used in the preparation of the financial statements are continually evaluated and adjusted based on historical experience
and other factors, including expectation of future events that are believed to be reasonable under the circumstances.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Described
below are the critical accounting estimates used in the preparation of the financial statements, the formulation of which required Group
management to make assumptions as to circumstances and events that involve significant uncertainty. In using its judgment to determine
the accounting estimates, the Group takes into consideration, as appropriate, the relevant facts, past experience, the effect of external
factors and reasonable assumptions under the circumstances.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Government
grants</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grants
from governments are recognized at the time the Group is entitled to such grants, on the basis of the costs incurred, and included as
a deduction from research and development expenses and sales and marketing expenses. Government grants received are recognized as a liability
if economic benefits are expected as a result of research and development activities that will result in sales entitling the state to
royalties. Government grants are treated as a forgivable loan when there is a reasonable assurance that the entity will meet the terms
for forgiveness of the loan. There is uncertainty about the expectation of future economic benefits as a result of research and development
activities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Deferred
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on management&#8217;s discretion, the Group has not created deferred tax assets in respect of accrued losses for tax purposes, as it
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Research
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</div><div>

</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses are recorded in accordance with the accounting policies detailed in Note 2m. Group management has examined the
conditions specified in Note 2l and in its opinion, as of December 31, 2022, it does not meet them. Therefore, as of December 31, 2022,
the Group has not yet capitalized research and development expenses, and research and development expenses were charged to the income
statement.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="wave_ShortTermBankDepositsTextBlock-c0_cont_1" escape="true" name="wave:ShortTermBankDepositsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 110 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:continuation id="wave_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatoryTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; width: 0.25in; vertical-align: top">*</td> <td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US">Between 2016 and January 2022, the company operated a grid-connected proof-of-concept wave energy array in Gibraltar. On January 20,
2022, the company announced a collaboration agreement with AltaSea, a non-profit that accelerates scientific collaboration and advances
an emerging blue economy, at the Port of Los Angeles. On March 2, 2022, the company announced its intent to relocate the energy conversion
unit from Gibraltar to AltaSea&#8217;s premises in the Port of Los Angeles. Eco Wave Power intends to develop and supply new and upgraded
floaters for its planned pilot in AltaSea&#8217;s premises, while Gibraltar power station&#8217;s floater mechanisms were sent to steel
recycling. As a result, the company has recorded a one-off loss of $<ix:nonFraction contextRef="c85" decimals="-3" format="ixt:num-dot-decimal" name="wave:LossAmount" scale="3" unitRef="usd">278</ix:nonFraction>.</ix:footnote></td></tr> <tr style="vertical-align: bottom"> <td colspan="2">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top">**</td> <td style="text-align: justify"> <ix:footnote id="ix_1_footnote" xml:lang="en-US">Transferred to a joint venture. See note 9.</ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are held by the Company&#8217;s subsidiaries.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 111 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 - LEASES:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfDetailedInformationAboutRightofuseAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>
</div><div>


</div><!-- Field: Page; Sequence: 112 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 8 - LEASES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: left"><b>Lease liabilities:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfDetailedInformationAboutLeaseLiabilities"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: left"><b>Additional disclosure:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_8" id="_DisclosureOfLeasesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">1)</td><td style="text-align: justify">The Group was a party to a contract that is affected by IFRS
16 and constitutes a rental space in Israel that was signed in November 2019. The agreed rental period is 24 months plus an extension
option of an additional 12 months. The extension option held is exercisable only by the Group and not by the lessor. During 2021 the
group exercised its option for additional 12 months until October 31, 2022. This liability was measured at the present value of the remaining
lease payments, discounted using the Group&#8217;s incremental borrowing rate as of November 2019 &#8211; <ix:nonFraction contextRef="c104" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">4</ix:nonFraction>%.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: justify; text-indent: -15.85pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_9" id="_DisclosureOfLeasesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">2)</td><td style="text-align: justify">In December 2022 the Group signed a new lease contract that
is affected by IFRS 16. See note 2q. This liability was measured at the present value of the remaining lease payments, discounted using
the Group&#8217;s incremental borrowing rate as of December 2022 &#8211; <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">7</ix:nonFraction>%.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_10" id="_DisclosureOfLeasesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">3)</td><td style="text-align: justify">To secure the Group&#8217;s lease obligation on its offices,
the Group has provided a bank guarantee in the amount of $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:IncentiveFromLessors" scale="3" unitRef="usd">33</ix:nonFraction> for the benefit of the lessor.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_11" id="_DisclosureOfLeasesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">4)</td><td style="text-align: justify">As of December 31, 2022, future lease payments under the
leases were:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_12" id="_DisclosureOfLeasesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfDetailedInformationAboutMinimumFutureRentalPaymentsExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left"></td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:LesseeOperatingLeaseLiabilityDueToYearThree" scale="3" unitRef="usd">94</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">5)</td><td><span style="font-size: 10pt">In 2022 and in 2021, a short-term lease with a lease term of fewer than 12 months without a purchase
option is recognized as an expense in profit or loss at the amount of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermLeasePayment" scale="3" unitRef="usd">12</ix:nonFraction> and $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="wave:ShortTermLeasePayment" scale="3" unitRef="usd">10</ix:nonFraction>, respectively.</span><span style="clear: both; display: block;"><br/></span>
</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 113 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 9 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY
METHOD</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_2" id="_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Eco Wave Power Ltd. owns <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="wave:InvestmentsOwnedPercentOfNetAssets" scale="-2" unitRef="pure">50</ix:nonFraction>% of EDF
EWP One Ltd., a private limited liability company incorporated under the laws of Israel.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The remaining part of EWP EDF One Ltd.
is owned by EDF Renewables IL in Israel. The objective of the joint venture is to exclusively cooperate in the development, financing,
design, procurement, construction and operation of the new pilot project at Jaffa Port and to evaluate further possible collaborations
in wave power. Initial funds in the amount of $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:InvestmentsOwnedAtCost" scale="3" unitRef="usd">117</ix:nonFraction> in cash and $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="wave:NonCashTransferOfEquipment" scale="3" unitRef="usd">159</ix:nonFraction> in non cash transfer of equipment were contributed during 2021. Additional
funds in the amount of $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalPaidinCapital" scale="3" unitRef="usd">298</ix:nonFraction> in cash were contributed during 2022. The investment in the joint venture is presented as an investment in
a joint venture in the Company&#8217;s consolidated statement of financial position as the Company does not have control over the joint
venture.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 10 - LONG-TERM LOAN FROM RELATED PARTY</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>a.</b></td><td style="text-align: left"><b>Composition:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="wave:ScheduleOfCompositionRelatedPartyTransactionTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Loans from David Leb, Board member</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoansFromBoard" scale="3" unitRef="usd">941</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:CurrentMaturities" scale="3" unitRef="usd">941</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="wave:CurrentMaturities" scale="3" unitRef="usd">220</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total long-term loans</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: left"><b>Change during the year:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="wave:ScheduleOfChangesInRealatedPartyTransactionTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Payment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">-</div></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Interest expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpense" scale="3" unitRef="usd">39</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: left"><b>Additional disclosure:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Eco Wave Power Ltd. has entered into
two loan agreements with a shareholder and a Board member, David Leb, a related party, amounting to $<ix:nonFraction contextRef="c137" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsPayableRelatedPartyTransactions" scale="3" unitRef="usd">941</ix:nonFraction> as of December 31, 2022 (denominated
in USD).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">1)</td><td style="text-align: justify">The first loan agreement relates to an amount of $<ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="wave:DebtInstrumentsFaceAmount" scale="3" unitRef="usd">200</ix:nonFraction>. The loan agreement is subject to an annual interest
rate of <ix:nonFraction contextRef="c138" decimals="2" format="ixt:num-dot-decimal" name="wave:DebtInstrumentsInterestRateStatedPercentage" scale="-2" unitRef="pure">4</ix:nonFraction>%, calculated on the total debt including accrued interest. The loan principal was paid out in 2022. The accrued interest is
classified as a current liability to a related party in the statement of financial position.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>2)</b></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
second loan agreement relates to an amount of $<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="wave:DebtInstrumentsFaceAmount" scale="3" unitRef="usd">800</ix:nonFraction>. Under the loan agreement, the credit period is <ix:nonNumeric contextRef="c140" name="wave:DebtInstrumentsPaymentTerms">36 months</ix:nonNumeric>, starting June 1, 2019,
and if the loan is not repaid within the credit period, an interest rate of <ix:nonFraction contextRef="c139" decimals="2" format="ixt:num-dot-decimal" name="wave:DebtInstrumentsInterestRateStatedPercentage" scale="-2" unitRef="pure">4</ix:nonFraction>% applies. The agreement does not specify specific repayment
dates. It is Eco Wave Power Ltd.&#8217;s intention to not repay the loan within the 36 months period. Therefore, Eco Wave Power Ltd.
accrues interest on the loan.</span> The loan is classified as a current liability to a related party in the statement of financial position.
The loan is payable upon demand. </td></tr></table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 114 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 11 &#8211; OTHER LONG-TERM LOAN:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>a.</b></td><td style="text-align: left"><b>Composition:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfCompositionTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">in USD thousands</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -15.6pt; padding-left: 15.6pt">Loan from PortXL Netherlands B.V.</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsumerLoans" scale="3" unitRef="usd">128</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsumerLoans" scale="3" unitRef="usd">129</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -15.6pt; padding-left: 15.6pt">Less - current maturities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AssetsLessCurrentLiabilities" scale="3" sign="-" unitRef="usd">32</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 4pt; text-indent: -15.6pt; padding-left: 15.6pt">Total long-term loan</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalLongtermLoan" scale="3" unitRef="usd">96</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="wave:TotalLongtermLoan" scale="3" unitRef="usd">129</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: left"><b>Change during the year:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="wave:ScheduleOfChangeDuringTheYearTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expenses</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: left"><b>Additional disclosure</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Loan from PortXL Netherlands B.V.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Eco Wave Power Ltd. entered into an
accelerator agreement with PortXL Netherlands B.V. in March 2019. The loan was granted under a mentorship-driven open innovation startup
accelerator program focusing on port related industries. The loan consists of (i) an amount of EUR <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="wave:LoanAmount" scale="0" unitRef="eur">85,000</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="wave:LoanAmount" scale="3" unitRef="usd">91,000</ix:nonFraction>) in kind,
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repay the loan in five annual installments, starting April 1, 2023. The loan agreement is subject to an annual interest rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="wave:LoanAgreementInterestRate" scale="-2" unitRef="pure">5</ix:nonFraction>%, calculated
on the total debt including accrued interest. To the extent that Eco Wave Power Ltd. fails to repay the loan when due, PortXL Netherlands
B.V. shall be entitled, as a sole remedy, to be issued common shares of Eco Wave Power Ltd. in such number equal to the unpaid balance
of the loan and the accrued interest, divided by $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="wave:LoanAccruedInterest" scale="3" unitRef="usd">375.825</ix:nonFraction>. Upon such issuance, the loan shall be deemed repaid in full.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="wave:StockholderEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 12 - EQUITY:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_2" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_3" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="wave_SchedulesOfCapitalLeasedAssetsTableTextBlock-c0_cont_1" escape="true" name="wave:SchedulesOfCapitalLeasedAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: left"></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_5" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_4"><ix:continuation id="wave_SchedulesOfCapitalLeasedAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c146" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">2,800</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c146" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">888</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c147" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">888</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38pt; text-align: left"><b>&#160;</b></p></ix:continuation></ix:continuation><div>



</div><div>


</div><!-- Field: Page; Sequence: 115 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Eco Wave Power Global
AB (publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>NOTE
12 - EQUITY</b> (continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38pt; text-align: left"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_6" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>c.</b></td><td style="text-align: justify"><b>Rights related to shares</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_7" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The common shares confer upon their
holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2022, all outstanding
share capital consisted of common shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_8" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>d.</b></td><td style="text-align: left"><b>Changes in the Company&#8217;s equity:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_9" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In May 2019, Eco Wave Power Ltd. completed
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</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_10" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In July 2019, the Company completed
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</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_11" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In July 2021, the Company completed
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ADSs began trading on Nasdaq on July 1, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering
price, less the underwriting discounts and commissions. AGP exercised its option in full on July 1, 2021. The closing of all 1,150,000
ADSs, representing 9,200,000 common shares, occurred simultaneously.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_13" id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The offering raised a total of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="wave:PrivateOfferingAmount" scale="3" unitRef="usd">9,200</ix:nonFraction>,
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</div><div>

</div><ix:continuation id="wave_StockholderEquityNoteDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.85pt; text-align: justify">On May 30, 2022, the Nasdaq First
North Growth Market Stockholm accepted the Company&#8217;s application to delist its common shares. The last day of trading for the Company&#8217;s
common shares on Nasdaq First North was June 13, 2022. As a result, since June 14, 2022, the Company&#8217;s securities trade exclusively
on the Nasdaq in the United States in the form of ADSs.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 13 - TAXES ON INCOME</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>a.</b></td><td style="text-align: left"><b>Corporate taxation </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The income of Eco Wave Power Global
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The income of Eco Wave Power Ltd. is
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>b.</b></td><td style="text-align: justify"><b>Tax loss carryforwards:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">1)</td><td style="text-align: justify">EWPG Holding AB (publ) - As of December 31, 2022, the tax loss carryforwards of the Parent Company were
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify">Eco Wave Power Ltd. - As of December 31, 2022, the tax loss carryforwards of Eco Wave Power Ltd. were
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group has not created deferred
tax assets in respect of these tax loss carryforwards. See Note 2k.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 116 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 13 - TAXES ON INCOME</b> (continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>c.</b></td><td style="text-align: justify"><b>Theoretical taxes</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As described in Note 2k, the Group
has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable
future. The reported tax on the Group&#8217;s income before taxes differs from the theoretical amount that would arise using the tax rate
applicable to income of the company as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="wave:ScheduleOfTaxRateApplicableToIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 14 - TRANSACTIONS AND BALANCES WITH RELATED
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>Transactions with related parties</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">Key management includes directors and executive officers. The
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfOperatingSegmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>b.</b></td><td>Loans from related party (see Note 10)</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 6.55pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 117 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Eco Wave Power Global AB
(publ)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 14 - TRANSACTIONS AND BALANCES WITH RELATED
PARTIES </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><b>e.</b></td><td style="text-align: justify">See Note 16b related to an agreement with a minority shareholder in one of our subsidiaries.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in"><b>f.</b></td><td style="text-align: justify">According to an amendment to the CEO&#8217;s employment agreement, signed between Eco Wave Power Ltd. and the CEO on May 26, 2021,
upon a change of control, as defined in the amendment, to the CEO&#8217;s employment agreement, the CEO will be entitled to a cash bonus
of $<ix:nonFraction contextRef="c156" decimals="-5" format="ixt:num-dot-decimal" name="wave:CashBonus" scale="6" unitRef="usd">2.0</ix:nonFraction> million.</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_1" escape="true" name="wave:DisclosureOfSupplementaryFinancialStatementInformationTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 15 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><b>a.</b></td><td style="text-align: left"><b>Other receivables and prepaid expenses:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_4" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The carrying amounts of receivables approximate
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_6" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_7" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="wave_DisclosureOfAccountsPayableAndAccrualsTradeExplanatory-c0_cont_1" escape="true" name="wave:DisclosureOfAccountsPayableAndAccrualsTradeExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">2)</td><td style="text-align: justify">Other:</td>
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_9" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_8"><ix:continuation id="wave_DisclosureOfAccountsPayableAndAccrualsTradeExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_10" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The carrying amounts of accounts payable
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 15 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION</b>
(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><b>d.</b></td><td style="text-align: left"><b>Revenues</b></td></tr></table></ix:continuation><div>

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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_15" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Revenues
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</div><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">See note 7.</td>
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_19" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>Additional disclosure</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_20" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Grants were received from Innovate
UK as part of the Energy Catalyst Round 8: clean energy - experimental development competition, from Morocco&#8217;s Smart Port Challenge
Competition, from the Israeli Ministry of Energy and from the European Commission under the Horizon 2020 Framework Program. To secure
the Group&#8217;s obligation to the Israeli Ministry of Energy, under the grant terms, the Group has provided a bank guarantee in the
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_23" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_24" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_23"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfGeneralAndAdministrativeExpensesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="3" unitRef="usd">1,104</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 119 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 15 - SUPPLEMENTARY
FINANCIAL STATEMENT INFORMATION</b> (continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_25" id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>h.</b></td><td style="text-align: left"><b>Financial income and expenses:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="wave_DisclosureOfSupplementaryFinancialStatementInformationTextBlock-c0_cont_25"><ix:nonNumeric contextRef="c0" escape="true" name="wave:DisclosureOfDetailedInformationAboutFinancialExpenses"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 64%; text-align: left; text-indent: -8.95pt; padding-left: 8.95pt">Foreign currencies exchange gain, net</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-158">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt">Interest on long term loans and lease liability</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 16 - COMMITMENTS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_2" id="_DisclosureOfCommitmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b>a.</b></td><td style="text-align: justify"><b>Grants from the Israeli Ministry of Energy</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_3" id="_DisclosureOfCommitmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Grants received from the Israeli Ministry
of Energy for an approved pioneering research and development program are recognized at the time the Group is entitled to such grants,
on the basis of the costs incurred, and included as a deduction from research and development expenses. The grants are <ix:nonFraction contextRef="c169" decimals="2" format="ixt:num-dot-decimal" name="wave:RoyaltyExpensePercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% royalty bearing
from commercialization of the intellectual property products, until repayment of <ix:nonFraction contextRef="c169" decimals="2" format="ixt:num-dot-decimal" name="wave:GrantsReceivedRate" scale="-2" unitRef="pure">100</ix:nonFraction>% of the grants received by the Group. The royalties
are linked to the Israeli general consumer price index.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_4" id="_DisclosureOfCommitmentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As discussed in Note 2n, this transaction
was treated as a &#8220;forgivable loan,&#8221; as set forth in IAS 20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_5" id="_DisclosureOfCommitmentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><b>b.</b></td><td style="text-align: justify"><b>Loan from Management Committee of Jiangsu Changshu High Tech Development Zone</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_6" id="_DisclosureOfCommitmentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Eco Wave Power Ltd. entered into an accelerator
agreement with Management Committee of Jiangsu Changshu High Tech Development Zone and with Changshu Shirat Enterprises Management Co.,
Ltd. in 2013. Changshu Shirat Enterprises Management Co., Ltd. owns <ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="wave:OwnershipPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the Suzhou Eco Wave Power Technology Co. Ltd.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_7" id="_DisclosureOfCommitmentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Under the agreement, the Management Committee
of Jiangsu Changshu High Tech Development Zone lent Suzhou Eco Wave Power Technology Co. Ltd. RMB <ix:nonFraction contextRef="c171" decimals="-3" format="ixt:num-dot-decimal" name="wave:AgreementAmount" scale="3" unitRef="cny">3,977</ix:nonFraction> thousands ($<ix:nonFraction contextRef="c171" decimals="-3" format="ixt:num-dot-decimal" name="wave:AgreementAmount" scale="3" sign="-" unitRef="usd">570</ix:nonFraction>). The loan was
granted in RMB to co-finance the construction of a power plant in Gibraltar as well as to support other ventures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_8" id="_DisclosureOfCommitmentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Suzhou Eco Wave Power Technology Co. Ltd.
should repay the loan by remitting <ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="wave:NetProceedsPercentage" scale="-2" unitRef="pure">3</ix:nonFraction>% of the net proceeds from Gibraltar pilot project and future projects in China alone plus <ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="wave:AnnualInterestPercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% annual
interest. In addition, Suzhou Eco Wave Power Technology Co. Ltd. is also obligated to pay to Changshu Shirat Enterprises Management Co.,
Ltd. <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="wave:NetProceedsPercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% of the net proceeds from commercialization of its future projects for a term of <ix:nonNumeric contextRef="c170" format="ixt-sec:duryear" name="wave:AgreementYears">10</ix:nonNumeric> years from the date of the agreement. There
were no proceeds in China since 2013 and there are no expected proceeds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_9" id="_DisclosureOfCommitmentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As discussed in Note 2n, this transaction
was treated as a &#8220;forgivable loan,&#8221; as set forth in IAS 20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_10" id="_DisclosureOfCommitmentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><b>c.</b></td><td style="text-align: justify"><b>Portugal </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_11" id="_DisclosureOfCommitmentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In April 2020, Eco Wave Power Ltd.
entered into an official concession agreement with Administra&#231;&#227;o dos Portos do Douro, Leix&#245;es e Viana do Castelo
(&#8220;APDL&#8221;) regarding the use of an area potentially suitable for construction, operation and maintenance of a wave energy power
plant of up to 20 megawatts at four sites owned and operated by APDL (the &#8220;Concession Agreement&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 120 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 16 - COMMITMENTS </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_12" id="_DisclosureOfCommitmentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In September 2020, Eco Wave Power Ltd.
established EW Portugal &#8211; Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal, to enable Eco Wave
Power Ltd. to commence official licensing procedures for the project.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_13" id="_DisclosureOfCommitmentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In October 2020, Eco Wave Power Ltd.
entered into a strategic collaboration with Painhas Engineering and Construction Company (&#8220;Painhas&#8221;) for the technical support
for the licensing of the Portugal project. Painhas will play an integral part in the technical support needed for the official licensing
procedures for the planned wave energy project in Portugal, as part of the newly signed 20 megawatts Concession Agreement with the Port
Authority of Leix&#245;es - APDL. Once licensing is obtained, the parties will work towards a continued collaboration for the execution
of the project.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_14" id="_DisclosureOfCommitmentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, Eco Wave Power&#8217;s fully owned Portuguese subsidiary, EW Portugal-Wave Energy Solutions Unipessoal Lda. </span>has received
an installation and grid connection permit of 1MW in the form of a Small-Production Unit registration approval (registration number 5089)
from the Portuguese Directorate-General for Energy and Geology. This registration approval is required for the installation and grid
connection of a 1MW pilot project at the Barra do Douro breakwater in Porto, Portugal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_15" id="_DisclosureOfCommitmentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Small-Production Unit Registration approval
is the first permit required by EW Portugal to proceed with the actual installation and grid connection of a first 1MW wave energy power
station on the ocean side of the Barra do Douro breakwater.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_16" id="_DisclosureOfCommitmentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">After obtaining the licenses for the
operation and grid connection the Company has retained the services of Efiki Partners in 2022, to produce a social-economic report for
its&#8217; first 1MW, which will enable the Company to receive the final required license for the project, the T&#237;tulo de Utiliza&#231;&#227;o
de Recursos H&#237;dricos license, which is expected to be granted by Administra&#231;&#227;o dos Portos do Douro, Leix&#245;es
e Viana do Castelo, SA (APDL) (the site owner) once report is completed, to the satisfaction of all parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_17" id="_DisclosureOfCommitmentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><b>d.</b></td><td style="text-align: justify"><b>USA </b></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_18" id="_DisclosureOfCommitmentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In January 2022, Eco Wave Power Ltd. entered into a collaboration agreement with AltaSea at the Port of Los Angeles. In December 2022,
the energy conversion unit, formerly deployed in Gibraltar, arrived at AltaSea at the Port of Los Angeles where it will be installed as
a pilot station.</p><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_19" id="_DisclosureOfCommitmentsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><b>e.</b></td><td style="text-align: justify"><b>Spain &#8211; Port of Adriano</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_20" id="_DisclosureOfCommitmentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the first quarter 0f 2022 Eco
Wave Power entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to
2MW. According to the terms of the agreement, Port Adriano will assign a potentially suitable location to Eco Wave Power for a period
of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="wave:TermsOfAgreement">20</ix:nonNumeric> years, while Eco Wave Power will be responsible for securing all the licenses, constructing, and commissioning the power plant/s
and selling the electricity to be generated by the power plant in accordance with an approved production quota, to be determined for the
site. The Company has commenced an in-depth feasibility study in the Port. Once the study is fully completed with favorable results, the
parties will enter discussions regarding the licensing requirements and financial terms of the planned 2MW project.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: -21.25pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 121 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eco
Wave Power Global AB (publ)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 16 - COMMITMENTS </b>(continued):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_21" id="_DisclosureOfCommitmentsExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><b>f.</b></td><td style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Turkey</b></span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_22" id="_DisclosureOfCommitmentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2022, Eco Wave Power Ltd. entered into an agreement with OREN Ordu Enerji, or Ordu Energji, for the potential construction
of an up to 77 megawatts wave energy installation in Ordu, Turkey.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_23" id="_DisclosureOfCommitmentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">According to the terms of the agreement, Ordu Enerji will
assign nine potentially suitable breakwaters to the company for a period of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="wave:AgreementYears">25</ix:nonNumeric> years from activation of the relevant pilot or power station,
while the company will be responsible for constructing, and commissioning the power plant(s) and selling the electricity to be generated
by the power plant in accordance with an approved production quota to be determined for the site.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: -21.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCommitmentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Subject to certain conditions, including,
among others, receiving favorable results from feasibility studies and receipt of applicable licenses and permits, the 77 megawatts power
station is planned to be constructed in several stages, starting with an up to 4 megawatts pilot station, and continuing with the construction,
operation, and maintenance of the remaining capacity of the plant of up to 73 megawatts. Ordu Enerji has a right of first refusal to invest
partially in different stages of the project.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-33</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No.:
001-40554
ECO WAVE POWER GLOBAL AB (PUBL)
(Exact name of registrant as specified in its charter)
Translation of registrant's name into
English: Not applicable
Kingdom of
Sweden
(Jurisdiction of incorporation or organization)
52 Derech Menachem Begin Street
Tel Aviv
6713701
,
Israel
(Address of principal executive offices)
Inna Braverman
Chief Executive Officer
52 Derech Menachem Begin St
.
Tel Aviv-Yafo
,
Israel
6713701
Tel: +
972-3-509-4017
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
American Depositary Shares
WAVE
The Nasdaq Stock Market LLC
Common Shares, no par value
*
The Nasdaq Stock Market LLC*
*
Not for trading, but only in connection with the registration
                                            of the American Depositary Shares.
Securities registered or to be registered pursuant
to Section 12(g) of the Act: None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of
each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:
44,394,844
common shares as of December 31, 2022.
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No
☒
If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934.
Yes ☐
No
☒
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days.
Yes
☒    No ☐
Indicate by check mark whether the registrant
has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.
Yes
☒    No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large
accelerated filer," "accelerated filer," and emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Emerging Growth Company
☒
If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange
Act.
☐
†The term "new or revised financial
accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
Yes ☐    No
☒
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing.
U.S. GAAP ☐
International Financial Reporting Standards
as
issued by the International Accounting Standards Board ☒
Other ☐
If "Other" has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17   ☐ Item 18
If this is an annual report, indicate by check
mark whether the registrant is a shell company.
Yes ☐    No
☒
TABLE OF CONTENTS
Page
INTRODUCTION
iii
CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
iv
SUMMARY RISK
    FACTORS
vi
PART I
ITEM 1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM 2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
1
ITEM 3.
KEY
    INFORMATION
1
A.
[Reserved]
1
B.
Capitalization
    and Indebtedness
1
C.
Reasons
    for the Offer and Use of Proceeds
1
D.
Risk
    Factors
1
ITEM 4.
INFORMATION
    ON THE COMPANY
29
A.
History
    and Development of the Company
29
B.
Business
    Overview
30
C.
Organizational
    Structure
48
D.
Property,
    Plants and Equipment
49
ITEM 4.A
UNRESOLVED
    STAFF COMMENTS
50
ITEM 5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
50
A.
Operating
    Results
50
B.
Liquidity
    and Capital Resources
55
C.
Research
    and Development, Patents and Licenses, etc.
58
D.
Trend
    Information
58
E.
Critical
    Accounting Estimates
58
ITEM 6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
60
A.
Directors
    and Senior Management
60
B.
Compensation
61
C.
Board
    Practices
62
D.
Employees
64
E.
Share
    Ownership
64
ITEM 7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
65
A.
Major
    Shareholders
65
B.
Related
    Party Transactions
66
C.
Interests
    of Experts and Counsel
67
ITEM 8.
FINANCIAL
    INFORMATION
67
A.
Consolidated
    Statements and Other Financial Information
67
B.
Significant
    Changes
68
ITEM 9.
THE
    OFFER AND LISTING
68
A.
Offer
    and Listing Details
68
B.
Plan
    of Distribution
68
C.
Markets
68
D.
Selling
    Shareholders
68
E.
Dilution
68
F.
Expenses
    of the Issue
68
i
ITEM 10.
ADDITIONAL
    INFORMATION
68
A.
Share
    Capital
68
B.
Memorandum
    and Articles of Association
69
C.
Material
    Contracts
69
D.
Exchange
    Controls
69
E.
Taxation
69
F.
Dividends
    and Paying Agents
73
G.
Statement
    by Experts
73
H.
Documents
    on Display
74
I.
Subsidiary
    Information
74
J.
Annual
    Report to Security Holders.
ITEM 11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
74
ITEM 12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
74
A.
Debt
    Securities
74
B.
Warrants
    and rights
74
C.
Other
    Securities
74
D.
American
    Depositary Shares
75
PART II
ITEM 13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
76
ITEM 14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
76
ITEM 15.
CONTROLS
    AND PROCEDURES
76
ITEM 16.
[Reserved]
77
ITEM 16.
A
AUDIT
    COMMITTEE FINANCIAL EXPERT
77
ITEM 16.
B
CODE
    OF ETHICS
77
ITEM 16.
C
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
77
ITEM 16.
D
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
77
ITEM 16.
E
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
77
ITEM 16.
F
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
77
ITEM 16.
G
CORPORATE
    GOVERNANCE
78
ITEM 16.
H
MINE
    SAFETY DISCLOSURE
78
ITEM 16.
I
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
78
PART III
ITEM 17.
FINANCIAL
    STATEMENTS
79
ITEM 18.
FINANCIAL
    STATEMENTS
79
ITEM 19.
EXHIBITS
79
ii
INTRODUCTION
We are a wave energy company
primarily engaged in the development of a smart and cost-efficient wave energy conversion, or WEC, technology that converts ocean
and sea waves into clean electricity. Our corporate mission is to revolutionize energy production with our proprietary wave technology,
and to become a leader in the renewable energy industry, which, according to an analysis by Frost & Sullivan, is expected to see
$3.4 trillion in new investment in the next decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems,
and draws energy from incoming waves by converting the rising and falling motion of the waves into a clean energy generation process.
In addition to our WEC technology,
we are also building out a pipeline of ancillary technology services that we may provide to our customers and other parties, such as
other companies and research institutions. These services currently include feasibility studies for potential clients of our WEC technology.
We are also developing a smart Wave Power Verification, or WPV, software, intended to provide real-time production verification
that is expected to allow preventative-predictive and corrective measures to be taken. We believe that by providing these complementary
services, we will be better positioned to be a leader of the wave energy industry.
We are a company incorporated
in Sweden and were incorporated in 2019.  The American Depository Shares are currently traded in the United States on the Nasdaq
Capital Market under the symbol "WAVE".
iii
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included
or incorporated by reference in this annual report on Form 20-F may be deemed to be "forward-looking statements". Forward-looking
statements are often characterized by the use of forward-looking terminology such as "may," "will," "expect,"
"anticipate," "estimate," "continue," "believe," "should," "intend,"
"project" or other similar words, but are not the only way these statements are identified.
These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,
completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or
developments that we intend, expect, project, believe or anticipate will or may occur in the future.
Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.
Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:
●
our ability to successfully
    enter new markets, manage our international expansion and comply with any applicable laws and regulations;
●
the timing for the commercialization
    of our WEC technology, including the timing, cost, regulatory approvals or other aspects related thereto;
●
our ability to generate
    revenue from our WEC technology and ancillary services, such as feasibility studies or our WPV software;
●
our expectations regarding
    the supply of components and manufacturing of our products;
●
the ability of our WEC
    technology to generate commercial amounts of energy and its perceived benefits versus other solutions;
●
the successful development
    of the WPV software;
iv
●
the implementation of solar
    panels into our WEC technology;
●
our estimates regarding
    anticipated expenses, capital requirements and our needs for additional financing;
●
our expectations with regards
    to the receipt of funds pursuant to existing and future grants;
●
our ability to compete
    with other companies in our industry;
●
the receipt of any government
    subsidies or feed-in-tariffs;
●
our research and development
    and growth strategies and marketing plans;
●
our ability to comply with
    environmental laws and to adapt to changes in laws, regulations or policies of governmental agencies or regulators relating to the
    utilization of our WEC technology;
●
the ability of our management
    team to lead the development and commercialization of our WEC technology;
●
our estimates of the size
    of our market opportunities;
●
issuance of patents to
    us by the U.S. PTO and other governmental patent agencies;
●
the ongoing COVID-19 pandemic
    and our expectations regarding its impact on our business, global supply chains and the economy; and
●
those factors referred
    to in "Item 3. Key Information – D. Risk Factors," "Item 4. Information on the Company," and "Item
    5. Operating and Financial Review and Prospects", as well as in this annual report on Form 20-F generally.
Readers are urged to carefully
review and consider the various disclosures made throughout this annual report on Form 20-F which are designed to advise interested parties
of the risks and factors that may affect our business, financial condition, results of operations and prospects.
You should not put undue
reliance on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are made as of the date
hereof, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
v
In addition, the section
of this annual report on Form 20-F entitled "Item 4. Information on the Company" contains information obtained from independent
industry sources and other sources that we have not independently verified.
Unless otherwise indicated,
all references to "we," "us," "our," the "Company" and "EWPG" refer to Eco
Wave Power Global AB (publ), after the date that it acquired its operating subsidiary, Eco Wave Power Ltd., or EWP Israel, or the Acquisition
(see "Item. 4.A. — History and Development of the Company" for additional information), while such references,
before the time of the Acquisition, refer to EWP Israel. Until June 9, 2021, our name was EWPG Holding AB (publ). On May 31,
2021, our shareholders approved amended and restated articles of association at an extraordinary general meeting of shareholders whereby,
among other things, our name was changed to Eco Wave Power Global AB (publ). References to "U.S. dollars" and "$"
are to currency of the United States of America, references to "Euro", "EUR" and "€" are to
currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty Establishing the European
Community, as amended, references to "SEK" are to Swedish Kronor and references to "shekel," "Israeli shekel"
and "NIS" are to New Israeli Shekels. References to "Common Shares" are to our Common Shares, no par value. We
report our financial statements under International Financial Reporting Standards, or IFRS, as issued by the International Accounting
Standards Board, or the IASB. None of the financial statements were prepared in accordance with generally accepted accounting principles
in the United States.
Summary Risk Factors
The risk factors described
below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we
face. You should carefully consider these risk factors, together with the risk factors set forth in Item 3D. of this annual
report on Form 20-F and the other reports and documents filed by us with U.S. Securities and Exchange Commission, or the SEC.
Risks Related to Our Financial Condition
    and Capital Requirements
●
We have never generated
    significant revenues, have incurred significant losses since our inception and anticipate that we will continue to incur significant
    losses for the foreseeable future, and we may never achieve or maintain profitability.
●
We have a history of operating
    losses and may not achieve or maintain profitability and positive cash flow.
●
We expect that we will
    need to raise substantial additional funding, which may not be available on acceptable terms, or at all. Failure to obtain funding
    on acceptable terms and on a timely basis may require us to curtail, delay or discontinue our product development efforts or other
    operations.
●
Our revenues, if any, and
    efforts to become profitable, may be impacted by our need to pay royalties on government grants and other agreements.
●
The reduction or elimination
    of government subsidies, grants and other economic incentives for various renewable energy applications may have an adverse impact
    on our operations and financial condition.
●
If we fail to manage our
    future growth effectively, our business could be materially adversely affected. We may also face difficulties as we expand our operations
    into countries in which we have no prior operating experience.
Risks
    Related to Our Intellectual Property
●
Even if we are issued patents,
    because the patent positions of our technology are complex and uncertain, we cannot predict the scope and extent of patent protection
    for our products.
●
There can be no assurance
    that our patent applications will result in issued patents.
●
If we are unable to maintain
    effective proprietary rights for our products, we may not be able to compete effectively in our markets.
vi
Risks
    Related to Regulatory Requirements
●
We are or will be subject
    to international regulations that could adversely affect our business and results of operations.
●
We may not be able to receive
    the regulatory approvals and permits needed in order to commercialize our WEC technology in the jurisdictions in which we wish to
    operate.
Risks
    Related to Our Business Operations
●
Our business and operations
    have been and are likely to further continue to be adversely affected by the COVID-19 global pandemic and its long term implications.
●
Our future success depends
    in part on our ability to retain our senior management team and to attract, retain and motivate other qualified personnel.
●
The employment agreement
    that we have with our Chief Executive Officer may provide for certain payments in the event of a change of control of us (as defined
    in her employment agreement), which may discourage, delay, or prevent a change in control.
●
If we fail to manage our
    future growth effectively, our business could be materially adversely affected. We may also face difficulties as we expand our operations
    into countries in which we have no prior operating experience.
Risks
    Related to Ownership of ADSs
●
The market price of the
    ADSs may be highly volatile due to factors beyond our control.
●
Our executive officers,
    directors and principal shareholders have the ability to exert significant control over matters submitted to our shareholders for
    approval.
●
If a United States person
    is treated as owning at least 10% of our shares, such holder may be subject to adverse U.S. federal income tax consequences.
●
The rights of our shareholders
    may differ from the rights typically offered to shareholders of a U.S. corporation.
Risks Related to Our Technology
●
We may not be able to receive
    the regulatory approvals and permits needed in order to commercialize our WEC technology in the jurisdictions in which we wish to
    operate.
●
We could be held liable
    if our business operations harmed the environment and a failure to maintain compliance with environmental laws could severely damage
    our business.
●
Wave energy is relatively
    new and is unproven which could mean that we may never be successful in commercializing our technology.
●
We will be subject to intense
    competition in the renewable energy business by competitors with substantially greater resources and/or more cost-effective technology.
●
Changes in technology may
    have a material adverse effect on our results of operations.
vii
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2.
OFFER STATISTICS
AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A.
[Reserved].
B.
Capitalization and Indebtedness.
Not applicable.
C.
Reasons for the Offer and Use of Proceeds.
Not applicable.
D.
Risk Factors.
Our business faces significant
risks. You should carefully consider the risks described below, together with all of the other information in this annual report on Form
20-F. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that
we currently deem to be immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs,
our business and financial condition could suffer and the price of the ADSs could decline. This report also contains forward-looking
statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking
statements, as a result of certain factors including the risks described below and elsewhere in this report and our other SEC filings.
See "Cautionary Note Regarding Forward-Looking Statements" above.
Risks Related to Our Financial Position and
Capital Requirements
We have not yet generated revenue from
sales of our WEC technology or power stations and may never be profitable.
Our ability to become profitable
depends upon our ability to generate revenue. To date, we have not generated any revenue from our WEC technology, and we do not know
when, or if, we will generate any such revenue. We do not expect to generate significant revenue unless or until we are able to prove
the impact and benefits of implementing our WEC technology and then successfully enter into agreements for the sale of our products and
services to countries, states and private customers that carry out a transition to an energy production source that is based on our technology.
Our ability to generate future revenue from our WEC technology, services or power stations depends heavily on our success in many areas,
including but not limited to:
●
our ability to enter into
    and carry out agreements for the sale of our products and services or collaboration agreements;
●
our ability to connect
    to the technology of a country's national grid or micro grids;
●
our ability to enter into
    long-term contracts for the sale of electricity generated from our WEC technology;
●
the implementation of rules
    or standards by governments and/or by quasi-government agencies regarding the use of alternative sources of clean energy, and
    specifically, wave energy and our ability to receive feed-in-tariffs for wave energy;
●
our ability to obtain financing
    on terms favorable to us;
1
●
our ability to obtain the
    necessary permits or regulatory consents, including our ability to enter into concession agreements or other agreements for the use
    of land and ocean space for the construction and utilization of our WEC technology;
●
our ability to protect
    our intellectual property;
●
business interruptions
    resulting from a local or worldwide pandemic, geopolitical actions, including war and terrorism, or natural disasters;
●
supply chain disruptions
    and shortages of components as a result of the COVID-19 pandemic and significant price variations of such components due to such
    disruptions; and
●
our ability to protect
    our WEC technology from cyber attacks.
If we fail to enter agreements
for the sale of products and services or collaboration on terms favorable to us, or if such agreements lead to delays or expenses or
if payments according to the agreements are delayed or not made at all, it could have a material adverse effect on our business, results
and financial position.
We have a history of operating losses and
may not achieve or maintain profitability and positive cash flow.
We have incurred net losses
since EWP Israel began its operations, and we have incurred net losses of $2.9 million and $2.35 million in our fiscal years
ended December 31, 2022 and 2021, respectively. As of December 31, 2022, we had an accumulated deficit of $11.3 million. To
date, our activities have consisted primarily of activities related to the development and testing of our technologies and efforts to
commercialize our products. Thus, our losses to date have resulted primarily from costs incurred in our research and development programs
and from our selling, general and administrative costs. As we continue to develop our proprietary technologies, we expect to continue
to have a net use of cash from operating activities unless or until we achieve positive cash flow from the commercialization of our products
and services.
We do not know whether we
will be able to successfully commercialize our products or whether we can achieve profitability. There is significant uncertainty about
our ability to successfully commercialize our products in our targeted markets. Even if we do achieve the commercialization of our products
and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.
We expect that we will need to raise substantial
additional funding, which may not be available on acceptable terms, or at all. Failure to obtain funding on acceptable terms and on a
timely basis may require us to curtail, delay or discontinue our product development efforts or other operations.
As of December 31, 2022,
our cash and cash equivalents were $5.3 million and our short term cash deposits were $5 million. Based upon our currently expected
level of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through
at least the next 12 months period from the date of this annual report on Form 20-F. We expect that in future periods we will require
substantial additional capital to commercialize our products and services (see "Item. 5.A. – Operating and Financial Review
and Prospects—Liquidity and Capital Resources" for additional information). In addition, even if we believe that we have
sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we
have specific strategic considerations.
In addition, our operating
plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than
planned. Our future funding requirements will depend on many factors, including but not limited to:
●
our research and development
    efforts, including our ability to finish research and development projects or product development within the allotted or expected
    timeline;
●
the cost, timing and outcomes
    of seeking to commercialize our products and services in a timely manner;
●
the announcement of new
    products, new developments, services or technological innovations by our competitors in the traditional and renewable energy industry;
●
global policies and feed-in-tariffs
    for wave energy;
2
●
licensing costs and timelines;
●
our ability to generate
    cash flows;
●
economic weakness, including
    inflation, or political instability in particular foreign economies and markets;
●
the length of the COVID-19
    pandemic and its impact on our research and development, supply chain disruptions and price variations for products and services,
    operations and financial condition;
●
government regulation in
    our industry, and more specifically, the costs and timing of obtaining regulatory approval or permits to launch our technology in
    various geographical markets; and
●
the costs of, and timing
    for, strengthening our manufacturing agreements for production of our WEC technology.
Any additional fundraising
efforts may divert our management from its day-to-day activities, which may adversely affect our ability to develop and commercialize
our products and services. In addition, we cannot guarantee that future financing will be available in sufficient amounts or on terms
acceptable to us, if at all, during the current financial situation in the markets. Moreover, the terms of any financing may adversely
affect the holdings or the rights of holders of our securities and the issuance of additional securities, whether equity or debt, by
us, or the possibility of such issuance, may cause the market price of the ADSs to decline, even if we believe that the terms of such
financing are favorable, or, in the event of an equity financing, could dilute your ownership in our Company. The incurrence of indebtedness
could result in increased fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations
on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights, limitations
on our ability to pay dividends and other operating restrictions that could adversely impact our ability to conduct our business; if
we were to be in default of any such contractual limitations, this could further adversely impact our ability to conduct our business.
We could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise
would be desirable, and we may be required to relinquish rights to some of our technologies or otherwise agree to terms unfavorable to
us, any of which may have a material adverse effect on our business, operating results and prospects. In addition to the material adverse
effects listed above, if our ability to finance our operations on terms and timing favorable to us, this could also result in placing
us at a disadvantage against our competitors.
If we are unable to obtain
funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development
programs or the development or commercialization, if any, of any products or be unable to expand our operations or otherwise capitalize
on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations.
Furthermore, we expect to
incur additional ongoing costs associated with operating as a U.S. listed public company.
The reduction or elimination of government
subsidies, grants and other economic incentives for various renewable energy applications could make it more difficult for us to complete
the development of our products and subsequently seek to commercialize them, which, if commercialized, could lead to a reduction in our
net sales and harm our financial condition.
The renewable energy industry
benefits from and is made more competitive due to various government subsidies, grants, feed-in-tariffs and other economic incentives.
The reduction, elimination or expiration of such government subsidies, grants, feed-in-tariffs and other economic incentives for
various renewable energy applications in hydropower, solar, wind, biofuel, biomass, geothermal, wave or tidal energy could result in
the diminished competitiveness of such alternative energy sources relative to conventional sources of energy. Not only would this negatively
affect the growth of that particular renewable energy industry, but it could make it more difficult for us to complete development of
our technology and products and subsequently seek to commercialize them, which, if commercialized, could lead to a reduction in our net
sales and harm our financial condition.
In addition, a portion of
our ongoing and future projects related to developing wave power plants is intended to be partly financed through grants. There is no
assurance that we will receive a grant or receive the full amount of the grant, especially if there is a very competitive submission
process or if we do not fulfill the conditions imposed on us or our projects in connection with the grants received. If we violate any
of the conditions stipulated in any of our grant agreements, for example, if we fail to file the requested updates on the development
of the project, to keep separate records for our expenses funded by the grant, to observe a grant's publicity requirements or to
meet the timeline proposed in the grant, this may result an obligation to repay the contributions already received.
3
If we do not receive the
full grant within any of our current or future grants, or if we otherwise do not qualify as eligible for future grants or do not receive
future grants, even if eligible, or are required to repay grants already received, this could have a material adverse effect on our ongoing
and future projects, as well as our business, reputation and financial position.
Our revenues, if any, and efforts to become
profitable, may be impacted by our need to pay royalties on government grants and other agreements, which may also include terms subjecting
us to penalties if we are default of material terms.
We have received royalty-bearing grants
from the Chief Scientist of the Israeli Ministry of Energy's office and a loan agreement with the Management Committee of Jiangsu
Changshu High-tech Development Zone, or the Committee, Changshu Shirat Enterprise Management Co. Ltd., or CS, each of which require
that we (or our subsidiaries) pay royalties on certain projects (see Item. 5.B. – "Operating and Financial Review and Prospects
— Financing Activities" for additional information on our loan agreement with the Committee and CS, including the terms of
repayment). Pursuant to our agreement with CS, if we default on any payments due under such agreement, we are obligated to pay a default
interest rate of 5%, or if such rate is not permissible under Chinese law (the law governing such agreement), at the maxim amount allowed
by law.
If we are able to generate
revenues from the commercialization of our WEC technology, the requirement that we pay royalties on certain projects will impact the
amount of revenue that we generate and may delay our efforts to become profitable. In addition, the repayment terms of the agreement
with the Committee and CS, and similar terms in future agreements, if any, may also impact our ability to turn revenues, if any, into
profit.
Risks Related to Our Intellectual Property
We have filed multiple patent applications
and have a number of issued patents. There can be no assurance that any of our patent applications will result in issued patents. As
a result, we may not be able to adequately protect our proprietary technology in the marketplace.
We have filed patent applications
in the United States, the European Union, or the EU, and Israel and have the ability to file our Patent Cooperation Treaty, or PCT, international
patent applications in many countries worldwide. Unless and until our pending patent applications are issued, their protective scope
is impossible to determine. Practically, it is impossible to predict whether or how many of our patent applications will result in issued
patents. Even if pending applications are issued, they may be issued with coverage significantly narrower than what we currently seek
or third parties may challenge their validity.
Even if we are issued patents, because
the patent positions of our technology are complex and uncertain, we cannot predict the scope and extent of patent protection for our
products.
Any patents that may be issued
to us will not ensure the protection of our intellectual property for a number of reasons, including without limitation the following:
●
any issued patents may
    not be broad or strong enough to prevent competition from other products including identical or similar products;
●
if we are not issued patents
    or if issued patents expire, there would be no protections against competitors making generic equivalents;
●
there may be prior art
    of which we are not aware that may affect the validity or enforceability of a patent claim;
●
there may be other patents
    existing in the patent landscape that will affect our freedom to operate;
4
●
if our patents are challenged,
    a court or relevant tribunal could determine that they are not valid or enforceable;
●
a court could determine
    that a competitor's technology or product does not infringe our patents even if we believe it does;
●
our patents could irretrievably
    lapse due to failure to pay fees or otherwise comply with regulations, or could be subject to compulsory licensing; and
●
if we encounter delays
    in our development, the period of time during which we could market our products under patent protection would be reduced.
We may not be able to enforce our intellectual
property rights throughout the world.
Filing, prosecuting and defending
patents on products in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some
countries outside the United States, Europe and Israel can be less extensive than those in the United States, Europe and Israel.
In addition, the laws of some foreign countries do not protect intellectual property to the same extent as laws in the United States,
Europe and Israel. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside
the United States, Europe, or Israel, or from selling or importing products made using our inventions in and into the United States
or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patents to develop their own
products and further, may export otherwise infringing products to territories where we have patents, but enforcement is not as strong
as that in the United States, Europe, or Israel.
Many companies have encountered
significant problems in protecting and defending intellectual property in foreign jurisdictions. The legal systems of certain countries,
particularly in the People's Republic of China, or China and certain other developing countries, do not favor the enforcement of
patents, trade secrets and other intellectual property, which could make it difficult for us to stop the infringement of our patents
or marketing of competing products in violation of our proprietary rights generally. To date, we have not sought to enforce any issued
patents in these foreign jurisdictions. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial
costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or
interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert claims against us.
We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful.
The requirements for patentability may differ in certain countries, particularly developing countries. Certain countries in Europe and
developing countries, including China and India, have compulsory licensing laws under which a patent owner may be compelled to grant
licenses to third parties. In those countries, we and our licensors may have limited remedies if patents are infringed or if we or our
licensors are compelled to grant a license to a third party, which could materially diminish the value of those patents. This could limit
our potential revenue opportunities. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate
to obtain a significant commercial advantage from the intellectual property that we develop or license.
If we are unable to maintain effective
proprietary rights for our products, we may not be able to compete effectively in our markets.
In addition to the protection
afforded by any patents currently owned and that may be granted, historically, we have relied on trade secret protection and confidentiality
agreements to protect proprietary know-how that is not patentable or that we elect not to patent, processes that are not easily
known, knowable or easily ascertainable, and for which patent infringement is difficult to monitor and enforce and any other elements
of our product candidate discovery and development processes that involve proprietary know-how, information or technology that is not
covered by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary technology and processes,
in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors and contractors. We also seek
to preserve the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining physical security of
our premises and physical and electronic security of our information technology systems. Agreements or security measures may be breached,
and we may not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise become known
or be independently discovered by competitors.
5
We cannot provide any assurances
that our trade secrets and other confidential proprietary information will not be disclosed in violation of our confidentiality agreements
or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information
and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual property could
impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken to maintain
our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties for misappropriating
any trade secret.
Third parties may initiate legal proceedings
alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material
adverse effect on the success of our business.
Our commercial success depends
upon our ability to develop, manufacture, market and sell our platform technology and related services without infringing the proprietary
rights of third parties. There is considerable intellectual property litigation in the energy sector. It is also possible that we have
failed to identify relevant third-party patents or applications. For example, applications filed before November 29, 2000 and
certain applications filed after that date that will not be filed outside the United States remain confidential until patents issue.
Patent applications in the United States and elsewhere are published approximately 18 months after the earliest filing, which
is referred to as the priority date. Therefore, patent applications covering our technology could have been filed by others without our
knowledge. Additionally, pending patent applications which have been published can, subject to certain limitations, be later amended
in a manner that could cover our technology.
We may become party to, or
threatened with, future adversarial proceedings or litigation regarding intellectual property rights with respect to our technology,
including inter parties review, interference, or derivation proceedings before the U.S. PTO and similar bodies in other countries. Third
parties may assert infringement claims against us based on existing intellectual property rights and intellectual property rights that
may be granted in the future.
If we are found to infringe
a third party's intellectual property rights, we could be required to obtain a license from such third party to continue developing
and marketing our technology. However, we may not be able to obtain any required license on commercially reasonable terms or at all.
Any inability to secure licenses or alternative technology could result in delays in the introduction of our products or lead to prohibition
of the manufacture or sale of products by us. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our
competitors access to the same technologies licensed to us. We could be forced, including by court order, to cease commercializing the
infringing technology. In addition, we could be found liable for monetary damages, including treble damages and attorneys' fees
if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our technology
or force us to cease some of our business operations, which could materially harm our business. Claims that we have misappropriated the
confidential information or trade secrets of third parties could have a similar negative impact on our business.
We may be subject to claims challenging
the inventorship of our patents and other intellectual property.
We may be subject to claims
that former employees, collaborators or other third parties have an interest in our patents or other intellectual property as an inventor
or co-inventor. For example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved
in developing our products. Litigation may be necessary to defend against these and other claims challenging inventorship. If we fail
in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive
ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our business.
Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management
and other employees.
Certain technologies and patents have been
developed with partners and we may face restrictions on this jointly-developed intellectual property.
We have entered into cooperation
agreements with a number of partners and pursuant to our agreements with these partners, such as the Israeli Ministry of Energy and EDF
Renewables IL, certain intellectual property developed by us and the relevant partner may be subject to joint ownership by us and the
partner and our commercial use of such intellectual property may be restricted, or may require written consent from, or a separate agreement
with, the partner. If we cannot obtain commercial use rights for such jointly-owned intellectual property or partner-owned intellectual
property, our future product development and commercialization plans may be adversely affected.
6
Risks Related to Government Regulation and
Compliance Matters
We could be held liable if our business
operations harmed the environment and a failure to maintain compliance with environmental laws could severely damage our business.
Our operations are subject
to a variety of country-specific, regional and local laws and regulations relating to the protection of the environment. Unexpected occurrences
with our products may occur which may be damaging the environment or third-party assets in such a way that could lead to disruption
of business, loss of assets, damage to employees or the public. In the event of the foregoing, we may be required to pay damages or be
subject to restitution responsibility. Such impact on the environment can also lead to negative publicity. The cost of complying with
current regulations could have a material adverse effect on our business, results of operations and financial position.
We are required to obtain permits in different
areas of the world in order to utilize our products in such regions. Our need to apply for and receive permits could substantially limit
our ability to operate and grow our business.
Our ability to continue with
our current scope of operations and expand our operations and business across the globe is subject, in certain cases, to our receiving
a permit for different purposes, including the use of land. It may be difficult to receive the required permits, which may require our
management team to divert its attention from other aspects of our business, or it may be more capital intensive or a more time consuming
process than expected to receive permits, either of which could increase costs and delay the launch of our products. In addition, some
permitting and execution processes have been delayed due to the COVID-19 pandemic. Furthermore, if we do not comply with the requirements
set forth in the permits we receive, we could lose the granted permits or not receive them at all. Should any of these events occur it
could have a material adverse effect on our business and reputation, results of operations and financial position.
Changes in environmental laws and regulations,
or fundamental changes in the operations of government agencies, could reduce demand or impact the timing for our services.
Most of our business is driven
by laws and regulations related to the protection of the environment. In the United States, the former Trump administration declined
to enforce some environmental laws and repealed certain regulations, adversely impacting the ability of companies in the renewable energy
sector to generate revenue. If these policies do not significantly change under the Biden administration, or if any further relaxation
or repeal of these laws occurs in the United States and elsewhere, or changes occur in governmental policies regarding the funding
or enforcement of these laws in the countries and regions in which we currently operate and may seek to operate in, we may experience
additional adverse impacts on our ability to grow our business.
Since being inaugurated into
office on January 20, 2021, President Biden's energy policy has increased focus on the renewable energy sector, particularly with
respect to wind, solar and geothermal energy production. However, most of our business is driven by laws and regulations related to the
wave energy sector in particular. As a result, if the Biden administration and the specific states do not set specific wave energy environmental
laws and regulations, it may adversely impact the ability of companies in the wave energy sector to generate revenue, including us. Fundamental
changes in the operations of government agencies (i.e., significant agency staff reductions, changes or delays in processes for awarding
contracts, and decisions to shutdown portions of local or state government) also could impact the amount or timing of our revenue, if
any. Also, reduced spending by governmental agencies may increase competition within our industry, which may directly affect future revenue
and profits, if any.
7
We conduct operations on a worldwide basis
and are subject to a variety of risks associated with doing business outside the United States.
We maintain significant international
operations, including operations in Sweden, Israel, Gibraltar, Portugal, China, Australia and Mexico (we are not currently actively working
on advancing operations in Mexico, see Item. 4.B. "Business — Our Proprietary WEC Technology — Project Pipeline —
Mexico" for additional information) and have pipeline projects and potential projects in other countries, including, but not limited
to, Israel, Portugal, Spain, Turkey, United States and others. As a result, we are subject to a number of risks and complications associated
with international sales, services and other operations, as well as risks associated with U.S. foreign policy. These include:
●
difficulties associated
    with compliance with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions, e.g.,
    with respect to environmental matters, intellectual property, privacy and data protection, corrupt practices, embargoes, trade sanctions,
    competition, employment and licensing;
●
general economic, social
    and political conditions in the countries in which we operate, including international and U.S. trade policies and currency exchange
    rate fluctuations;
●
tax and other laws that
    restrict our ability to use tax credits, offset gains or repatriate funds;
●
currency restrictions,
    transfer pricing regulations and adverse tax consequences, which may affect our ability to transfer capital and profits;
●
inflation, deflation and
    stagflation in any country in which we have a manufacturing facility;
●
fluctuations in currency
    exchange rates may in the future affect, revenue, profits and cash earned on international operations;
●
foreign customers with
    long payment cycles;
●
different business cultures;
●
imposition of or increases
    in customs duties and other tariffs;
●
complications in complying
    with restrictions on foreign ownership and investment and limitations on repatriation. We may not be permitted to own or to fully
    own our operations in some countries and may have to enter into partnership or joint venture relationships. Some foreign legal regimes
    restrict our repatriation of earnings to the United States from our subsidiaries and joint venture entities. We may also be
    limited in our ability to distribute or access our assets by the governing documents pertaining to such entities. In such event,
    we will not have access to the cash flows and assets of our subsidiaries; and
●
business interruptions
    resulting from a local or worldwide pandemic, such as COVID-19, geopolitical actions, including war and terrorism, or natural disasters.
We operate in a number of
countries throughout the world, including in countries that do not have as strong a commitment to anti-corruption and ethical behavior
that is required by U.S. laws or by our corporate policies. Based on the nature of our products, these activities involve potential interaction
with government agencies, public officials or state-owned enterprises. We are subject to the risk that we, our U.S. employees or
our employees located in other jurisdictions or any third party that we engage to do work on our behalf may take action determined to
be in violation of anti-corruption laws in any jurisdiction in which we conduct business. The U.S. Foreign Corrupt Practices Act,
or the FCPA, prohibits corruptly providing anything of value to foreign officials for the purposes of obtaining or retaining business
or securing any improper business advantage. We may deal with both governments and government-owned business enterprises, the employees
of which are considered foreign officials for purposes of the FCPA and other applicable anti-corruption laws. Any violation of the
FCPA or any similar anti-corruption law or regulation could result in substantial fines, sanctions or civil and/or criminal penalties,
debarment from business dealings with certain governments or government agencies or restrictions on the marketing of our products in
certain countries, which could harm our business, financial condition or results of operations. If these anticorruption laws or our internal
policies were to be violated, our reputation and operations could also be substantially harmed. Further, detecting, investigating and
resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.
Compliance with multiple,
and potentially conflicting, international laws and regulations, including anticorruption laws and exchange controls may be difficult,
burdensome or expensive. While our employees and agents are required to comply with these laws, our internal policies and procedures
may not always prevent violations. Such matters or allegations related to such matters could adversely affect our reputation and the
burden and cost associated with defending or resolving such matters could adversely affect our business, prospects, financial condition
or results of operations.
8
Laws, governmental regulations and policies
supporting renewable energy (including tax incentives), could change at any time, including as a result of new political leadership,
and such changes may materially adversely affect our business and our growth strategy.
Renewable energy generation
assets currently benefit from, or are affected by, various federal, state and local governmental incentives and regulatory policies.
We have operations in several countries that have incentives and regulatory policies which are beneficial for renewable energy generation
assets. The growth of our business will also be dependent on the tax and regulatory regimes generally and as they relate in particular
to our investments in our WEC technology and power stations. Any effort to overturn laws, regulations or policies that are supportive
of WEC technology or that remove costs or other limitations on other types of generation that compete with WEC technology could materially
and adversely affect our business, financial condition, results of operations and cash flows.
Many U.S. states have adopted
renewable portfolio standard, or RPS, programs mandating that a specified percentage of electricity sales come from eligible sources
of renewable energy. If the RPS requirements are reduced or eliminated, it could lead to fewer future power contracts or lead to lower
prices for the sale of power in future power contracts, which could have a material adverse effect on our future growth prospects. Such
material adverse effects may result from decreased revenues, reduced economic returns on certain project company investments, increased
financing costs and/or difficulty obtaining financing.
We are also subject to laws
and regulations that are applicable to business entities generally, including local, state and federal tax laws. If any of the laws or
governmental regulations or policies that support renewable energy change, or if we are subject to changes to other existing laws or
regulations or new laws or regulation that impact our tax position, increase our compliance costs, are burdensome or otherwise negatively
impact our business, such new or changed laws or regulations may have a material adverse effect on our business, financial condition,
results of operations and cash flows.
National electricity markets are politically
regulated and complex.
National electricity markets
are politically regulated and complex. In some regions and states, the political system may prove to be beneficial to local suppliers,
while there may be a more open climate in other regions and states. Although we may currently have operations in a certain region or
state, as a result of changing regulation, we may be required to stop our operations in such region or state or we may decide to exit
or cease from entering the market in a certain region or state even though we may have approval to do so because of economic or political
conditions regulating such electricity market. The occurrence of any of the aforementioned could have a material adverse effect on our
business, results of operations and financial position.
Unsuccessful compliance with applicable
privacy regulations could have an adverse effect on our business and reputation.
The collection and use of
data in the EU is governed by the provisions of the Data Protection Directive, and as of May 2018, the European General Data Protection
Regulation, or GDPR. We collect and processes personal data to a certain extent in our operations, for example in relation to our personnel.
These directives impose several
requirements relating to the consent of the individuals to whom the personal data relates, the information provided to the individuals,
notification of data processing obligations to the competent national data protection authorities and the security and confidentiality
of the personal data. The GDPR also extends the geographical scope of EU data protection law to non-EU entities under certain conditions,
tightens existing EU data protection principles and creates new obligations for companies and new rights for individuals. Failure to
comply with the requirements of the Data Protection Directive, the GDPR and the related national data protection laws of the EU Member
States may result in fines and other administrative penalties. The GDPR introduces new data protection requirements in the EU and substantial
fines for breaches of the data protection rules. The GDPR regulations impose additional responsibility and liability in relation to personal
data that we process and we intend to put in place additional mechanisms ensuring compliance with these and/or new data protection rules.
In addition, other jurisdictions in which we operate are currently discussing or implementing regulations similar to GDPR. Changes to
these European privacy regulations (and similar regulations in other jurisdictions) and unsuccessful compliance may be onerous and adversely
affect our business, financial condition, prospects, results of operations and reputation.
9
We are not currently regulated as an electric
public utility under applicable law but may be subject to regulation as an electric utility in the future.
We are not currently regulated
as an electric public utility in the U.S. under applicable national, state or other local regulatory regimes where we conduct business.
As a result, we are not currently subject to the various federal, state and local standards, restrictions and regulatory requirements
applicable to centralized public utilities. Any federal, state or local regulations that cause us to be treated as an electric utility
or to otherwise be subject to a similar regulatory regime of commission-approved operating tariffs, rate limitations and related mandatory
provisions, could place significant restrictions on our ability to operate our business and execute our business plan by prohibiting,
restricting or otherwise regulating our sale of electricity. If we were subject to the same state or federal regulatory authorities as
centralized electric utilities in the U.S. and its territories or if new regulatory bodies were established to oversee our business in
the U.S. and its territories or in foreign markets we enter, our operating costs would materially increase or we might have to change
our business in ways that could have a material adverse effect on our business, financial condition and results of operations.
While we are not regulated
as extensively as an electric public utility, we are subject to certain utility-like regulations in jurisdictions such as California.
In California, the California Public Utilities Commission ("CPUC") issued an order approving several consumer protection measures
for solar customers, including a requirement for solar providers to provide customers with the California Solar Consumer Protection Guide,
which provides customers with information regarding the selection of a contractor, solar financing, bill savings estimates, net energy
metering and electric rates, low-income options and related matters. The CPUC order also requires the investor-owned utilities in California
to adopt procedures to verify during the interconnection process that the customer received the California Solar Consumer Protection
Guide and that the solar provider is licensed, and to collect and report on complaints regarding solar providers. If we become subject
to new, additional regulatory requirements in these jurisdictions or other jurisdictions adopt similar regulatory requirements, our operating
costs would materially increase or we might have to change our business in ways that could have a material adverse effect on our business,
financial condition and results of operations.
Risks Related to Our Business Operations
Our business and operations have been and
are likely to continue to be adversely affected by the evolving and ongoing COVID-19 pandemic.
The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns). As a result of the remaining restrictions, we experienced certain
delays in projects' execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.
In addition, to the extent
the ongoing COVID-19 pandemic adversely affects our business (to a greater extent than already disrupted to date) and results of
operations, it may also have the effect of heightening many of the other risks and uncertainties described in this "Risk Factors"
section.
10
We face possible risks associated with
severe storms, natural disasters and the physical effects of climate change on seas and oceans, which may include more frequent or severe
storms, typhoons, flooding and rising sea levels, any of which could have a material adverse effect on our operations, business and financial
condition.
We are subject to the risks
associated with natural disasters and the physical effects of climate change on seas and oceans, which may include more frequent or severe
storms, typhoons, flooding and rising sea levels, any of which could have a material adverse effect on our properties, operations and
business. Climate change also may affect our business by increasing the cost of (or making unavailable) insurance for our WEC technology
on terms we find acceptable, increasing costs, such as requiring additional research and development in excess of what we may have expected
to incur, and requiring us to expend funds as we seek to repair and protect our WEC technology. To the extent climate change causes changes
in weather patterns that result in the number or intensity of storms and rising sea levels, we could become subject to significant losses
and/or repair costs that may or may not be fully covered by insurance. In addition to the effect on our WEC technology, natural disasters
and the effects of climate change on seas and oceans, and land, may also adversely impact our ability to carry out our projects, which
could adversely impact our operation, business and financial condition.
We manage our business through a small
number of employees and key consultants.
Our key employees include
our Chief Executive Officer, Ms. Inna Braverman, who co-founded our Company, as well as our Chief Financial Officer, Mr. Aharon
Yehuda. Our future growth and success depend on our ability to recruit, retain, manage and motivate our employees and key consultants.
The loss of the services of our Chief Executive Officer or our Chief Financial Officer or the inability to hire or retain experienced
management personnel could adversely affect our ability to execute our business plan and harm our operating results. Although we expect
to enter into employment agreements with persons joining our executive management team, these agreements will likely be terminable at
will with minimal notice.
In addition, laws and regulations
on executive compensation, including legislation in our country of incorporation, Sweden, or in the country in which we conduct a majority
of our operations, Israel, may restrict our ability to attract, motivate and retain the required level of qualified personnel.
Because of the specialized
engineering, technical and managerial nature of our business, we rely heavily on our ability to attract and retain qualified engineering,
technical, managerial and experienced personnel. In particular, the loss of one or more of our executive officers or key consultants
could be detrimental to us if we cannot recruit suitable replacements in a timely manner. We do not currently carry "key person"
insurance on the lives of members of senior management. The competition for qualified personnel in our field is intense. Due to this
intense competition, we may be unable to attract and retain qualified personnel necessary for the development of our business or to recruit
suitable replacement personnel.
We enter into various contracts in the
normal course of our business, some or all of which may require us to indemnify the other party to the contract. In the event we have
to perform under these indemnification provisions, it could have an adverse effect on our business, financial condition and results of
operations.
In the normal course of business,
we may enter into agreements, such as Concession Agreements or Power Purchase Agreements that contain indemnification provisions which
require us to indemnify the other parties against adverse events occurring as a result of our operations. Should our obligation under
an indemnification provision exceed applicable insurance coverage or if we were denied insurance coverage, our business, financial condition
and results of operations could be adversely affected. Similarly, if we are relying on a third party to indemnify us and the party is
denied insurance coverage, or the indemnification obligation exceeds the applicable insurance coverage and does not have other assets
available to indemnify us, our business, financial condition and results of operations could be adversely affected.
We will need to expand our organization
and we may experience difficulties in managing this growth, which could disrupt our operations.
Our future financial performance
and our ability to commercialize our technology and compete effectively will depend, in part, on our ability to effectively manage any
future growth. As our development and commercialization plans and strategies develop, we expect to need additional managerial, operational,
sales, marketing, financial and legal personnel. Our management may need to divert a disproportionate amount of its attention away from
our day-to-day activities and devote a substantial amount of time to managing these growth activities. We may not be able to effectively
manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational mistakes, loss of business
opportunities, loss of employees and reduced productivity among remaining employees. Our expected growth could require significant capital
expenditures and may divert financial resources from other projects, such as the development of our technology. If our management is
unable to effectively manage our growth, our expenses may increase more than expected, our ability to generate and/or grow revenue could
be reduced and we may not be able to implement our business strategy.
11
Anticipated growth in demand for
renewable energy may not occur which would reduce the market and the opportunity to sell our products following a business combination.
To the extent local and regional
demand for power generating capacity does not exceed the capacity of the current energy market suppliers, or technological advances increase
the capacity of existing power generating equipment, or the price of traditional fuel sources declines, our potential customers may not
have a need for our services and products. Any significant decline in the local and regional demand for new energy sources could result
in a decrease in demand for our products, if commercialized, and hence lower the amount of any anticipated future revenues.
We believe that our sales efforts will
be targeted at larger customers in the public sector, such as state ports or islands, and as such, our sales cycle may become more time-consuming
and expensive, we may encounter pricing pressure and implementation challenges, and we may have to delay revenue recognition for some
complex transactions, all of which could harm our business and operating results.
As we target more of our
sales efforts at larger customers in the public sector, such as state ports or islands, we will face greater costs and longer sales cycles.
In addition, sales to these types of customers are expected to have relatively less predictability in completing some these sales in
comparison to sales completed to customers in the private sector. In this market segment, the customer's decision to use our service
may be conditioned on us meeting a variety of government regulations and obtaining different approvals, which could prolong the sales
cycle. In addition, due to the nature of our product, we expect to be required to provide great levels of education regarding the use
and benefits of our technology, which could also impact the sales cycle. As a result of these factors, these sales opportunities may
require us to devote greater sales support and professional services resources to individual customers, driving up costs and time required
to complete sales and diverting sales and professional services resources to focus on a small number of transactions at a given time,
while potentially requiring us to delay revenue recognition on some of these transactions until the technical or implementation requirements
have been met.
Wave energy is relatively new and is unproven
which could mean that we may never be successful in commercializing our technology.
Wave energy as a renewable
source of energy has developed over time without any commercial large-scale success in the market, and as such, companies in the
industry risk not being fully accepted in the renewable energy market. In addition, although we may seek to commercialize our WEC technology
together with solar panels, there can be no guarantee that our efforts will be successful. Moreover, even if we are successful in combining
solar power with our WEC technology, renewable energy solutions powered by WEC technology may not be proven to be reliable or long-term solutions
for renewable energy generation. In the past, several wave energy developers located their WEC technology offshore which hindered their
development and commercial success. These systems struggled to develop and commercialize due to low reliability in the offshore marine
environment, high capital and operation costs, their struggle to obtain insurance, which if obtained, could come at a high expense, high
prices and complicated grid connection processes and the negative environmental impact caused by such systems.
Our power stations are exposed
to competition in terms of pricing, product quality, reliability, performance, technology and financing conditions. If we fail to develop
and follow technical development and compete effectively with competing wave energy technology developers and concepts and other actors
in the renewable energy field, the commercialization of our products could be delayed and, as a result, the market for our products may
not be considered as favorable as expected. This could have a material adverse effect our business, results of operations and financial
position.
We will be subject to intense competition
in the renewable energy business by competitors with substantially greater resources and/or more cost-effective technology.
Our plan to grow our business
by developing, constructing and completing wave energy projects, which may or may not include the addition of solar panels, will be subject
to intense competition from other parties with substantially greater resources than ours seeking to develop such projects. This will
include large public and private companies with significantly greater resources, other independent power producers, public utility companies
which may choose to directly develop renewable energy projects as opposed to purchasing power from owners of such projects, private equity
investors and various municipal and other governmental authorities which may develop their own renewable energy projects. We may not
be able to respond in a timely or effective manner to any changes in the energy industry in both domestic and international markets.
These changes may include deregulation of the electric utility industry in some markets, privatization of the electric utility industry
in other markets and increasing competition in all markets. To the extent competitive pressures increase and the pricing and sale of
electricity assumes more characteristics of a commodity business, the economics of our business may come under increasing pressure. It
also is possible that our competitors will be able to provide renewable energy with more cost-effective technologies and thus may
be able to offer such power to purchasers at more attractive prices, or that our competitors will employ biomass, wind, solar, geothermal
or other renewable energy technologies that are more cost-effective than the technology we own and deploy.
12
Changes in technology may have a material
adverse effect on our results of operations.
Research and development
activities are ongoing to provide alternative and more efficient technologies to produce power. For example, we are conducting research
into the potential combination of solar panels with our WEC technology. It is possible that advances in current sources of renewable
energy, namely wave-generated energy, or other technologies will reduce the cost of power production from these technologies to
a level below our costs. Further, increased conservation efforts could reduce the demand for power or reduce the value of our power stations
or WEC technology, regardless as to whether they include any solar panels. Any of these changes could have a material adverse effect
on our revenues and profitability, if any.
If we are unable to successfully negotiate
and enter into service contracts with customers and partners on terms that are acceptable to us, our ability to diversify our revenue
stream will be impaired.
An important element of our
business strategy is our ability to enter into service contracts with our customers and partners under which we may be paid fees for
services related to the construction, maintenance, studies, preparation and operation of the power stations and WEC technology. In addition,
we may offer to lease power stations or sell WEC technology to customers on a turnkey basis or sell the power generated by our WEC technology.
Even if customers purchase our WEC technology or the power generated by our power stations or WEC technology, they may not enter into
service contracts with us. We may not be able to negotiate service, power sale or other contracts that provide us with any additional
sales opportunities. Even if we successfully negotiate and enter into such service contracts, our customers may terminate them prematurely
or they may not be profitable for a variety of reasons, including the presence of unforeseen hurdles or costs. In addition, if we were
unable to perform adequately under such service contracts our efforts to successfully market our products and services could be impaired.
Any one of these outcomes could have a material adverse effect on our business, reputation, financial condition and results of operations.
Since our WEC technology can only be deployed
in certain geographic locations, our ability to grow our business could be adversely affected.
Our WEC technology is designed
for use in the near-shore and on-shore marine environment and is usually installed on marine structures such as piers, breakwaters
and jetties, or in locations in which such marine structures are required; however, not all areas worldwide have appropriate natural
resources needed to harness wave energy. In addition, we have been researching the ability to add solar panels to our WEC technology,
which may or may not prove to be successful. Seasonal and local variations, wave frequency and direction, water depth and the effect
of particular locations of islands and other geographical features may limit our ability to deploy our WEC technology, both with and
without the additional of solar panels, if any, in certain coastal areas. If we are unable to identify and secure sufficient sites with
appropriate natural resources for the deployment of our WEC technology to capture wave energy or solar power, if including solar panels
in our WEC technology, our ability to grow our business could be adversely affected.
Volatility in pricing for renewable energy
may impact our financial condition.
The market price of renewable
energy sources is volatile and subject to significant fluctuations, which may cause our ability to generate revenue, and profits, if
any, to fluctuate significantly. The market price of renewable energy sources is dependent on many factors, many of which are out of
our control. We cannot predict the future price of the energy that is produced, if any, by our WEC technology. Unprofitable prices for
the sale of renewable energy, and specifically, wave energy, may result from the significant fluctuations in market prices. If the prices
of other renewable energy sources decrease, or become more competitive than the price of wave energy, we believe that the demand for
and price of wave energy may be adversely affected. Fluctuations in the market price of renewable energy may cause our revenue, and profitability,
if any, to fluctuate significantly.
13
Failure by third parties to supply or manufacture
components of our products or to deploy our systems timely or properly could adversely affect our business, financial condition and results
of operations.
We have been and expect to
continue to be highly dependent on third parties to supply and manufacture components of our WEC technology. If, for any reason, our
third-party manufacturers or vendors are not willing or able to provide us with components or supplies in a timely fashion, or at
all, our ability to manufacture and sell many of our products could be impaired, which, in turn, could have a material adverse effect
on our business, results of operations and financial position.
We do not have long-term contracts
with all of our third-party suppliers and manufacturers or vendors. Therefore, if we do not develop ongoing relationships with those
vendors located in different regions, we may not be successful at controlling unit costs as our manufacturing volume increases. We may
not be able to negotiate new arrangements with these third parties on acceptable terms, or at all.
In addition, we rely on third
parties, under our oversight, for the deployment and installation of our WEC technology. For example, the manufacture, assembly and installation
of the hydraulic, control and automation and electrical sub-systems of our WEC technology are performed by third-party suppliers.
The mechanical sub-system is installed (moored) at the relevant project site by third-party engineering service providers.
If these third parties do not properly manufacture, assemble, and install our WEC technology and sub-systems, or otherwise do not perform
adequately, or if we fail to recruit and retain third parties to deploy our systems in particular geographic areas, our business, financial
condition and results of operations could be adversely affected.
Our business strategy includes the
entry into collaborative agreements. As a result of these agreements, we may become dependent on the efforts of our partners. In addition,
we may not be able to enter into additional collaborative agreements due to restrictions in existing agreements or may not be able to
negotiate commercially acceptable terms for future agreements.
Our current business strategy
may include entry into collaborative agreements for the development and commercialization of our technology and products. The negotiation
and consummation of these types of agreements typically involve simultaneous discussions with multiple potential collaborators and require
significant time and resources from our officers and our business development and research and development staff. In addition, in attracting
the attention of prospective collaborators, we compete with numerous other third parties with product opportunities as well as the collaborators'
own internal product opportunities. We may not be able to consummate collaborative agreements, or we may not be able to negotiate commercially
acceptable terms for these agreements.
We may face significant competition
in seeking appropriate alliance partners. Moreover, these development agreements and strategic alliances are complex to negotiate and
time consuming to document. We may not be successful in our efforts to establish additional strategic relationships or other alternative
arrangements. The terms of any additional strategic relationships or other arrangements that we establish may not be favorable to us.
Furthermore, even if we are able to find, negotiate and enter into these relationships, such arrangements may be conditional upon our
receipt of additional funding. There can be no assurance that we will receive such additional funding. In addition, strategic relationships
may not be successful, and we may be unable to sell and market our products to these companies, their affiliates and customers in the
future, or growth opportunities may not materialize. Any of which could adversely affect our business, financial condition and results
of operations.
14
In addition, these agreements
generally cause us to be somewhat dependent upon the subsequent success of these other parties in performing their respective responsibilities
and the cooperation of our partners. Our collaborators may not cooperate with us or perform their obligations under our agreements with
them. We cannot control the amount and timing of our collaborators' resources that will be devoted to our research activities related
to our collaborative agreements with them. Our collaborators may choose to pursue existing or alternative technologies in preference
to those being developed in collaboration with us.
For example, we collaborate
strategically with Siemens AG, or Siemens, in the EDF EWP One project. Pursuant to our collaboration with Siemens, we installed Siemens
products and technology for the EDF EWP One electric system and grid connection works, while Siemens is expected to provide its knowledge
and resources for an upgrade of our electrical components and transmission to the grid to enhance the electrical system's efficiency.
Because we have elected to rely on our relationship with Siemens for this project, our progress on this project is, to a certain extent,
dependent on the efforts of Siemens or other subcontractors, which, if not carried out with our best interests in mind, could have an
adverse impact on our business, operations and financial condition. Although we are reviewing the possibility of expanding our strategic
cooperation with Siemens to our future commercial scale installations, there can be no guarantee that we ever expand such relationship
or that the current relationship will be successful.
In addition, we are generally
required to cooperate with national electric companies in order to connect our WEC technology to the national electricity grid. Just
as with any private party with whom we collaborate, although these entities have interests that are generally aligned with those of our
customers, there can be no guarantee that these collaborations are undertaken without any adverse events caused as a result of our reliance
on their ability to perform their required tasks effectively.
Under agreements with any
collaborators we may work with in the future, we may rely significantly on them, among other activities, to:
●
fund research and development
    activities with us;
●
complete research and development
    projects or product development within the allotted or expected timeline;
●
provide product or technology
    certifications and validations;
●
provide technical resources
    and human resources services;
●
pay us fees upon the achievement
    of milestones; and
●
market for or with us any
    commercial products that result from our collaborations.
If we do not consummate collaborative
agreements, we may have to use our funds more rapidly on our product development efforts, continue to defer certain development activities
or forego the exploitation of certain geographic territories, any of which could have a material adverse effect on our business prospects.
Further, we may not be successful in overseeing any such collaborative arrangements. If we fail to establish and maintain necessary collaborative
relationships, our business prospects could suffer.
Our targeted markets are highly competitive.
We compete against incumbent solutions already being utilized by our customers and potential customers. If we are unable to compete effectively,
we may be unable to generate revenues and achieve or maintain profitability.
Our principal targeted markets
include the overall energy sector, engineering, manufacturing and industry, defense and security, science and research, ports, islands,
micro-grid, coastal cities and countries. In our targeted markets, which are highly competitive, we compete against incumbent power solutions
already being utilized by our customers and potential customers. If we are unable to demonstrate to our customers and our potential customers
that our products are cost competitive to their existing alternative power solutions, or if it takes us longer to do so than we anticipate,
we may be unable to expand our business, maintain our competitive position, satisfy our contractual obligations, continue to commercialize
our products, or become profitable. In addition, if the cost associated with these development efforts exceeds our projections, our results
of operations could be materially and adversely affected.
15
In addition, competition
may arise from other companies selling similar products, developing different products that produce energy more efficiently than our
products, or making improvements to traditional energy-producing methods or technologies, any of which could make our products less
attractive or render them obsolete. If we are not successful in manufacturing systems that generate competitively priced power, we may
not be able to respond effectively to competitive pressures from other renewable energy technologies or improvements to existing technologies.
If we are unable to respond
effectively to such competitive forces, our business, financial condition and results of operations could be adversely affected. Our
targeted markets are subject to their own inherent risks, and if those risks should materialize then our business, financial condition
and results of operations could be adversely affected.
Operating under letters of intent and other
non-definitive agreements could result in operating difficulties or dilution and may create a distraction for our management and uncertainty
that may adversely affect our operating results and business.
We have several ongoing projects
that are not based on comprehensive definitive written agreements but rather on letters of intent and other similar arrangements where
both parties have expressed a mutual interest to cooperate; however, certain final definitive terms may not have been addressed in such
arrangements. Although we and our counterparties tend to enter into definitive agreements at later dates, the lack of comprehensive
definitive written agreements can lead to uncertainty or misunderstanding among the parties, which can lead to deteriorated relationships
and increased risk of disputes, either of which could adversely affect our business, results of operations and financial condition. In
addition, although we and parties to these preliminary agreements negotiate in good faith to enter into definitive agreements, there
can be no guarantee that projects in our pipeline (now or in the future) are ever realized even if we have signed letters of intent,
or other similar agreements.
Risks Related to Product Development and Commercialization
Our research and development expenses may
increase in the future.
Our research and development
expenses primarily relate to our efforts to increase the output, durability and commercial viability of our technology. The results of
such research and development can be unforeseen and undesirable and therefore our forecasted costs related to such research and development
are associated with great uncertainty. Our research and development expenses were $0.89 million and $0.67 million in our fiscal
years ended December 31, 2022 and 2021, respectively. We expect that our research and development expenses will increase in the
future. It is our goal to fund the majority of our research and development expenses through grants and/or cost sharing obligations under
some of our customer contracts or joint venture agreements over the next several years with sources of external funding, and although
we have received governmental grants, for example, from the Israeli Ministry of Energy, and we entered into a joint venture with EDF
Renewables IL, we may not be able to secure any such funding or enter into such an arrangement in the future. Pursuant to our agreement
with EDF Renewables IL, we and EDF Renewables IL are scheduled to fund the development of our Jaffa port project by EDF EWP One, in a
ratio correlating to the respective ownership in the joint venture, which is currently owned by the parties in equal parts.
If we are unable to obtain
external funding, our operations may be materially and adversely affected, and we may be required to curtail our engineering and product
development expenses, among other consequences.
Unforeseen research and development
results could require us to undertake supplementary research and development at significant costs or cause us to pause or stop research
and development efforts. A delay or non-existent launch of our technology or an insufficient investment (or overspend on such expenditure)
could have a material adverse effect on our business, results of operations and financial position.
Although we have entered into agreements
which may appear to be definitive agreements, such as Concession Agreements or Power Purchase Agreements, for the construction of our
WEC technology, there can be no guarantee that we commercialize our WEC technology.
Although our Power Purchase
Agreements and Concession Agreements, and similar agreements that we may enter into in the future, are not letters of intent or other
similar agreements, and include definitive terms, even if we complete the development of our WEC technology, there can be no guarantee
that we or our partners will carry out our pipeline projects or that they will be successfully connected to the national, or other, electricity
grid in the region(s) in which we operate. For example, although we have an agreement to develop WEC technology in Mexico, due to the
lack of breakwater in the region, the projected costs of the project are of high nature and therefore, we have not advanced this project
further along into the development stage and we do not know if this, or other events may occur, that result in a similar outcome.
16
We have only manufactured a limited amount
of WEC technology and to date we have not produced WEC technology in any significant quantity for commercial production. Our WEC technology
may not have a sufficient operating history to confirm how they will perform over their estimated useful life.
We began developing and testing
wave energy technology over ten years ago. However, to date, we have only manufactured a limited amount of WEC technology for use in
ocean testing and commercialization and have not produced WEC technology in any significant quantity for commercial production. The longest
continuous in-sea deployment of our WEC technology was the use of our pilot WEC technology in the Jaffa Port over a six-year period
from 2014 to 2020 and in Gibraltar from 2016 to March 2022. As a result, our WEC technology may not have a sufficient operating history
to confirm how they will perform over their estimated useful life. Our technology may not yet have demonstrated that our engineering
and test results can be duplicated in volume or in commercial production. If our WEC technology is ultimately proven ineffective or unfeasible
at commercial scale, we may not be able to expand our commercial production of our WEC technology or we may become liable to our customers
for quantities we are obligated but are unable to produce, if such obligations are made. If our WEC technology performs below expectations,
we could lose customers and face substantial repair and replacement expenses which could in turn adversely affect our business, financial
condition and results of operations.
Product and services liability suits, whether
or not meritorious, could be brought against us. These suits could result in expensive and time-consuming litigation, payment of substantial
damages and an increase in our insurance rates.
If any of our current or
future products and services that we make or sell (including items that we source from third parties) are defectively designed or manufactured,
contain defective components, are misused, have safety or quality issues, have inadequate operating guidelines, malfunctions or if someone
claims any of the foregoing, whether or not meritorious, we may become subject to substantial and costly litigation. Misuse of our products
by us or other operating parties or services or failing to adhere to the operating guidelines could cause significant harm to the public
and the environment. The foregoing events could lead to recalls or safety alerts, result in the removal of a product or service from
the market and result in product liability or similar claims being brought against us.
Any product liability claims
brought against us could divert management's attention from our core business, be expensive to defend and result in sizable damage
awards against us. While we maintain product liability insurance, we may not have sufficient insurance coverage for all future claims.
Any product liability claims brought against us, with or without merit, could increase our product liability insurance rates or prevent
us from securing continuing coverage, could harm our reputation in the industry and could reduce revenue, if any. Product and services
liability claims in excess of our insurance coverage would be paid out of cash reserves, harming our financial condition and adversely
affecting our results of operations.
In addition, if we expand
into additional geographic markets, we may then be exposed to different and changing regulations regarding, for example, environmental
impact and damages, which entail risks for compensation obligation, which may mean that we would need to update our existing insurance
policy or obtain additional policies for specific geographical markets. If we do not have sufficient insurance coverage or the cost of
obtaining the appropriate insurance coverage is costly, this could have a material adverse effect on our business, results of operations
and financial position.
We face numerous accident and safety risks
and hazards, including extreme environmental hazards, which are inherent in operating our products in the water and our existing insurance
policies may not be sufficient to cover all potential types of claims or the amounts of such claims.
Portions of our operations
are subject to hazards and risks inherent in the building, testing, deploying, operating and maintenance of our WEC technology and related
products. These hazards and risks could result in personal injuries, loss of life, liberation of a product from its mooring due to extreme
environmental conditions and damage caused by its drifting, and other damages which may include damage to our properties, including our
WEC technology, and the properties of others and other consequential damages, and could lead to the suspension of certain of our operations,
large damage claims, damage to our safety reputation and a loss of business. Some of these risks may be uninsurable and some claims may
exceed our insurance coverage. Therefore, the occurrence of a significant accident or other risk event or hazard that is not fully covered
by insurance could materially and adversely affect our business and financial results and, even if fully covered by insurance, could
materially and adversely affect our business due to the impact on our reputation for safety. In addition, the risks inherent in our business
are such that we cannot assure that we will be able to maintain adequate insurance in the future at reasonable rates.
17
Problems with the quality or performance
of our products would adversely affect our business, financial condition and results of operations.
Our agreements with customers
will sometimes include guarantees with respect to the quality and performance of our products. Because of the limited operating history
of our products, we have been required to make analytical assumptions and forecasts regarding the durability, reliability, life-span and
performance of the systems, and we may not be able to predict whether and to what extent we may be required to perform under the guarantees
that we expect to give our customers. Our assumptions could prove to be materially different from the actual performance of our products,
causing us to incur substantial expense to repair or replace defective systems in the future. We will bear the risk of claims long after
we have sold our products and recognized revenue. Moreover, any widespread product failures could adversely affect our business, financial
condition and results of operations.
Our future success in our selected markets
depends in part on our ability to achieve cost savings over existing and incumbent solutions. If we are unable to achieve cost savings
relating to our products, the commercial prospects for our products may be adversely affected.
Our goal is to commercialize
our technology. Our success in meeting this objective depends, in part, on our ability to provide energy to our prospective customers
at a cost savings over existing and incumbent power solutions already being utilized by our customers and potential customers. If we
are unable to demonstrate to our prospective customers that our products are cost competitive with existing alternative power sources,
or if it takes us longer to do so than we anticipate, we may be unable to continue our business, achieve commercialization of our products,
achieve a competitive position, satisfy our contractual obligations, or become profitable. In addition, if the costs associated with
these development efforts exceed our projections, our results of operations will be materially and adversely affected.
We must continually improve existing products,
design and sell new products and invest in research and development in order to compete effectively.
The markets for our products
are characterized by rapid technological change, evolving industry standards and continuous improvements in products. Due to constant
changes in our markets, future success depends on our ability to develop new technologies, products, processes, and product applications.
New product development and commercialization efforts, including efforts to enter markets or product categories in which we have limited
or no prior experience, have inherent risks. These risks include the costs involved, such as development and commercialization, product
development or launch delays and the failure of new products and line extensions to achieve anticipated levels of market acceptance or
growth in sales or operating income. We also face the risk that our competitors will introduce innovative new products that compete with
our products. If new product development and commercialization efforts are not successful, including those aimed at incorporating solar
panels into our WEC technology or new automation technology (WPV software), our financial results could be adversely affected.
Our product and technological
developments are accomplished primarily through internally-funded research and development projects, and when necessary, through
joint ventures or other collaborative measures. Because it is not generally possible to predict the amount of time required and costs
involved in achieving certain research and development objectives, actual development costs may exceed budgeted amounts and estimated
product development schedules may be extended. Our financial condition and results of operations may be materially and adversely affected
if:
●
product improvements are
    not completed on a timely basis or as expected;
●
new products are not introduced
    on a timely basis or do not achieve sufficient market penetration;
●
there are budget overruns
    or delays in research and development efforts; or
●
new products experience
    reliability or quality problems, or otherwise do not meet customer preferences or requirements.
18
Risks Related to Swedish Law and Our Operations
in Sweden and Israel
The employment agreement that we have with
our Chief Executive Officer may discourage, delay, or prevent a change in control.
The employment agreement
with our Chief Executive Officer provides that she may become eligible for a cash bonus of $2.0 million upon a change of control,
as defined in her employment agreement. This may discourage, delay, or prevent a change in control, even if such change of control is
favorable for our shareholders.
We are a Swedish company with limited liability.
The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
We are a Swedish company
with limited liability. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated
in Sweden. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights
and obligations of shareholders and boards of directors in companies governed by the laws of U.S. jurisdictions.
Under Swedish corporate
law, in the performance of its duties, our board is required to consider the interests of our Company, its shareholders, its employees
and other stakeholders, in all cases with due observation of the principles of reasonableness and fairness. It is possible that some
of these parties will have interests that are different from, or in addition to, the interests of our shareholders. Except in certain
limited circumstances, which require at a minimum that a proposal for special review of accounts or a review of a specific item/topic
as defined by shareholders requesting such review, has been supported by a minimum of 10% of the shareholders voting and being present
at a general meeting, our shareholders may not ask for an inspection of our corporate records under Swedish corporate law, while under
Delaware corporate law any shareholder, irrespective of the size of such shareholder's shareholdings, may do so. Shareholders of
a Swedish limited company are also unable to initiate a derivative action, a remedy typically available to shareholders of U.S. companies,
in order to enforce a right of our company, in case we fail to enforce such right ourselves, other than in certain cases of board member/management
liability under limited circumstances. In addition, a majority of our shareholders may release a member of our board of directors or
our executive management from any claim of liability we may have, including if such board member or manager has acted in bad faith or
has breached his or her duty of loyalty. However, a shareholder may bring a derivative action on behalf of our company against, among
other persons, a member of our board of directors or our executive management, provided that the circumstances of the act or omission
giving rise to the claim of liability were not known to the shareholders at the time of such shareholder resolution, or if shareholders
representing at least 10% of the share capital represented at the relevant general meeting have opposed such shareholder resolution.
In contrast, most U.S. federal and state laws prohibit a company or its shareholders from releasing a board member from liability altogether
if such board member has acted in bad faith or has breached such board member's duty of loyalty to our company. Additionally, distribution
of dividends from Swedish companies to foreign companies and individuals can be subject to non-refundable withholding tax, and not
all receiving countries allow for deduction. Also, the rights as a creditor may not be as strong under Swedish insolvency law as under
U.S. law or other insolvency law, and consequently creditors may recover less in the event our company is subject to insolvency compared
to a similar case including a U.S. debtor. In addition, the use of the tax asset consisting of the accumulated tax losses requires that
we are able to generate positive taxable income and the use of tax losses carried forward to offset against future income is subject
to certain restrictions and can be restricted further by future amendments to Swedish tax law. Finally, Swedish corporate law may not
provide appraisal rights in the case of a business combination equivalent to those generally afforded a shareholder of a U.S. company
under applicable U.S. laws. For additional information on these and other aspects of Swedish corporate law and our articles of association.
As a result of these differences between Swedish corporate law and our articles of association, on the one hand, and U.S. federal and
state laws, on the other hand, in certain instances, you could receive less protection as an equity holder of our company than you would
as a shareholder of a U.S. company.
19
Claims of U.S. civil liabilities may not
be enforceable against us.
We are incorporated under
Swedish law and are headquartered in Israel. Certain members of our board of directors and senior management are non-residents of
the United States, and all or a substantial portion of our assets and the assets of such persons are located outside the United States.
As a result, it may not be possible to serve process on such persons or us in the United States or to enforce judgments obtained
in U.S. courts against them or us based on civil liability provisions of the securities laws of the United States. As a result,
it may not be possible for investors to effect service of process within the United States upon such persons or to enforce judgments
obtained in U.S. courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities
laws.
The United States and
Sweden do not currently have a treaty providing for recognition and enforcement of judgments (other than arbitration awards) in civil
and commercial matters. Consequently, a final judgment for payment given by a court in the United States, whether or not predicated
solely upon U.S. securities laws, would not automatically be recognized or enforceable in Sweden. In addition, uncertainty exists as
to whether the courts in Sweden would entertain original actions brought in Sweden against us or our directors or senior management predicated
upon the securities laws of the United States or any state in the United States. Any final and conclusive monetary judgment
for a definite sum obtained against us in U.S. courts would not be automatically recognized. Instead, new proceedings would need to be
initiated before the competent court in Sweden. However, a judgment obtained in the U.S. may still have a strong evidentiary weight in
the Swedish proceedings, depending on the circumstances and the assessment of the court. If a Swedish court gives judgment for the sum
payable under a U.S. judgment, the Swedish judgment will be enforceable by methods generally available for this purpose. These methods
generally provide the Swedish court discretion to prescribe the manner of enforcement. As a result, U.S. investors may not be able to
enforce against us or certain of our directors any judgments obtained in U.S. courts in civil and commercial matters, including judgments
under the U.S. federal securities laws.
In addition, foreign courts
(including those in Israel and Sweden) may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that
Sweden or Israel is not the most appropriate forum in which to bring such a claim. In addition, even if such a court agrees to hear a
claim, it may determine that its local law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content
of applicable U.S. law may be required to be proven as a fact by expert witnesses, which can be a time consuming and costly process.
Certain matters of procedure may also be governed by such foreign law. There is little binding case law in Sweden or Israel that addresses
the matters described above. As a result of the difficulty associated with enforcing a judgment against us in Sweden and Israel (or other
foreign jurisdictions in which we carry out our operations), you may not be able to collect any damages awarded by either a U.S. or foreign
court.
Our headquarters and other significant
operations are located in Israel, and, therefore, our results may be adversely affected by political, economic and military instability
in Israel.
Our executive offices and
research and development laboratories are located in Tel Aviv-Yafo, Israel. In addition, the majority of our key employees, officers
and directors are residents of Israel. If these or any future facilities in Israel were to be damaged, destroyed or otherwise unable
to operate, whether due to war, acts of hostility, earthquakes, fire, floods, hurricanes, storms, tornadoes, other natural disasters,
employee malfeasance, terrorist acts, pandemics, power outages or otherwise, or if performance of our research and development is disrupted
for any other reason, such an event could delay commercialization of our products, and if we choose to manufacture all or any part of
them internally, jeopardize our ability to manufacture our products as promptly as our prospective customers will likely expect, or possibly
at all. If we experience delays in achieving our development objectives, or if we are unable to manufacture products within a timeframe
that meets our prospective customers' expectations, our business, prospects, financial results and reputation could be harmed.
Political, economic and military
conditions in Israel may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed conflicts
have taken place between Israel and groups in its neighboring countries, Hamas (an Islamist militia and political group that has historically
controlled the Gaza Strip) and Hezbollah (an Islamist militia and political group based in Lebanon). In addition, several countries,
principally in the Middle East, restrict doing business with Israel, and additional countries may impose restrictions on doing business
with Israel and Israeli companies whether as a result of hostilities in the region or otherwise. Any hostilities involving Israel, terrorist
activities, political instability or violence in the region or the interruption or curtailment of trade or transport between Israel and
its trading partners could adversely affect our operations and results of operations and the market price of the ADSs.
20
Our commercial insurance
does not cover losses that may occur as a result of an event associated with the security situation in the Middle East. Although the
Israeli government is currently committed to covering the reinstatement value of direct damages that are caused by terrorist attacks
or acts of war, we cannot assure you that this government coverage will be maintained or, if maintained, will be sufficient to compensate
us fully for damages incurred. Any losses or damages incurred by us could have a material adverse effect on our business, financial condition
and results of operations.
Further, our operations could
be disrupted by the obligations of our employees to perform military service. As of December 31, 2022, we had 11 full-time employees
based in Israel. Of these employees, some may be military reservists, and may be called upon to perform military reserve duty of up to
36 days per year (and in some cases more) until they reach the age of 40 (and in some cases, up to the age of 45 or older). Additionally,
they may be called to active duty at any time under emergency circumstances. In response to increased tension and hostilities in the
region, there have been, at times, call-ups of military reservists, and it is possible that there will be additional call-ups in
the future. Our operations could be disrupted by the absence of these employees due to military service. Such disruption could harm our
business and operating results.
Furthermore, the Israeli
government is currently pursuing extensive changes to Israel's judicial system. In response to the foregoing developments, individuals,
organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact
the business environment in Israel including due to reluctance of foreign investors to invest or conduct business in Israel, as well
as to increased currency fluctuations, downgrades in credit rating, increased interest rates, increased volatility in securities markets,
and other changes in macroeconomic conditions. Such proposed changes may also adversely affect the labor market in Israel or lead to
political instability or civil unrest. To the extent that any of these negative developments do occur, they may have an adverse effect
on our business, our results of operations and our ability to raise additional funds, if deemed necessary by our management and board
of directors.
We received grants from various government
agencies for certain activities. The terms of these grants impose certain conditions on us, including specified conditions in order to
receive the full amount of the grant. If we fail to satisfy these conditions, we may lose our grant funding and be required to refund
investments previously received.
Certain of our activities
have been funded by grants from various government agencies, including the Israeli Ministry of Energy, the European Commission, Innovate
UK (the United Kingdom's national innovation agency), the ILIAD consortium, and the European Union Regional Development Fund, or
ERDF and others.
Our project to build a 100
kilowatt (or 0.1 megawatt) installed capacity pilot station to create electricity from waves in Jaffa Port, Israel has been financed
in part through a royalty-bearing grant in the aggregate amount of up to NIS 492,000 ($139,000) that we have partially received
from the Israeli Ministry of Energy pursuant to a financing agreement. Pursuant to the terms of this agreement, we are to receive installation
payments, which started in January 2019, and the last of which we are scheduled to receive after we file the final project report,
while the Israeli Ministry of Energy is to receive a non-exclusive, non-assignable and irrevocable license to use our know-how created
during this project for national needs. We are committed to pay royalties at a rate of 5.0% from commercialization of the project's
know-how and intellectual property (if any is created) up to the cumulative amount of the grant, linked to the Israeli consumer
price index, and with the addition of the interest rate of the Accountant General of Israel. In addition, we provided a guarantee in
the amount of NIS 36,900 (approximately $10,000), or 7.5% of the total amount of the grant, regarding our obligations under the grant.
If we violate our obligations under the financing agreement, the Israeli Ministry of Energy has the right to redeem our bank guarantee
and/or demand the return of the investments we have already received at the time of the violation. As of December 31, 2022 our bank guarantee
has expired.
Furthermore,
in 2021, we won a grant of EUR 178,500 (approximately $190,000) from the European Commission in the EU Horizon 2020 Research and Innovation
Programme as part of the
ILIAD
consortium for our participation in a three years
program consortium of 56 partners from 18 countries in Europe, the Middle East and North Africa to combine high-resolution modelling
with real-time sensing of ocean parameters, advanced algorithms for forecasting of spatio-temporal events and pattern recognition. The
virtual representations will consist of several real-time to near-real-time digital replicas of the ocean. As part of this consortium,
we expect to play a role to aid with pilot applications related to wave energy. In 2022, we received EUR 86,000 (approximately $92,000)
as an advanced payment on account of this program. On October 28, 2021, we were awarded a grant of GBP 103,993 (approximately $125,000)
from Innovate UK for Eco Wave Power Gibraltar to research and conduct feasibility studies for sea wave energy powered microgrids for
remote islands and rural coastlines. The terms of the grant require us to contribute GBP 44,569 (approximately $54,000) towards these
activities in order to receive grant funding. Under the terms and conditions of these grants, we are obligated to comply
with various reporting requirements, meet certain project milestones and to take certain administrative actions. Material noncompliance
with the terms and conditions of the grants may result in one or more enforcement actions by the relevant grant agency,
which could include denying funds for the cost of funded activities, suspending the grant in whole or in part, pending corrective action,
and withholding further grant awards. In 2022, Eco Wave Power Gibraltar received GBP 71 thousand (approximately $85 thousand) from Innovate
UK.
In 2022, we received an ERDF
grant approval called "Ports Towards Energy Self Sufficiency" that was approved for a research project in Porto, led by the
University of Porto, on November 24, 2022.The grant amount is EUR 25,262.50 (approximately $27,000).
21
We received a grant from the Israel Ministry
of Energy for certain of our research and development activities. The terms of those grants require us to satisfy specified conditions
in order to transfer know-how funded by such grant or to assign any know-how developed pursuant to such grant. If we fail to comply with
the requirements of our grant in this regard, we may be required to pay penalties, and it may impair our ability to complete any strategic
transactions within or outside of Israel.
Some of our research and
development efforts were financed through a grant that we received from the Israeli Ministry of Energy, pursuant to which our ability
to transfer the know-how requires the prior consent of the Israeli Ministry of Energy, and the terms of any such transfer would
generally require the repayment of the grant following the project's success as well as ensuring the ability to utilize the achievements
of the project and the plan for the benefit of the Israeli economy and the State of Israel, including continued work to further the utilization
of the technology in Israel. If we fail to comply with the requirements of our grant in this regard, we may be required to pay penalties.
In addition, the terms of our grant may impair our ability to complete any strategic transactions within or outside of Israel.
Exchange rate fluctuations between the
U.S. dollar and the SEK, or the NIS and the SEK or U.S. dollar may negatively affect our results.
Under our existing agreements,
we make a significant amount of payments in U.S. dollars, SEK, NIS, and euros. As a result, changes and fluctuations in currency exchange
rates between the U.S. dollar and other currencies, especially the SEK, NIS and euro, could have a materially adverse effect on our operating
results. Since our reporting currency is the U.S. dollar, financial line items are converted into U.S. dollar at the applicable exchange
rates. We also expect that in the future, a significant portion of our revenues and expenses will be denominated in U.S. dollars, SEK
and euros. Therefore, unfavorable developments in the value of the U.S. dollar as compared to the SEK, NIS, euro or any other currency
could have a material adverse effect on our business, financial condition and results of operations.
Risks Related to Ownership of Our ADSs and
our Common Shares
The market price of the ADSs may be highly
volatile due to factors beyond our control.
The trading price of the
ADSs is likely to be volatile. Since our ADSs began trading on Nasdaq on July 1, 2021, our ADSs traded as high as $30.00 per ADS and
as low as $2.52 per ADS. The following factors, in addition to other risk factors described in this section, may have a significant impact
on the market price of the ADSs:
●
technological innovations
    or commercial product introductions by us or competitors;
●
our ability to finish research
    and development projects or product development within the allotted or expected timeline;
●
regulation of renewable
    energy, and specifically, wave energy;
●
delays in entering into
    strategic relationships with respect to development or commercialization of our product candidates or entry into strategic relationships
    on terms that are not deemed to be favorable to us;
●
the loss of any of our
    key management personnel or members of our board of directors;
●
our ability to recruit
    and retain qualified regulatory, research and development personnel;
●
publication of research
    reports or comments by securities or industry analysts;
●
the results of our research
    and development efforts;
●
our capital needs and ability
    to obtain financing on terms favorable to us;
22
●
economic weakness, including
    inflation, or political instability in particular foreign economies and markets;
●
the granting or exercise
    of employee stock options (also known as warrants) or other equity awards;
●
the depth of the trading
    market in the ADSs;
●
business interruptions
    resulting from a local or worldwide pandemic, such as COVID-19, geopolitical actions, including war and terrorism, or natural disasters;
    and
●
changes in investors'
    and securities analysts' perception of the business risks and conditions of our business.
In addition, the stock market
in general, and Nasdaq in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate
to the operating performance of small companies. Broad market and industry factors may negatively affect the market price of the ADSs,
regardless of our actual operating performance. Furthermore, the war between Russia and Ukraine and concerns regarding inflation have
resulted in significant financial market volatility and uncertainty in the recent year. Further, a systemic decline in the financial
markets and related factors beyond our control may cause the ADS price to decline rapidly and unexpectedly.
Our executive officers, directors and principal
shareholders will maintain the ability to exert significant control over matters submitted to our shareholders for approval.
As of April 21, 2023, our
executive officers, directors and principal shareholders who own more than 5% of our outstanding Common Shares, in the aggregate, beneficially
own shares representing approximately 53.3% of our share capital. As a result, if these shareholders were to act together, they would
be able to exert significant influence over all matters submitted to our shareholders for approval (including a prospective acquisition
or other change of control of our company), as well as our management and affairs.
Investors in the ADSs may not receive the
same distributions or dividends as those we make to the holders of our common shares, and, in some limited circumstances, you may not
receive dividends or other distributions on our common shares and you may not receive any value for them, if it is illegal or impractical
to make them available to you.
The depositary for the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on common shares or other deposited securities
underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of common
shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution
available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities
that require registration under the Securities Act, but that are not properly registered or distributed under an applicable exemption
from registration. In addition, conversion into U.S. dollars from foreign currency that was part of a dividend made in respect of deposited
common shares may require the approval or license of, or a filing with, any government or agency thereof, which may be unobtainable.
In these cases, the depositary may determine not to distribute such property and hold it as "deposited securities" or may
seek to affect a substitute dividend or distribution, including net cash proceeds from the sale of the dividends that the depositary
deems an equitable and practicable substitute. We have no obligation to register under U.S. securities laws any ADSs, common shares,
rights or other securities received through such distributions. We also have no obligation to take any other action to permit the distribution
of ADSs, common shares, rights or anything else to holders of ADSs. In addition, the depositary may withhold from such dividends or distributions
its fees and an amount on account of taxes or other governmental charges to the extent the depositary believes it is required to make
such withholding. This means that you may not receive the same distributions or dividends as those we make to the holders of our common
shares, and, in some limited circumstances, you may not receive any value for such distributions or dividends if it is illegal or impractical
for us to make them available to you. These restrictions may cause a material decline in the value of the ADSs.
23
We may be or may become classified as a
"passive foreign investment company" for U.S. tax purposes. If we are or become classified as a passive foreign investment
company, our U.S. shareholders may suffer adverse tax consequences as a result.
In general, we will be treated
as a passive foreign investment company, or a PFIC, for U.S. federal income tax purposes in any taxable year in which either (1) at
least 75% of our gross income is "passive income" or (2) on average at least 50% of our assets by value produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including
those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets
of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. We do not expect
that we will be treated as a PFIC for 2022. If we are a PFIC in any taxable year during which a U.S. taxpayer holds the ADSs or Common
Shares, such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did
not make an election to treat us as a "qualified electing fund," or QEF, or make a "mark-to-market" election,
then "excess distributions" to the U.S. taxpayer, and any gain realized on the sale or other disposition of the ADSs or Common
Shares by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer's holding period for the ADSs or Common
Shares; (2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in
which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be
subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the
deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition,
if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that
we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market election. U.S. taxpayers that
have held the ADSs or Common Shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be
a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election. A U.S. taxpayer
can make a QEF election by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto.
We do not intend to furnish U.S. taxpayers annually with information needed in order to complete IRS Form 8621 and to make and maintain
a valid QEF election for any year in which we or any of our Subsidiaries are a PFIC. Therefore, the QEF election will not be available
with respect to our Common Shares or ADSs.
We have not paid, and do not intend to
pay in the foreseeable future, dividends on our share capital and, therefore, unless our traded securities appreciate in value, our investors
may not benefit from holding our securities.
We have never declared or
paid cash dividends on our share capital. We do not anticipate paying any cash dividends our share capital in the foreseeable future.
Moreover, Swedish Law imposes certain restrictions on our ability to declare and pay dividends. Therefore, the success of an investment
in the ADSs will depend upon any future appreciation in their value. There is no guarantee that the ADSs will appreciate in value or
even maintain the price at which our investors have purchased their securities.
Holders of ADSs must act through the depositary
to exercise their rights as shareholders of our company.
Holders of our ADSs do not
have the same rights of our shareholders and may only exercise the voting rights with respect to the Common Shares in accordance with
the provisions of the deposit agreement for the ADSs. When a shareholder meeting is convened, holders of our ADSs may not receive sufficient
notice of a shareholders' meeting to permit them to withdraw their Common Shares to allow them to cast their vote with respect
to any specific matter. In addition, the depositary and its agents may not be able to send voting instructions to holders of our ADSs
or carry out their voting instructions in a timely manner. We will make all reasonable efforts to cause the depositary to extend voting
rights to holders of our ADSs in a timely manner, but we cannot assure holders that they will receive the voting materials in time to
ensure that they can instruct the depositary to vote their ADSs. Furthermore, the depositary and its agents will not be responsible for
any failure to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a
result, holders of our ADSs may not be able to exercise their right to vote and they may lack recourse if their ADSs are not voted as
they requested. In addition, in the capacity as a holder of ADSs, they will not be able to call a shareholders' meeting.
24
ADSs holders may not be entitled to a jury
trial with respect to claims arising under the deposit agreement, which could augur less favorable results to the plaintiff(s) in any
such action.
The deposit agreement governing
the ADSs representing our Common Shares provides that holders and beneficial owners of ADSs, including purchasers in secondary transactions,
irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs,
including claims under federal securities laws, against us or the depositary to the fullest extent permitted by applicable law. If this
jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement
with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally
adjudicated by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the
State of New York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction
over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver provision,
New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement
is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect
to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar
a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral
upon a guarantor's demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe
are applicable in the case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs
serves as a waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the federal
securities laws. If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with
matters arising under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial
with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. As a result
of the terms of the deposit agreement, it may prove to be more costly for you to bring actions against us pursuant to such agreement.
If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the
applicable trial court, which would be conducted according to different civil procedures and may augur different results than a trial
by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other
things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.
As a foreign private issuer, we are permitted
to follow certain home country corporate governance practices instead of otherwise applicable SEC and Nasdaq requirements, which may
result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.
Our status as a foreign private
issuer exempts us from compliance with certain SEC laws and regulations and certain regulations of the Nasdaq Stock Market, including
the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as a majority of independent
directors comprising our board of directors, independent director oversight of the nomination of directors and executive compensation
or the existence of a compensation committee. In addition, we will not be required under the Exchange Act to file current reports and
financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange
Act and we will generally be exempt from filing quarterly reports with the SEC. Furthermore, as a foreign private issuer, we are also
not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. These exemptions and leniencies
will reduce the frequency and scope of information and protections to which you are entitled as an investor.
25
We are an emerging growth company and the
reduced disclosure requirements applicable to emerging growth companies may make the ADSs less attractive to investors.
We are an emerging growth
company, as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements that are applicable to
other public companies that are not emerging growth companies.
For as long as we remain
an emerging growth company we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable
to other public companies that are not "emerging growth companies." These exemptions include:
●
not being required to comply
    with the auditor attestation requirements in the assessment of our internal control over financial reporting;
●
Section 107 of the JOBS
    Act, which provides that an "emerging growth company" can take advantage of the extended transition period provided in
    Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting
    standards. This means that an "emerging growth company" can delay the adoption of certain accounting standards until
    those standards would otherwise apply to private companies. We have elected to delay such adoption of new or revised accounting standards.
    As a result of this adoption, our financial statements may not be comparable to companies that comply with the public company effective
    date;
●
not being required to comply
    with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
    or a supplement to the auditor's report providing additional information about the audit and the financial statements;
●
reduced disclosure obligations
    regarding executive compensation; and
●
exemptions from the requirements
    of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
    approved.
We will remain an emerging
growth company for up to five years, or until the earliest of: (i) the last day of our fiscal year during which we have total annual
gross revenues of at least $1.235 billion; (ii) the date on which we have, during the previous three-year period, issued more
than $1.0 billion in non-convertible debt; or (iii) the date on which we are deemed to be a "large accelerated filer"
under the Exchange Act.
When we are no longer deemed
to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. We cannot predict
if investors will find ADSs less attractive as a result of our reliance on exemptions under the JOBS Act. We cannot predict if investors
will find the ADSs less attractive because we may rely on these exemptions. If some investors find the ADSs less attractive as a result,
there may be a less active trading market for the ADSs, and our market price may be more volatile and may decline.
The market price of the ADSs may be highly
volatile.
The trading price of the
ADSs is likely to be volatile. The stock market in general, and the market for alternative energy companies in particular, has experienced
extreme volatility that has often been unrelated to the operating performance of particular companies which has resulted in decreased
stock prices for many companies notwithstanding the lack of a fundamental change in their underlying business models or prospects. Broad
market and industry factors, including potentially worsening economic conditions and other adverse effects or developments relating to
concerns regarding inflation, may negatively affect the market price of the ADSs, regardless of our actual operating performance. As
a result of this volatility, you may not be able to sell the ADSs at or above the price you paid.
26
If our quarterly operating
results fall below the expectations of investors or securities analysts, the price of the ADSs could decline substantially. Furthermore,
any quarterly fluctuations in our operating results may, in turn, cause the price of the ADSs to fluctuate substantially. We believe
that quarterly comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication of
our future performance.
In the past, following periods
of volatility in the market price of a company's securities, securities class-action litigation often has been instituted against
that company. Such litigation, if instituted against us, could cause us to incur substantial costs to defend such claims and divert management's
attention and resources, which could seriously harm our business, financial condition, results of operations and prospects.
General Risk Factors
Cybersecurity breaches of our systems and
information technology could adversely impact our ability to operate.
We utilize, develop, install
and maintain a number of information technology systems. Various privacy and security laws require us to protect sensitive and confidential
information from disclosure. In addition, we are bound by our customers and other contracts, as well as our own business practices, to
protect confidential and proprietary information (whether it be ours or a third party's information entrusted to us) from disclosure.
Our computer systems, as well as those of our customers, contractors and other vendors, as well as the central control software of our
power stations and the WPV software that we are aiming to develop face the threat of unauthorized access, computer hackers, viruses,
malicious code, cyber-attacks, phishing and other security incursions and system disruptions, including attempts to improperly access
our confidential and proprietary information as well as the confidential and proprietary information of our customers and other business
partners. While we endeavor to maintain industry- accepted security measures and technology to secure our computer systems and power
stations and while we endeavor to ensure our cloud vendors that store our data maintain similar measures, these systems and the information
stored on these systems may still be subject to threats. There can be no assurance that our efforts will prevent these threats. Further,
as these security threats continue to evolve, we may be required to devote additional resources to protect, prevent, detect and respond
against such threats. A party who circumvents our security measures, or those of our customers, contractors or other vendors, could misappropriate
confidential or proprietary information, improperly manipulate data, or cause damage or interruptions to systems. Any of these events
could damage our reputation, result in litigation and regulatory fines and penalties, or have a material adverse effect on our business,
financial condition, results of operations or cash flows.
We may be involved in litigation matters
or other legal proceedings that are expensive, time consuming, and could divert management attention.
We may become involved in
litigation matters, including class action lawsuits and lawsuits relating to intellectual property and product liability. Any lawsuit
to which we are a party, with or without merit, may result in an unfavorable judgment. We also may decide to settle lawsuits on unfavorable
terms. Any such negative outcome could result in payments of substantial damages or fines, damage to our reputation, loss of rights,
or adverse changes to our offerings or business practices. Any of these results could adversely affect our business. In addition, defending
claims is costly and can impose a significant burden on our management.
Moreover, in the past companies
that have experienced volatility in the market price of their securities have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion
of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation could
also subject us to significant liabilities.
The requirements associated with being
a public company will require significant company resources and management attention.
We are subject to the reporting
requirements of the Exchange Act, Nasdaq listing requirements and other applicable securities rules and regulations. The Exchange Act
requires that we file periodic reports with respect to our business and financial condition and maintain effective disclosure controls
and procedures and internal control over financial reporting. In addition, subsequent rules implemented by the SEC and the Nasdaq Stock
Market may also impose various additional requirements on public companies. As a result, we will incur additional legal, accounting and
other expenses that we did not incur as a nonpublic company or as a company traded on Nasdaq First North, particularly after we are no
longer an "emerging growth company" as defined in the JOBS Act. We estimate that these expenses will be at least several
hundred thousand dollars annually. Further, the need to establish the corporate infrastructure demanded of a public company may divert
management's attention from implementing our development plans. We have made changes to our corporate governance standards, disclosure
controls and financial reporting and accounting systems to meet our reporting obligations. The measures we take, however, may not be
sufficient to satisfy our obligations as a public company, which could subject us to delisting of our ADSs, fines, sanctions and other
regulatory action and potentially civil litigation.
27
We identified a material weakness in our
internal control over financial reporting and have not remedied this weakness. If we fail to maintain an effective system of internal
control over financial reporting, we may not be able to accurately or timely report our financial results, or prevent fraud, and investor
confidence in our Company and the market price of the ADSs may be adversely affected.
Effective internal control
over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and
procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in
their implementation, could cause us to fail to meet our reporting obligations. Ineffective internal control could also cause investors
to lose confidence in our reported financial information, which could have a negative effect on the trading price of our securities.
We identified a material
weakness in our internal control over financial reporting in the financial year ended December 31, 2019. A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material
misstatement of our financial statements will not be prevented or detected on a timely basis. Specifically, we determined that due to
the small-scale nature of our Company and the difference in regulatory requirements between Sweden and the United States, we
currently do not have sufficient finance staff to provide for effective control over our period-end financial reporting process.
As of the date of this annual report on Form 20-F, we have not remediated this material weakness. If, in the future, we will have insufficient
financial reporting staff, we may be unable to adequately segregate duties in a manner consistent with control objectives for our period-end financial
reporting process.
We plan to identify our staffing
requirements and commence the process of hiring additional personnel for our finance team with the appropriate level of training and
expertise. However, the implementation of these initiatives may not fully address this or any other material weakness or other deficiencies
that we may have in our internal control over financial reporting. We intend to assess our internal control environment and the potential
remediation of this weakness.
If we fail to maintain effective
internal control over financial reporting, we may be unable to report our financial results accurately or meet our reporting obligations.
This could cause us to lose investor confidence in the accuracy and completeness of our financial reports, which could harm our business,
the price of the ADSs and our ability to access the capital markets.
If securities or industry analysts do not
publish or cease publishing research or reports about us, our business or our market, or if they adversely change their recommendations
or publish negative reports regarding our business or our securities, the ADS or our share price and trading volume could decline.
The trading market for the
ADSs will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market
or our competitors. We do not have any control over these analysts and we cannot provide any assurance that analysts will cover us or
provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding the ADSs, or provide
more favorable relative recommendations about our competitors, the ADS would likely decline. If any analyst who may cover us were to
cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in
turn could cause the ADS or trading volume to decline.
28
Future sales of the ADSs could reduce the
market price of the ADSs.
Substantial sales of the
ADSs may cause the market price of the ADSs to decline. Sales by us or our security holders of substantial amounts of the ADSs, or the
perception that these sales may occur in the future, could cause a reduction in the market price of the ADSs.
The issuance of any additional
ADSs or any securities that are exercisable for or convertible into our Common Shares, may have an adverse effect on the market price
of our the ADSs and will have a dilutive effect on our existing shareholders.
ITEM 4.
INFORMATION ON
THE COMPANY
A.
History and Development of the Company.
We are a wave energy company
primarily engaged in the development of a smart and cost-efficient WEC, technology that converts ocean and sea waves into clean
electricity. Our corporate mission is to revolutionize energy production with our proprietary wave technology, and to become a leader
in the renewable energy industry, which, according to an analysis by Frost & Sullivan, is expected to see $3.4 trillion in new investment
in the next decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming
waves by converting the rising and falling motion of the waves into a clean energy generation process.
We were incorporated in Sweden
in 2019. The ADSs are currently listed for trading on the Nasdaq Capital Market under the symbol "WAVE."
EWP Israel was incorporated
in 2011. EWP Israel was the parent and operating company until the Acquisition. In connection with the Acquisition, we acquired EWP Israel
and its subsidiaries through an issue in kind (no cash consideration was involved, but rather EWP Israel shareholders exchanged their
shares in EWP Israel for our shares) in May 2019. We refer to this transaction in this prospectus as the "Acquisition."
The purpose of the Acquisition was to have a parent company incorporated under Swedish law prior to the listing on Nasdaq First North.
Prior to the Acquisition, EWPG had no assets or operations. As a result of the Acquisition, we became the parent company of EWP Israel.
Since the Acquisition, our operations have been carried out by EWP Israel and its subsidiaries and we expect to continue to follow this
practice.
Following the Acquisition,
on May 21, 2019, our shareholders approved a 50 for 1 split of our Common Shares.
Our principal executive
offices are located at 52 Derech Menachem Begin St., Tel Aviv-Yafo, Israel 6713701. Our telephone number in Israel is +972-3-509-4017.
Our website address is https://www.ecowavepower.com/
The information contained
on our website or available through our website is not incorporated by reference into and should not be considered a part of this annual
report on Form 20-F, and the reference to our website in this annual report on Form 20-F is an inactive textual reference only. Puglisi
& Associates is our agent in the United States, and its address is 850 Library Ave., Suite 204, Newark, DE 19711.
We are an "emerging
growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified
by the JOBS Act. As such, we are eligible to, and intend to, take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not "emerging growth companies" such as not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. We could
remain an "emerging growth company" for up to five years, or until the earliest of (a) the last day of the first fiscal
year in which our annual gross revenue exceeds $1.235 billion, (b) the date that we become a "large accelerated filer"
as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the
market value of our ADSs that is held by non-affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter, or (c) the date on which we have issued more than $1 billion in nonconvertible debt during
the preceding three-year period.
29
We are subject to the information
reporting requirements of the Exchange Act that are applicable to "foreign private issuers," and under those requirements
we file reports with the SEC. As a foreign private issuer, we are not subject to the same requirements that are imposed upon U.S. domestic
issuers by the SEC. Under the Exchange Act, we are subject to reporting obligations that, in certain respects, are less detailed and
less frequent than those of U.S. domestic reporting companies. For example, we are not required to issue quarterly reports, proxy statements
that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that
is as detailed as that required of U.S. domestic reporting companies. We also have four months after the end of each fiscal year to file
our annual report with the SEC and are not required to file current reports as frequently or promptly as U.S. domestic reporting companies.
Our officers, directors and principal shareholders are exempt from the requirements to report transactions in our equity securities and
from the short-swing profit liability provisions contained in Section 16 of the Exchange Act. As a foreign private issuer,
we are not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. In addition, as a foreign
private issuer, we are permitted to follow certain home country corporate governance practices instead of those otherwise required under
the Nasdaq Stock Market rules for domestic U.S. issuers and are not required to be compliant with all Nasdaq Stock Market rules as of
the date of our initial listing on Nasdaq as would domestic U.S. issuers. For example, as a Swedish company, and pursuant to applicable
Swedish law, we do not have a compensation committee. See "Item 3.D. — Risk Factors — Risks Related to Ownership of
Our Common Shares and ADSs." These exemptions and leniencies will reduce the frequency and scope of information and protections
available to you in comparison to those applicable to a U.S. domestic reporting company. We intend to take advantage of the exemptions
available to us as a foreign private issuer during and after the period we qualify as an "emerging growth company."
B.
Business Overview.
We are a wave energy company
primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity.
Our corporate mission is to revolutionize energy production with our proprietary wave technology, and to become a leader in the renewable
energy industry, which, according to an analysis by Frost & Sullivan, is expected to see $3.4 trillion in new investment in the next
decade. Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves
by converting the rising and falling motion of the waves into a clean energy generation process.
In addition to our WEC technology,
we are also building out a pipeline of ancillary technology services that we may provide to our customers and other parties, such as
other companies and research institutions. These services currently include feasibility studies for potential clients of our WEC technology.
We are also developing a smart Wave Power Verification, or WPV, software, intended to provide real-time production verification
that is expected to allow preventative-predictive and corrective measures to be taken. We believe that by providing these complementary
services, we will be better positioned to be a leader of the wave energy industry.
Today, more than ever, a
WEC solution such as ours is needed. Global energy production is expected to continue growing, where there is strong economic growth,
to meet increasing global energy demand, with the U.S. Energy Information Administration projecting global energy consumption expected
to rise by 50% between 2018 and 2050, led by growth from countries that are not in the Organization for Economic Cooperation and Development,
or the OECD, and focused in regions where strong economic growth is driving demand, particularly in Asia. Historically, the world has
relied on traditional polluting energy sources that come from fossil fuels, such as coal and oil. Fossil fuels have been the preferred
energy source over time mainly because they have been cheaper than renewable energy sources like solar and wind even though fossil fuels
pollute the earth and are limited in supply.
30
While the world continues
to rely on fossil fuels, we believe that in recent years solar and wind power have crossed a new threshold, moving from mainstream to
preferred energy sources across much of the globe. As they reach price and performance parity with conventional sources, demonstrate
their ability to enhance grids, and become increasingly competitive via new technologies, deployment obstacles and ceilings are dissolving.
Already among the cheapest energy sources globally, solar and wind have the potential to advance much further, as we believe that the
enabling trends have not run their full course yet. Costs are continuing to fall, and successful integration is proceeding apace, undergirded
by new technologies that are bringing even greater efficiencies and capabilities. Meanwhile, according to the International Energy Agency,
or IEA, the demand for renewables is growing and, according to a report from Deloitte, solar and wind power now come closest to meeting
three energy consumer priorities: reliability, affordability, and environmental responsibility. However, we believe that marine energy,
and specifically wave energy, remains largely unexploited, due to high implementation, operation and maintenance costs, and that marine
energy technologies remain at an early stage of development, especially in the case of wave power.
Wave energy is considered
to have the highest energy production rate of any renewable energy source. According to the 2020 paper, "Electrical Power Generation
from the Oceanic Wave for Sustainable Advancement in Renewable Energy Technologies" from the peer review journal,
Sustainability
,
ocean wave energy has the highest energy production compared to other renewable energy sources as it can produce energy 90% of the time,
and which, according to an article "On the reversed LCOE calculation: Design constraints for wave energy commercialization"
from the International Journal of Marine Energy, also has the potential capacity to become one of the cheapest and cleanest. According
to an estimate from the Intergovernmental Panel on Climate Change, approximately 32,000 terawatt-hours per year could theoretically
be produced from the oceans' waves (subject to there being sufficient wave energy technologies), which is approximately double
the world's electricity production in 2008. However, we believe that many companies trying to develop WEC systems have been struggling
to move beyond research and development and into commercialization primarily due to the fact that most WEC systems are designed for offshore
application where wave heights are of a higher nature. However, we believe that offshore installations typically give rise to certain
critical issues that may make commercialization difficult. According to our research and based on reports from the International Renewable
Energy Agency, or IRENA, and research papers from Chalmers University of Technology, we believe that there are four primary issues challenging
the commercialization of offshore installation. The first issue is the high capital expenses implicit in the installation, maintenance,
and grid-connection of offshore technologies which require the use of ships, divers, underwater electrical transmission cables,
and underwater mooring, which are all highly capital intensive. The second issue is the lack of reliability for these offshore technologies
due to the extremely harsh weather conditions which are prevalent in the offshore sea/ocean environment. The stationary manmade equipment
has no way of avoiding the extreme loads caused by the offshore storms, and many offshore wave energy developers had their equipment
dislodged and broken down after a short time of operation. The third issue we believe is both in its difficulty to reach insurability
and, if insurance is available, to obtain the applicable insurance policy at a reasonable cost. Developers with offshore wave energy
technologies struggled to secure insurance as insurance companies were hesitant to risk insuring such technologies (which are deemed
"pre-commercial") due to the aforementioned high capital expenses and low survivability. The final issue is environmental,
as many environmental organizations object the deployment of offshore WEC technologies as many of them require mooring to the ocean floor,
which has the potential to disturb the ecological balance. Also, offshore wave energy developers have to install long underwater electricity
transmission lines to connect to the grid, which is complicated, capital intensive and impacts the environment.
Our WEC Technology
We believe that our WEC technology
has the potential to accelerate the viability of wave power in a way that was previously not achievable because our WEC technology is
more cost-efficient, reliable, insurable and environmentally friendly and easier connected to the grid compared to offshore systems.
Our WEC technology, first wave-pool tested in Kiev in 2011, employs units of point absorber floating devices, referred to as floaters,
which are installed on existing marine structures such as (but not limited to) piers, breakwaters and jetties, or in locations in which
such marine structures are required. Our specially designed floaters move accordingly with the movement of the waves pressing hydraulic
pistons, which create pressure in land located accumulators, depending on wave heights, which is rotating a hydromotor, that then rotates
a generator, which sends the clean electricity to the grid via an inverter..
31
WEC solutions placed closer
to shore, such as our WEC technology, generally encounter waves coming from the same direction, thereby boosting the quantity of energy
captured. In deep water, where offshore solutions are usually placed, waves can travel in almost any direction, making it difficult to
extract energy due to the fact that these waves are more difficult to predict and more complex to account for in system design. So, although
the maximum wave power is higher offshore, the exploitable level of power nearshore may be practically the same level as in offshore
locations.
Different parts of the system
are measured by sensors, which collect and transmit various information in real-time and allows the system to be continuously monitored
and controlled by a central control system, which automatically optimizes the electricity production in order to ensure continuous power
generation. In addition, when the waves are too high for the system to handle, the floaters will automatically lift above the water level
and remain in the upward position until the wave heights return to pre-storm levels, at which time, the system automatically commences
operation. In the event that the automation system is not available, this action can also be performed manually.
Our WEC technology is also
fully modular, allowing us to more easily scale projects. Our system does not connect to the ocean floor or create a new presence in
the surrounding marine environment. Furthermore, we have submitted a patent and have been testing the ability to add solar panels to
our WEC technology, which we believe will allow our system to generate larger amounts of electricity from multiple renewable energy sources.
We believe our WEC technology
design significantly reduces construction and production prices, and grid connection prices, while increasing reliability and insurability.
Project Pipeline and Achievements
We
have entered into a variety of agreements with parties interested in the utilization of our WEC technology. These agreements consist
of Power Purchase Agreements, Concession Agreements and other agreements in various stages, including letters of intent. Based on the
terms of the agreements and our own calculations, we believe that we have a total worldwide pipeline of projects that may be up to 404.7
megawatts in size. In addition, we have entered into agreements to conduct feasibility studies. Although the majority of the megawatts
included in our pipeline are subject to preliminary agreements, we have a limited amount of megawatts that are subject to more advanced
agreements, such as our Power Purchase Agreement in Gibraltar for up to five megawatts (which we are not currently actively working on
advancing, due to lack of compatible breakwater in the region), a Concession Agreement in Portugal for up to 20 megawatts, a Concession
Agreement for up to 77MW in Turkey, a Concession Agreement in Spain for up to 2MW, an Interconnection Agreement in Mexico for up to 25
megawatts (which we are not currently actively working on advancing), a Pioneering Technology approval from the Israeli Ministry of Energy
to construct a 100 kilowatt (or 0.1 megawatt) WEC array, which is in advanced construction in the Jaffa port in Israel, and a Collaboration
Agreement with AltaSea in the Port of Los Angeles for the installation of a pilot station which was relocated from Gibraltar. Although
some of these agreements may be deemed to be definitive, there is no guarantee that we will complete the construction of any WEC systems
for such projects (or any others), as we will need to meet certain conditions and obtain certain licenses to reach the actual construction
stage of such projects, of which there can be no guarantee. See "Item 4. D. Risk Factors — Risks Related to Our Business
Operations" for risks associated with our pipeline projects and "Item 4. B. — Business Overview — Project Pipeline"
for additional information.
Preliminary agreements, including
letters of intent and other similar agreements that require the parties to enter into definitive documents, are subject to ongoing negotiation
and there can be no guarantee that we are able to enter into definitive agreements with these parties. As a result, the total aggregate
megawatts of our project pipeline does not reflect only those projects covered by definitive agreements. We are continuously working
to expand our pipeline, including efforts to enter into definitive agreements to cover projects that are not covered by definitive agreements.
We plan to continue to develop
the projects in our pipeline, specifically our EDF EWP One project, the installation of the Gibraltar Pilot to AltaSea's premises
in the Port of Los Angeles, and to work towards the completion of the licensing required for our megawatt project in Portugal and/or
in Spain and/or in other locations, further expand our project pipeline, conduct research and development aimed at continuing to upgrade
and improve our WEC technology, continue the reinforcement of our patent portfolio, and to expand the team that will help us achieve
our growth strategy. Prioritized countries for our project pipeline include those with significant wave heights, governmental support
for renewable energy projects, short and clear licensing procedures, favorable feed-in-tariffs or subsidy schemes, high electricity
demand, strong promotion of renewable energy and/or lack of electricity access and available grid-capacity. In addition, we will be prioritizing
growth in specific high-potential target markets. Primarily, we are concentrating on growth in Europe and United States, where there
is high wave energy potential and growing support for renewable energy technologies.
32
We currently engaged with
the following projects:
Gibraltar Pilot and its
Relocation to the Port of Los Angeles
Between 2016 and March 2022,
we operated a grid-connected proof-of-concept wave energy array in Gibraltar, as part of a five megawatt Power Purchase Agreement
that we signed with the Government of Gibraltar and Gibraltar's National Electric Company, or GibElectric. On January 20, 2022,
we announced a collaboration with AltaSea, a non-profit that accelerates scientific collaboration and advances an emerging blue economy,
at the Port of Los Angeles. We will work with AltaSea, to locate and submit grants to implement our technology and implement a pilot
program on the AltaSea campus, located in the Port of Los Angeles. Together, we and AltaSea will look to secure other locations for future
wave technology projects. In December 2022, we announced that the energy conversion unit formerly deployed in Gibraltar, arrived at AltaSea
at the Port of Los Angeles where we expect it will be installed as a pilot station when approval is granted by the Port of LA (which
owns the site) . This is the first U.S. location for our technology. We expect to produce new floaters and floaters' mechanisms
for the Port of Los Angeles project.
EDF EWP One Project
This project involves the
installation and operation of a 100 kilowatt (or 0.1 megawatt) installed capacity project in the Jaffa Port in Israel in a partnership
with EDF Energies Nouvelles Israel Ltd., or EDF Renewables IL, a subsidiary of the French multinational electric utility company Électricité
de France S.A., or EDF, pursuant to which we co-own, in equal parts, the joint venture EDF EWP One Ltd., or EDF EWP One. In addition
to the shared funding of this project pursuant to our Joint Venture Agreement with EDF Renewables IL, we also received co-funding from
the Israeli Ministry of Energy, which recognized our technology as a "pioneering technology." Pioneering technology recognition
is a designation granted by the Chief Scientist of the Israeli Ministry of Energy to renewable energy technologies, which grants such
companies with a production quota to connect their technology to Israel's national electricity grid in accordance with the guidelines
established for Pioneering Technologies. We previously operated an off-grid pilot power station, in the same place, mainly for research
and development purposes. In August 2020, we secured the engineering coordination permit required for the deployment of the grid
connection work for the project, and in February 2021, we obtained the engineering coordination permit for the cement works and
conversion unit and floaters installation. On January 7, 2021, we completed the first stage of the grid-connection route works in
Jaffa Port for the project. On May 5, 2021, we completed the wall reinforcement works required for the installation of the floaters on
the sea wall in Jaffa Port. On June 14, 2021, the power station's conversion unit was delivered and installed in Jaffa Port. On
October 4, 2021, we entered into a Collaboration Agreement with Lesico Ltd. for the production of floaters for the EWP EDF One project.
On January 5, 2022, the first set of floaters and supporting structures for the project were delivered to the Jaffa Port project site.
On February 1, 2022, we officially completed the grid connection route works at the Jaffa Port site. In April 2022, we completed the
installation of eight floaters to the sea wall. In August 2022, the Israeli Electric Authority has set an official Feed-In Tariff,
or FIT, for our newly-installed wave energy pilot project at the Jaffa Port. With the FIT in place, the Israeli Electric Corporation
commenced operations to officially connect the EWP-EDF One project to Israel's energy grid.
Portugal Planned Project
In 2020, we entered into
a Concession Agreement with the Port of Leixões, or APDL, to use an area potentially suitable for the construction, operation
and maintenance of a wave energy power plant of up to 20 megawatts in four locations owned and operated by APDL. Pursuant to the Concession
Agreement with APDL, APDL will provide us with the concession for its breakwaters for a period of between 25 to 30 years, while
we will be responsible for securing all the licenses, constructing and commissioning the power plant and selling the electricity to be
generated by the power plant in accordance with an approved production quota, to be determined for each site. The power plant is planned
to be constructed and commissioned in several stages starting with a one megawatt station, and subject to certain conditions, to be followed
by the construction, operation and maintenance of the remaining capacity of the plant (19 megawatts). In order to commence the licensing,
EWP Israel incorporated a wholly owned subsidiary company in Portugal under the name EW Portugal-Wave Energy Solutions, Unipessoal
Ida., or EW Portugal. EW Portugal has initiated the process for obtaining the necessary licenses required in order to commence construction
of the first megawatt of the project. On August 19, 2021 EW Portugal received an installation and grid connection permit of 1MW in the
form of a Small-Production Unit registration approval from the Portuguese Directorate-General for Energy and Geology. This registration
approval is required for the installation and grid connection of a 1MW pilot project at the Barra do Douro breakwater in Porto, Portugal.
The Small-Production Unit Registration approval is the first permit required by EW Portugal to proceed with the actual installation and
grid connection of a first 1MW wave energy power station on the ocean side of the Barra do Douro breakwater. In order to commence project
construction, EWP has to comply with the terms of the registration approval and obtain a license called Título de Utilização
de Recursos Hídricos, or TURH, from APDL.
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Spain Planned Project
On April 11, 2022, we announced
that we entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to
2MW. According to the terms of the agreement, Port Adriano will assign a potentially suitable location to us for a period of 20 years
and we will be responsible for securing all the licenses, constructing, and commissioning the power plant(s) and selling the electricity
to be generated by the power plant(s) in accordance with an approved production quota to be determined for the site. Port Adriano has
been in contact with Ports de les Illes Balears (Ports of the Balearic Islands, the public entity responsible for the powers and executive
functions of the ports managed by the autonomous community) to inform it about the project, and will proceed to carry out all the legal
procedures necessary for the potential installation of this innovative wave energy power plant, the first application of this technology
in Spain.
The power plant is planned
to be constructed and commissioned in two stages: the first stage is the construction of a plant of up to 1MW; and the second stage involves
the construction, operation and maintenance of the remaining capacity of the plant (2 MWs). Port Adriano will have a right of first refusal
to invest partially or fully in both stages of the project and we will have the right to combine the two stages of the project and execute
the whole 2MW from the start. Eco Wave Power is currently conducting a feasibility study for the site, which is the first step of the
collaboration.
Turkey
On December 8, 2022, we announced
that we entered into an agreement with OREN Ordu Enerji, or Ordu Energji, a fully owned subsidiary of Ordu Municipality, for the potential
construction of an up to 77 megawatts wave energy installation in Ordu, Turkey – the largest agreement in our history. If built,
the power station would be Turkey's first grid-connected wave energy station, and upon completion, would be the world's largest
wave energy power station.
According
to the terms of the agreement, Ordu Enerji will assign nine potentially suitable breakwaters to us for a period of 25 years from activation
of the relevant pilot or power station, while we will be responsible for constructing, and commissioning the power plant(s) and selling
the electricity to be generated by the power plant in accordance with an approved production quota to be determined for the site.
Subject to certain conditions,
including, among others, receiving favorable results from feasibility studies and receipt of applicable licenses and permits, the 77
megawatts power station is planned to be constructed in several stages, starting with an up to 4 megawatts pilot station, and continuing
with the construction, operation, and maintenance of the remaining capacity of the plant of up to 73 megawatts. Ordu Enerji has a right
of first refusal to invest partially in different stages of the project.
Israeli Navy Project
On August 17, 2021 a Collaboration
Agreement was signed between EWP Israel and the Israeli Ministry of Defense and The Israeli Navy, to examine the feasibility of installing
our technology at Navy bases in Israel. We have begun the procurement process and are planning to deploy wave measuring systems to collect
extended wave data in one to three potential locations on Israeli Navy bases, while the Israeli Navy will secure all permits for the
deployment of the wave measuring equipment.
The Navy's specialized
diving team will install the measurement equipment in the territorial waters of the Navy's bases. At the end of the measurement
period, we will share the information collected with the Navy, which, in turn, will test the applicability of our technology in line
with the prevailing waves in the selected sites. Then, we and the Navy will jointly analyze the results, and create energy production
forecasts, based on such analysis.
Upon identifying the most
suitable locations for the installation, and provided that the technology is found to be feasible for the proposed locations, we and
the Navy will work towards the next step of the collaboration, which is the potential deployment of our technology for producing clean
electricity for the Navy bases.
Mexico
In 2015, we entered into
an Interconnection Agreement with the National Center of Energy Control. Our Joint Venture acquired land in Manzanillo for the project
and the necessary licenses and permits, such as sea portion concession, granted by the Secretariat of Communications and Transportation
of Mexico and several licenses and permits from the Secretariat of the Navy of Mexico. Due to electricity prices in Mexico, our local
JV partners were not able to secure the necessary financing. As a result, we are not currently actively working on advancing this project.
In the future we may seek other opportunities to launch this project, although there can be no guarantee that we determine to do so.
34
We signed a number of letters
of intent during 2019, 2020 and 2021 with several prominent ports around the world; however, there can be no guarantee that we will ever
enter into any such definitive agreements with these parties or any others and we are not currently planning to pursue this project in
the near future.
COVID-19 Pandemic
The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns), as a result of the remaining restrictions, we experienced certain
delays in projects' execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.
Our Strategy
We aspire to build wave energy
power stations using our WEC technology that will give people access to electricity generated from a source in proximity to their residence
without creating air pollution and while mitigating environmental damage. In order to accomplish our strategic objectives, we are focused
both on our growth and research and development strategies, both of which are expected to evolve as we grow our Company.
We believe that our core
WEC technology is the basis to our future success, and as such, we aim to continuously improve and enhance our WEC technology in order
to deliver the best solution available in the field for wave energy generation. To achieve this, we undertook different research and
development activities at our previously operational power station in Gibraltar and are planning to undertake additional such activities
at the site of our EWP EDF One project at Jaffa Port in Israel, which is in advanced construction, and in AltaSea's premises
in the Port of Los Angeles.
Our research and development
strategy is currently focused on:
●
the completion of the development
    of WPV software for our WEC technology for real-time production verification;
●
the optimization of our
    WEC technology to generate larger amounts of electricity from low wave heights below 0.5 meters in height; and
●
optimization of our WEC
    technology's materials for operation in different weather and marine climates.
Our growth strategy is currently
focused on:
●
finalizing the construction
    of the EWP EDF One project, in collaboration with EDF Renewables IL, a subsidiary of the French multinational electric utility company
    EDF, which will be our second grid connected project, and, as such, will reinforce our position as a leading wave energy developer;
●
Producing the floaters
    mechanisms and installing the pilot we relocated from Gibraltar to the Port of LA;
35
●
moving more projects from
    the "project pipeline" stage into the "ready-to-build" stage;
●
finalizing the licensing
    and construction of the first megawatt of the Portugal power station, the purpose of which is to demonstrate that wave energy can
    generate significant energy amounts and in commercial scale (of 20MW and above) to generate significant revenue, and potentially
    allow us to become profitable; and commencing feasibility studies and other relevant milestones to promote our planned project in
    Spain; and
●
upon successfully executing
    our first one megawatt scale project, we may pursue additional financing, which may include debt financing deal(s), which we believe
    would enable us to construct and operate multiple revenue yielding assets in parallel, which we believe will then facilitate significant
    growth of our Company. (See Item 4.B. — "Revenue Models — WEC Technology" for additional information).
Renewable Energy Market
Investments in the renewable
energy market were valued at approximately $311 billion by the IEA in 2019
and based on research from Taras Shevchenko
National University of Kyiv, Ukraine, investment is expected to reach a value of approximately $436 billion by 2025 as the share
of renewable energy in the global energy mix continues to grow. According to a review by the SUN DAY Campaign of data released by the
U.S. Federal Energy Regulatory Commission, it was estimated that renewable energy made up 57% of new capacity additions in the United
States during the first half of 2020. Moreover, in spite of the COVID-19 pandemic, according to research from the IEA, 2020 was
a record year for renewable energy. According to research from the IEA, growth in the sector is expected to continue: in the power sector,
additions of wind and hydropower took global renewable capacity additions to a new record during 2020, accounting for almost 90% of the
increase in total power capacity worldwide, while renewable energy capacity is expected to grow by about 50% from 2019 to 2024 (and set
to account for 95% of the net increase in global power capacity between 2020 and 2025), led by solar photovoltaics, or PV.
In combination with several
political efforts, solar and wind energy resources have now grown to become attractive to investors also from a financial perspective,
as the levelized cost of energy, or the LCOE, has fallen across the board between 2010 and 2019 (LCOE is a measure of the average net
present cost of electricity generation for a generating plant over its lifetime). For example, the LCOE of onshore wind has decreased
by 39% from $0.086 per kilowatt hour in 2010 to $0.053 per kilowatt hour in 2019, offshore wind has decreased by 29% from $0.161 per
kilowatt hour in 2010 to $0.115 USD per kilowatt hour in 2019, concentrating solar power decreased by 47% from $0.346 per kilowatt hour
in 2010 to $0.182 USD per kilowatt hour in 2019, and utility scale solar PV has fallen by 82% from $0.378 per kilowatt hour in 2010 to
$0.068 USD per kilowatt hour in 2019.
Taking into account the changes in the LCOE levels of offshore and onshore wind,
concentrating solar power and utility scale solar PV, we believe that these resources are expected to grow within the next decades. To
replace fossil fuels in full, we believe that the world needs energy from a variety of renewable energy sources, as there is not enough
energy that can be generated by solar, wind, and other renewable energy resources based on these sources' current capacity. By
combining solar, wind, and water energy sources, we believe that the joint energy consumption demand can be met. According to the Renewables
2020 Global Status Report,
globally, fossil fuel consumption is 79.9% of the total share of energy consumption, followed
by renewable energy sources with 17.9%. Traditional biomass accounts for 6.9%, while modern renewable energy has a 11% stake.
Despite a number of initiatives
to boost the role of renewables and the electrification of heating and transport, progress in these sectors continues to be relatively
slow. Policy makers have paid much less attention to renewable heating and cooling compared to renewable power generation. Consequently,
renewable heating and cooling has been identified as "the sleeping giant of renewable energy potential" for the past decade
according to the Renewables 2018 Global Status Report.
The supply of modern renewable heat is expected to increase 22%
in the period from 2019 to 2024.
In the transportation sector, 92% of global energy demand is still being met using oil.
If recent progress from the renewable energy sector is taken into account, we believe the gap between fossil fuel consumption and the
renewable market can be closed in the near future. Excluding hydropower, the installed global renewable energy sector grew from approximately
630 gigawatts to approximately 2,768 gigawatts, an increase of more than 439%, between 2010 and 2019, according to data from IRENA. Further
data from IRENA shows that (i) the wind industry dominated the growth in the renewable energy sector in terms of capacity, where it grew
from approximately 180 gigawatts to approximately 622 gigawatts between 2010 and 2019 and (ii) in percentage, the solar PV sector
grew much more with an increase in capacity from approximately 41.5 gigawatts to approximately 584.8 gigawatts during the same time period,
an increase of 1,307%.
The highest average growth rate of renewables in OECD countries over the past decade has been
in solar PV, which has seen an increase of 38.5% from 2000 through 2019, according to the IEA.
The growth in the renewable
sector has been due to a number of factors including political support, financial incentives and reduction in the costs of technology
making renewable energy cost competitive.
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The convergence of cheaper
renewable energy technologies, digital applications and the rising role of electricity is a crucial vector change that we believe is
central to the prospects for meeting many of the world's sustainable development goals. Although momentum in the power sector is
positive, the power sector alone will not deliver the emission reductions required by the Paris Agreement under the UN's Framework
Convention on Climate Change, or the Paris Agreement and the Convention, respectively, nor will it be able to fulfil the aspirations
of United Nations', or the UN, Sustainable Development Goals, an initiative by the UN to promote a more sustainable future. Policies
continue to remain critically important for the future of renewables. In order to meet long term climate and other sustainable goals,
renewable energy development in these sectors must accelerate. According to the IEA, if progress continues at the currently forecasted
pace, renewables would only have a share of approximately 18% in final energy consumption by 2040. This is well below the IEA Sustainable
Development Scenario's benchmark, where the share of renewables in final energy consumption is 28%. As a result, renewable electricity
could supply almost 30% of global power demand by 2023, a growth of 6% from 2017, according to an analysis and report from the IEA, which
we believe indicates that the renewable electricity sector on track to meet long-term climate and sustainability goals. Below is
a brief summary highlighting the recent expansion of the renewable energy market.
Energy Security
Energy security means a country's
uninterrupted access to energy resources at an affordable price and is central to today's society and its ability to function.
In order to secure the national energy consumption, many countries are today dependent on importing energy. In recent years, EU dependence
on natural gas imports has largely decreased; however, member states are still highly dependent on large levels of imports of petroleum
products and natural gas, which accounted for 70.7% and 25%, respectively, of energy imports into the EU in the first half of 2020, according
to a report from the European Commission. The European Commission also estimated that in the first half of 2020, the estimated monthly
cost of EU energy imports was valued at roughly 17.7 billion Euro. Although during the 21
st
century the dependence
on natural gas imports has decreased, the member states of the EU are still dependent on imports of petroleum products and natural gas,
which accounted for approximately 66% and 24%, respectively, of energy imports into the EU in 2018, according to a report from the European
Commission.
Natural gas is imported from countries such as Russia. In 2009, a conflict between Russia and Ukraine caused
a serious deficit in energy consumption for many European countries, although in recent years the dependence on natural gas imports has
decreased (in certain cases dramatically).
A conversion to more locally
produced, renewable energy resources would decrease geopolitical risks associated with high dependency on imports and consequently it
would increase energy security.
Hydropower, wind power and
solar power are considered the more mature, cost efficient and technically advanced technologies within renewable energy. Research from
the IEA indicates that despite slower capacity growth, hydropower will remain the largest source of renewable electricity generation
by 2022, but given limited possibilities for its expansion, solar and wind power are expected to generate the largest growth in the foreseeable
future. Like all other energy resources, solar and wind power have their disadvantages, including the need for large areas of land, which
has an environmental as well as visual impact on the landscape. In many parts of the world, such need could prevent large expansion.
As such, solar and wind power need to be complemented by other renewable energy resources in order to meet future sustainability goals.
The energy production from
solar and wind power is unpredictable, especially in areas where the climate prerequisites are not optimal. Solar power only produces
energy while the sun is shining, therefore not during nighttime, and wind power only produces energy while the wind blows. For example,
a BNEF report estimates that wind and solar power could account for 50% of the United Kingdom's energy production by 2040;
however, that estimation assumes that the weather conditions would always be favorable for such sources, and as such, during prolonged
periods of time, sometimes months, solar and wind energy may not be able to provide a sufficient amount of the energy need in the United Kingdom
due to changing weather conditions. As a result, there is a large complementary need for predictable and cost-efficient renewable
energy resources.
Compared to solar and wind,
which are currently the two fastest growing renewable energy sources, water energy/power is generally deemed much more reliable. Solar
and wind energy currently only work when either the sun is up or the wind blows. Water energy, in suitable locations and given suitable
weather conditions, has the potential to operate around the clock. In addition, certain waves, water streams and tides are generally
easily predictable and generally have a relatively low cost related to data collection.
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Wave Energy Potential
As a result of the shortcomings
of each of the various renewable energy sources currently available, in order to successfully make the transition to an emission-free future,
the world will need to use a diverse array of renewable energy sources, tailored to each region's specific climate and environment,
to generate the amounts of renewable energy from its available resource. Therefore, there is currently a need to adopt new renewable
energy sources alongside more established sources.
One such resource is our
oceans and seas, which, as reported by National Geographic, cover 71% of our planet's surface and are an abundant source of renewable
power. According to a 2020 report from IRENA, wave energy has the potential to meet all of global energy demand with potential global
energy production from waves estimated at 29,500 terawatt-hours of electricity per year. In addition, according to the U.S. Department
of Energy, as of January 2021, the potential in the United States is estimated at 3,500 terawatt-hours per year.
Wave
energy is an abundant renewable energy source, which has several significant advantages over other renewable energy sources. For example,
it is available at night. In many locations around the world with significant and stable wave resources, power from WEC technology can
be produced around the clock.
One of the greatest benefits
of wave energy, especially if it's nearshore or onshore, is that it may allow for power generation in proximity to population centers.
Nearly 2.4 billion people, about 40% of the global population, live within 100 kilometers of a coast, according to a report from
the United Nations. In addition, most of the world's megacities are located near the coastline, with eight out of the ten largest
cities in the world being located by the coast, according to an article from UN Atlas of the Oceans, which also highlights a trend in
current population growth and migratory patterns which are seeing more people leaving the urban inland for life in cities. We believe
that this results in making wave energy an increasingly attractive source of power generation.
Opportunities are expanding
as the wave energy field evolves. According to a review article published by the Department of Mechanical Engineering, "Dunarea
de Jos" University of Galati, Romania, the successful development of wave technology in the European wave market could generate
188 gigawatts (10%) of Europe's electricity needs by 2050; provided, however, that for this to occur, there must be successful
development and operation of new wave generation systems that are planned for 2022 to 2040.
In the 2019 European Green
Deal, the European Commission identified the blue economy (a term used to describe sustainable use of ocean resources for economic growth,
improved livelihoods, and jobs while preserving the health of ocean ecosystem), as having a central role to play in mitigating and adapting
to climate change. To boost the European blue economy, in February 2020, the European Commission and European Investment Fund launched
a 75 million Euro "Blue Invest" fund that provides financing to equity funds that strategically target and support companies
and technologies in the blue economy sector. As more sources of renewable power are sought, governments and entrepreneurs are increasingly
looking to our oceans and wave energy as a source of clean power. Further support for ocean energy can be seen in the United States,
where the United States Department of Energy, or the DOE, opened new funding opportunities worth $22 million in 2020 for wave
technology research and development.
This comes in the wake of the DOE's 2019 report "Powering the Blue Economy™:
Exploring Opportunities for Marine Renewable Energy in Maritime Markets," which outlines the potential of the ocean and tidal energy
opportunities in the United States.
This report highlights the increased potential of wave power as an important
source of renewable energy and a viable part of the decarbonization of the energy sector.
Source: https:/academc.oup.com/ce/article/2/1/10/4924611
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Ocean Energy
We believe that the increase
in solar and wind energy cannot singlehandedly solve the world's energy consumption needs because these types of energies are unlikely
to have the capacity to completely replace fossil fuels. However, we believe that developments in these sectors have demonstrated the
possibility that significant new technologies may enable large amounts of energy to be harvested in a reliable manner. Oceans, lakes
and rivers, which contain significant amounts of kinetic energy, cover 75% of the earth's surface. The kinetic energy in sea water
is 832 times as high as in wind, whereas the average water flow in all of earth's rivers is a million cubic meters per second,
according to an article from The Economic Times.
Despite decades of development
efforts, according to an IRENA report, ocean energy remains a largely untapped renewable energy source with two tidal barrage facilities
representing more than 95% of the approximately 522 megawatts of operating capacity at the end of 2019. The IRENA report further
indicates that ocean energy technologies deployed in open waters have seen positive development in the last few years, as both tidal
current and wave energy deployments saw new capacity come online, particularly in the waters of Scotland. In 2020, the total capacity
of tidal stream was 10.6 megawatts while wave energy amassed to 2.3 megawatts of capacity.
Finally, this IRENA report
from 2020 also estimated that in 2020, the pipeline for wave and tidal stream energy projects was 2.83 gigawatts, with up to 10 gigawatts
of wave and tidal stream energy solutions potentially deployed by 2030.
Global Warming and the Need for Green Energy
The World Health Organization,
or WHO, in 2014 characterized air pollution as "the world's largest single environmental health risk." The WHO estimates
that 91% of the world's population lives in places where air quality is below its guidelines. Furthermore, the WHO estimates that
air pollution accounts for approximately 4.2 million deaths per year, with the WHO data showing that nine out of ten people breathe
air that exceeds the WHO guideline limits for levels of pollutants, with low- and middle-income countries suffering from
the highest exposures.
In addition to these devastating figures, in 2019, an article from The World Bank stated that
840 million people lacked access to electricity. With 40% of the world's population living within 100 kilometers of the coastline,
we aspire to build wave energy power stations that will provide people access to electricity in proximity to their residence without
creating air pollution.
While the increase in global
energy consumption must be met, there is also a need for reduced pollution emerging from the energy sector. Today, more than ever before,
public awareness regarding the detrimental impact pollution has on the environment is at a peak, and we expect the public awareness to
continue to climb, with the consensus being that humans are the largest contributors to global warming.
The current status of global
warming has resulted in several political efforts to assume responsibility and provide solutions for a more sustainable future. These
political efforts are a largely contributing factor to the increased demand in renewable energy, an energy source generated from natural
processes that are constantly replenished, including sunlight, geothermal heat, water, wind, tides and various forms of biomass.
Market growth for renewable
energy has so far been somewhat restrained due to the high cost of investment. However, increased government funding and development
in the technologies present new opportunities for future growth. Energy efficiency represents what could be the single largest potential
contributor to global emissions reduction. The switch to this type of energy has the potential to reduce carbon dioxide emissions by
billions of tons. For example, according to the World Resources Institute, in 2017 the United States passed the milestone of 1 billion
light-emitting diode (LED) and compact fluorescent (CF) lights installed, avoiding what is estimated to be 142 million tons
a year of carbon dioxide emissions, at a cost of about $7 per ton of avoided carbon dioxide. Political initiatives relating to the slowing
of global warming include, but are not limited to:
●
The Paris Agreement, which
    was agreed upon at the UN's annual climate conference in 2015 and signed in 2016, provides that those countries party to such
    agreement will undertake to take specific measures to reduce emissions and slow down global warming. According to the Convention,
    as of February 19, 2021, of the 197 parties to the Convention, 190 parties have ratified the Paris Agreement. Although, the
    United States, the second largest emitter of greenhouse gases after China, withdrew from the agreement in 2020, President Biden
    signed an executive order to have the United States rejoin the Paris Agreement.
39
●
The EU's climate
    and energy goal states that greenhouse gas emissions by 2030 shall be reduced by 55% by the end of 2030 compared to 1990. In 2030,
    32% of total energy consumption is expected to originate from renewable energy sources.
●
During COP26, it was clearly
    seen that the renewable energy market is facing major expansion. Energy day, which was one of the key thematic sessions taking place
    during the UN climate summit, started with the COP26 co-hosts echoing the words of the UN Secretary-General António Guterres:
    "consign coal to history". President of the Conference, Alok Sharma, announced the new Global Clean Power Transition
    Statement, a commitment to end coal investments, scale up clean power, make a just transition, and phase out coal by the 2030s in
    major economies, and in the 2040s elsewhere. The pledge has 77 signatories, including 46 countries such as Poland, Vietnam, and Chile,
    and 23 of which are making commitments on ending coal for the first time. Meanwhile, the Powering Past Coal Alliance, which aims
    to achieve coal phase-out in a sustainable and economically inclusive way, welcomed new members that include seven countries and
    14 financial institutions. Also, the governments of South Africa, France, Germany, the United Kingdom and the United States, along
    with the European Union, announced a new ambitious, long-term Just Energy Transition Partnership to support South Africa's
    decarbonization efforts. U.S. President Joe Biden and President of the European Commission Ursula von der Leyen appeared virtually
    to officially present the Global Clean Power Transition Statement during COP26.
In leading renewable markets
such as Denmark, supranational, national and local community interests are aligned on the utilization of renewable energies. In the United States,
under President Biden, there is an effort by the federal government to put renewable energies at the forefront. In others, such as Australia,
where the national leadership is retreating on decarbonization efforts, cities, communities, and corporations have become the most relevant
actors. They have stepped up to fill the vacuum and demand has continued to grow. Finally, the emerging markets that will see the most
significant growth in electricity demand as they develop have leaped into a position of solar and wind leadership.
At a 2019 meeting in Paris,
the Network for Greening the System, an alliance of central banks and financial regulators, published a letter in which they clarified
that they can no longer ignore the obvious threat and risk that comes from climate change.
In 2021, in one of his first
acts as a new administration, as noted above, President Biden rejoined the Paris Agreement. In addition, President Biden cancelled the
controversial Keystone XL Pipeline. President Biden has listed tackling climate change as one of the core priorities of his presidency
and has promised to facilitate significant investment into renewable energy and sustainable technologies. Furthermore, as part of President
Biden's $2 trillion pre-election plan to "Build a modern, sustainable infrastructure and an equitable clean energy future,"
the administration has pledged over the next four years to invest significantly in and to escalate the use of clean energy in the transportation,
electricity and building sectors in the United States.
In
recent years, the U.S. Congress has considered legislation to reduce emissions of greenhouse gas ("GHGs"), including methane
and carbon dioxide, byproducts of burning fossil fuels. In August 2022, the U.S. Congress passed, and President
Biden
signed
into law, the Inflation Reduction Act, which provides $369 billion in new funding for clean energy programs. The Inflation Reduction
Act appropriates significant federal funding for renewable energy initiatives and, for the first time ever, imposes a fee on GHG emissions
from certain facilities. This bill could increase the operating costs of conventional energy sources and accelerate the transition away
from fossil fuels, which could, in turn, benefit our renewable energy projects, business and results of operations. In April 2021, President
Biden
announced
a goal of reducing the United States' GHG emissions by 50 to 52% below 2005 levels by 2030. Relatedly, the United States and European
Union jointly announced the launch of the "Global Methane Pledge," which aims to cut global methane pollution at least 30%
by 2030 relative to 2020 levels, including "all feasible reductions" in the energy sector. These developments could also
have the effect of accelerating the transition away from fossil fuels.
In 2020, the New York
State Pension Fund, one of the world's largest state funds with over $226 billion in assets, stated that it will pursue divestment
from companies that fail to meet its minimum standards, as part of a broader goal to transition its entire investment portfolio to net-zero emissions
by 2040. Divestment by investors in fossil fuels has gained traction over the last several years, and, according to the US SIF Foundation's Report
on U.S. Sustainable and Impact Investing Trends 2020, money managers applied restrictions related to fossil fuels across $374 billion
in assets under management in 2020. Additionally, at the outset of 2020, institutional asset owners adopted fossil fuel restrictions
or divestment policies that apply to $770 billion in assets. Moreover, according to Fossil Free, a public fossil fuel divestment
campaign, institutions and individuals worldwide representing about $14 trillion in assets have so far made public commitments to
divest from fossil fuels.
40
Revenue Models
WEC Technology
To date we have not generated
any significant revenues. However, if we are able to commercialize our WEC technology, we expect to seek to generate revenue for our
projects under three distinct models: (1) Build, Own, Operate, or BOO, (2) Build, Own, Transfer, or BOT, and (3) Joint
Venture or Turnkey projects, pursuant to which we expect to recognize revenue, if any. To date, we have not generated any revenue under
any of these models.
Our commercial contracts
with governments and governmental agencies, also referred to as our business to government customers, or B2G, subject to generating revenue
from the sale of wave energy, is expected to fall under the BOO revenue stream, whereas our private business customers, or B2B segment,
are expected to generally fall under the BOT or Joint Venture or Turnkey potential revenue stream.
●
Build, Own, Operate (BOO).    Under
    this arrangement, we would own 100% of the project, and, therefore, we would finance and provide the operation and maintenance for
    the power station. We expect that the electricity produced would usually be sold to the grid in-line with long-term power
    purchase agreements (expected to be up to 25 years) or other agreement types. This model incurs a higher initial investment
    cost but, assuming successful implementation, is expected to give a long-term recurring revenue stream from the amount of electricity
    that we sell to the grid.
●
Build, Own, Transfer (BOT).    Under
    this arrangement, we would build the power station and then sell the power station. We believe that long-term fixed price revenue
    that may be generated by the power stations under Power Purchase Agreements may be attractive for institutional investors, who can
    pay a premium price to purchase the power stations due to their low required rate of return (in comparison to other purchasers).
●
Joint Venture/Turnkey.
Under
    this arrangement, we would be responsible for constructing and operating the power station. When the construction is completed, we
    then invoice the partner the cost of construction plus an agreed margin after which they will be sole or joint owners of the power
    plant. Thereafter, the project would adopt the BOO revenue model (with the exception of the 100% stake and revenue interest) and
    the resulting revenue stream from electricity sales would be split between us and the joint venture partners. In addition to this
    joint venture path, we may also sell projects on a turnkey basis as we believe that it would provide us with a faster path to positive
    cash flow, and as such, may enable us to scale up the business at a more rapid rate. Under this arrangement, we may provide the technology
    and know-how and an exclusive license for our technology to be held by the joint venture entity in the respective country, and
    the partner may bring its knowledge and expertise in securing land, grid connection approval and funding for the power stations to
    be developed by such joint venture. Our Jaffa Port project is an example of our Joint Venture Agreement with the EDF Renewables IL.
    These joint venture agreements, such as the one we have with EDF Renewables, may provide our partners with certain beneficial rights.
    For instance, our Joint Venture Agreement with EDF Renewables IL provides EDF Renewables with a right of first look for three years
    from the date of the agreement (May 2019) on any M&A transaction that EWP Israel may seek to execute and also provides EDF Renewables
    IL with a right of first offer for the first five years of the agreement to participate in the joint development of any other project
    using our technology for a wave energy station in Israel of above 0.25 megawatts.
As is customary in our industry,
we believe that in order to commercialize our WEC technology, especially under the BOO model, which is very capital intensive because
we finance and provide the operation and maintenance for the power stations, we will require additional financing. In the future, we
expect to achieve this by way of debt financing, which is a common and relatively cheaper method of financing of energy projects such
as ours, either with or without additional equity financing.
41
Wave Energy Services
In addition to our operations
involving the sale/lease of our WEC technology, we also intend on expanding our product offering by providing increased project development
products and services. One of these services is the offering of feasibility studies for our potential clients, which we believe will
add to customer value and may provide an additional revenue stream for us in the event the feasibility study leads to initiation of commercial
projects. During 2020, we entered into our first Feasibility Study Agreement with MSMART Future Technology in Vietnam, which was completed
during 2021, and have since entered additional such agreements in Bangladesh and Morroco. These feasibility studies are conducted to
study the wave energy resource and preliminary project feasibility potential at a specific location and are performed as a precursor
to a more robust collaboration and project at the location.
In addition, we are working
on further expanding our product portfolio through the development of our new smart WPV software, intended to provide real-time production
verification that will allow preventative-predictive and corrective measures to be taken. We plan to release the software for use
by third parties, such as other wave energy developers, as well as relevant research institutions and leading universities, through unique
licensing agreements. We believe that the addition of these two services, and potentially others, will help position us as not only as
a technology provider, but also as a world-leader in a proprietary software for the growth of the wave energy industry.
Competitive Advantages
Research has shown that renewable
energy has the potential to be a long-lasting, profitable and efficient source of energy. We believe that wave energy will become an
integral part of the world's renewable energy mix. Other wave energy companies primarily focus on offshore installations, due to
the belief that there are more significant wave heights in the offshore. However, these systems have struggled to commercialize, for
among other reasons, those listed below, which we believe are competitive advantages that we currently hold over these and other offshore
competitors.
●
Reliable.
We believe
    that our technology is extremely reliable as compared to other WEC technologies, and more specifically those that are offshore solutions.
    Unlike many of our competitors, our WEC technology, with the exception of our floater mechanisms, is located on land. Therefore,
    our conversion unit (the part of the system that holds the energy generation equipment) is not subject to an aggressive offshore
    marine environment. Furthermore, we utilize a storm protection mechanism, which is meant to prevent damage to the floaters during
    storms.
●
Cost Efficient.
The
    price of our WEC technology is highly competitive with a total forecasted capital expenditure of 1.2 million Euro ($1.3 million)
    to 1.8 million Euro ($1.9 million) per megawatt (the actual price may vary and final price is dependent on the amount of floaters
    needed per site, the work that must be performed for the installation of the systems to the existing structure, or the necessity
    of the construction of a new structure, and the proximity to the nearest substation or grid connection point). This capital expenditure
    is significantly lower than the price of the offshore competition, which, according to the World Energy Council World Energy Perspective
    Cost of Energy Technologies report, can range from a minimum of $5.48 million (5.14 million Euro) per megawatt to a sum
    as high as $16.05 million (15.05 million Euro) per megawatt, due to the fact that during both the installation of our system
    and the necessary operation and maintenance activities, we do not require the use of ships, divers, underwater cabling and mooring
    associated with offshore systems. As to the LCOE, based on our internal calculations that were derived using the International Energy
    Agency's Ocean Energy Systems project LCOE calculation metrics, combined with our assumptions, we believe that it can be as
    low as 42 Euros ($45) per megawatt hour, in commercial scales.
●
Insurability.
The
    reduced capital expenditures and high reliability associated with our WEC technology, as compared to various offshore solutions,
    has allowed us to receive insurance coverage for our power stations. For example, our installations in Gibraltar and Israel have
    been insured by notable insurance companies. Although we are able to maintain what we believe is sufficient insurance, we still face
    risks in connection with the insurance coverage that we maintain for our technology. See "Item 3. D. Risk Factors — Risks
    Related to Product Development and Commercialization" for additional information.
42
●
Modular and Scalable
    Design
. Our WEC technology is fully modular, allowing us to scale projects, which is expected to minimize the common risks entailed
    in scalability. Our WEC technology can be scaled up to large-scale units of one megawatt or down to a few kilowatts for a purpose-built project.
●
Environmentally friendly.
Our WEC technology does not connect to the ocean or sea floor, and as such, it is considered to be a more environmentally friendly
    and cleaner energy system.
A study by the Institute
of Marine Sciences and Technology at Dokuz Eylül University determined that onshore, also referred to herein as nearshore, technologies
have demonstrably higher survivability and are more cost effective than offshore solutions.
In addition, in Dr. Peter
Harrop's study in IDTechEx, in highlighting the advantages of wave energy solutions, he noted that Bali has decided to utilize
a 10 megawatt WEC solution in an effort to increase energy capacity without having to deal with huge infrastructure and other types of
energy sources due to the "invisible" nature of WEC technology.
Another recent study from Oregon State University
and the Pacific Marine Energy Center noted the challenges in implementing WEC technology, while highlighting the importance of reliable,
low maintenance WEC technology with minimal environmental impact for commercial wave energy generation.
Moreover, according to a
May 2020 study by IRENA, a significant share of the of wave energy technologies operational today are point absorber technologies,
such as our WEC technology. According to the study, more than half of the wave energy converter developers with high technology readiness
levels focus on point absorbers due to their potential for wide range applicability. Finally, IRENA's study concluded that most
of the current and planned projects in the ocean energy industry are point absorbers and that future projections point towards this technology's
domination of the market.
In addition to the aforementioned
competitive advantages that we believe we hold (all of which we believe are disadvantages to offshore WEC technologies), in deep water
(where offshore solutions are placed), waves can travel in almost any direction, making it difficult to extract energy with offshore
technology due to the fact that these waves are more difficult to predict and more complex to account for in system design, whereas,
as shown below from a presentation at Texas A&M University, although the maximum wave power is higher offshore, as waves get closer
to the shore, the direction of the waves becomes more consistent and milder (i.e., maximum wave heights in near-shore areas
are closer to average wave heights), implying that the exploitable level of power offshore and nearshore is practically the same, which
may be due to the fact that utilization of WEC technology offshore, specifically in deep water, can make it difficult to extract energy
due to the uncontrollable movement of the waves. However, WEC solutions placed closer to shore, such as our WEC technology, generally
encounter waves coming from the same direction, thereby potentially boosting the quantity of energy captured.
The following image depicts
the wave height observed in offshore, nearshore and onshore areas.
Source: https://waveenergyconversiontamu15.weebly.com/theory-of-wave-energy--availability.html
43
Competition
The renewable energy industry
is very competitive and characterized by rapidly advancing technologies with a strong emphasis on proprietary and cost-effective solutions
that are environmentally friendly. We recognize that our competitive success will depend upon constant investments in innovative, pioneering
technological solutions, while continuing to offer a cost-effective solution that is environmentally friendly. We expect to compete
with other providers of renewable energy, and more specifically with in-ocean/sea autonomous power sources, where many of the providers
are substantially larger than us and may have access to greater financial resources. Incumbent wave energy power providers may also represent
established and reliable power sources and may have already gained customer acceptance. Our ability to compete successfully for business
from customers seeking renewable energy, and more specifically, energy generated from ocean and sea waves will depend on our ability
to produce and store energy reliably and at a total cost that is competitive with that of other sources, and on the on-going reliability
of our product and the perception of our Company. Our ability to compete effectively may be adversely affected by our current need for
additional financing and our future customers' concerns about our long-term viability.
As of the end of the year
ended December 31, 2022, there were over 400 companies, some with institutional funding, listed in the DOE Marine and Hydrokinetic,
or MHK, Technology Database. This DOE database provides up-to-date information on MHK renewable energy technologies and companies,
both in the United States and around the world. Some of these companies are located in the United Kingdom, continental Europe,
Japan, Israel, the U.S. and Australia, and many of those companies are pursuing the utility, grid-connected energy market. The MHK
industry continues to evolve as participants strive to differentiate themselves by promoting their specific technology focusing on cost
and efficiency. The companies are subdivided by implementation: wave power, current power, tidal and ocean thermal energy conversion.
Project Development
and Manufacturing
Most of our WEC technology
is comprised from off the shelf components from leading manufacturers. The value chain below shows the technical project development
process, which can be divided into six different steps as depicted in the image below: project planning, manufacturing, installation,
grid-connection, operation and maintenance and de-commissioning. We are active in all of the stages, either independently or through
sub-contractors.
44
We perform the initial project
planning phase, which includes detailed feasibility studies, project licensing, and project design activities. Following the planning
phase, our team then tenders manufacturers and suppliers for the procurement, manufacture and assembly of our technology's sub-systems.
The sub-systems can be classified as: (i) the mechanical sub-system, which is comprised of the floaters' mechanisms;
(ii) the hydraulic sub-system, which consists of the hydraulic components such as the accumulators, pistons, valves and hydraulic
motors; (iii) the electrical sub-system, consisting of the electrical components such as the generators and inverters; and (iv) the
control and automation sub-system, which is a proprietary software developed by and for us. All of the sub-systems are manufactured
by parties who we believe are experienced third-party manufacturers and suppliers. The installation to the marine structure phase
of the project is then performed by a selected civil engineering company which is experienced in installation works in the sea/ocean
environment.
The grid-connection phase
is then performed by a relevant electric company. Depending on the business model for a particular project (BOO, BOT or Joint Venture/Turnkey),
the operation and maintenance is either performed by our team directly or by a local subcontractor or by the customer after undergoing
training in the operation and maintenance of our technology. The final de-commissioning phase is performed by a civil engineering
company with experience in the de-commissioning of energy projects in an industry accepted manner.
In most projects, we work
with several different types of suppliers and manufacturers throughout the value chain. We work with and procure parts from leading brand
name manufacturers known for extensive expertise and product quality such as Siemens. We do not believe that we are dependent on any
single vendor for manufacturing the components of and materials for our WEC technology.
Previously, on our Gibraltar
project, ABB, formerly known as Asea Brown Boveri Ltd., installed the inverters and assisted in connecting the inverters to the grid,
which was performed by the GibElectric, the national electric utility provider in Gibraltar. Most of the significant hydraulic parts
in the Gibraltar and EDF EWP One project were manufactured by BOSCH Rexroth AG, Parker and other brand names, and were procured and installed
by a sub-contractor.
The floaters mechanisms for
our system are built locally in each location, on-site, while the WEC units (conversion units) are constructed in Israel and delivered
and installed on-site. Our engineers are responsible for integration of the parts, thereby allowing us to keep important know-how inhouse.
Part of our rationale in
procuring parts from and working with experienced and brand name manufacturers is to ensure the availability of parts worldwide. In our
experience, parts from experienced manufactures are generally available in almost every country around the world and can be easily procured
and assembled in a project in almost any environment. Since most of our WEC technology is comprised of off-the-shelf parts from
the aforementioned manufacturers, we believe we face some exposure to fluctuations in the prices of raw materials or other supplies which
influence the price of parts from the experienced brand name manufacturers we work with.
Marketing and
Sales
We continue to enhance our
marketing capabilities across our target markets and we are actively marketing our WEC technology. We currently use a direct sales force
consisting of employees and industry expert consultants. Among other things, we attend relevant industry conferences and cleantech forums
such as the UN Summits on Climate Change COP22, COP23 and COP26, the World Energy Congress and the Smart Energy Summit. We also host
delegations and dignitaries for demonstration tours of our demo plant in our offices and in our power station which is currently under
construction in Jaffa Port, as well as participate in governmental trade and investment delegations.
45
In addition to our ongoing
B2B and B2G digital marketing efforts, we also frequently receive attention from international media outlets, including Wired Magazine,
CNN, MSN, BBC, SKY News, the Economist, Forbes, Bloomberg, National Geographic, and Reuters. In addition to attention from these
media outlets, we have been featured in videos made by other high profile parties, including Google, the UN Environment Program, i24
News, the Weather Channel, Energy Observer, the Sustainable Markets Initiative, by His Royal Highness King Charles and the World Economic
Forum and Solar Impulse.
Because our solutions use
technology which is not yet fully adopted by our target markets, we expect that the customer decision process could require us to spend
substantial time educating end-users and stakeholders, which may result in a lengthy sales cycle.
Intellectual
Property
We believe that our technology
differentiates us from other providers of wave energy conversion technologies. As a result, our success depends in part on our ability
to obtain and maintain proprietary protection for our products, technology and know-how to operate without infringing upon the proprietary
rights of others and to prevent others from infringing upon our proprietary rights. Therefore, we invest significant resources in the
submission and maintenance of our global patent portfolio.
Our policy is to seek to
protect our proprietary position by, among other methods, filing patent applications across the globe related to our proprietary technology,
inventions and improvements that are important to the development of our business. We also rely on trade secrets, know-how and continuing
technological innovation and may rely on licensing opportunities to develop and maintain our proprietary position.
The following is a list of
our issued patents and allowed patent applications as of the date of this annual report on Form 20-F:
Application/
Patent Number
Subject
Status
Israel 215739
A pontoon with sharpened
    front and sloping back
Approved on October 24,
    2017
Israel 246192
A system for lifting and
    submerging pontoon during storm
Registered on October 1,
    2019
Israel 246193
A system with shock absorber
    for preventing breakage of jib connections
Approved on October 24,
    2017
Israel 246194
A system for changing a
    working volume of a hydro motor according to electricity demand
Registered on November
    30, 2019
Israel 254987
A pontoon with left-and-right
    front diagonal sides for splitting progressive sea waves
Registered on October 31,
    2020
Israel 254988
A pontoon with sharpened
    front and left-and-right front diagonal sides
Registered on September
    1, 2020
Israel 254990
A system including a pontoon
    with a vertical cylinder anchored to the bottom
Registered on October 31,
    2020
Israel 254991
A system including a pontoon
    with a pair of parallel jibs
Registered on May 1, 2021
Israel 254992
A system with secondary
    accumulator and shock absorber for preventing breakage of jib connections
Registered on June 2, 2021
Israel 254993
A system for regulating
    pressure in hydraulic accumulator
Registered on August 31,
    2019
Israel 254994
A system with double acting
    hydraulic cylinders and secondary accumulator
Registered on June 2, 2021
US 16/762931
US 11608808
System for generation of
    electricity or clean water from waves or combined system
Registered on March 21,
    2023
The following is a list of
our patent applications as of the date of this annual report on Form 20-F:
Application/
Patent Number
Subject
Status
EPO 17932991.7
System for generation of
    electricity or clean water from waves or combined system
In examination
Israel 274332
System for generation of
    electricity or clean water from waves or combined system
In examination
Israel 268942
Combined sea wave photovoltaic
    power plant
In examination
EPO 19943269.1
Combined sea wave photovoltaic
    power plant
Waiting for examination
US 17/638214
Combined sea wave photovoltaic
    power plant
Waiting for examination
46
Government Regulation
Our technology is subject
to regulation in foreign jurisdictions in which we are currently pursuing projects concerning, among other areas, site approvals, environmental
approvals and compliance. In order to encourage the adoption of wave energy solutions, such as our WEC technology, some governments offer
subsidies and other financial incentives and have mandated renewable energy targets, which some of our customers may be able to leverage.
However, these subsidies, incentives and targets may change or may not be applicable to our technology, and, therefore, may not be available
to our customers.
The renewable energy industry
has also been subject to increasing regulation. As the renewable energy industry continues to evolve, and as the wave energy industry
continues to evolve, we anticipate that wave energy technologies and our technology and deployment of our technology will be subject
to increased oversight and regulation in accordance with international, national, and local regulations relating to safety, sites and
environmental protection. The government practices and regulations that we followed to date in the various jurisdictions listed below
are subject to change and there can be no guarantee that we will be required to follow the same practices in the future or if additional
rules and/or regulations will be implemented that have a material impact on our operations in such jurisdictions. As we pursue new projects
in new jurisdictions, such as in Spain and the United States, we will become subject to regulations applicable to the renewable energy
industry and, in particular, wave energy industry in such jurisdictions (if such regulations are currently existent or will be developed).
Portuguese Regulation
Site Approval and Compliance.
In Portugal, federal agencies regulate the siting of long-term renewable energy projects and related-uses located in the
ocean. For example, in our Portugal project, APDL, which manages the Douro, Leixões and Viana do Castelo ports and the inland
waterway of Douro river, granted EWP Israel the preliminary Concession Agreement to use four sites under the management of APDL for the
project.
We are subject to various
regulations and require various licenses and permits for construction and operation of our wave energy power station, for example, a
Private Use of Maritime Public Domain Title, known in Portuguese as a Título de Utilização de Recursos Hídricos.
A wave energy power station with capacity up to one megawatt in Portugal requires formal confirmation from a municipality that a prior
control procedure, such as construction licensing proceeding or prior communication, is applicable for the project. Additionally, the
Directorate General for Energy and Geology needs to approve and accredit the party, applying to construct and operate a wave energy power
station with capacity up to one megawatt, as well as to provide permission to the party to connect to the grid. A party seeking to construct
and operate a wave energy power station with capacity above one megawatt, in addition to the foregoing permits and licenses, is also
required to carry out a preliminary environmental study and obtain a construction permit from the city council, among other things.
Gibraltar Regulation
Site Approval and Compliance,
and Subsidies and Incentives.
In Gibraltar, the Government of Gibraltar and GibElectric granted EWP Israel the right to use land
to construct our wave energy plant. The Government of Gibraltar sets the conditions and delineates the process for connecting EWP Israel's
five megawatt wave energy power station to the Gibraltar national electrical grid, and determines the remuneration scheme for the sale
of wave generated electricity to the national grid. EWP Israel, or EWP Gibraltar, will also have to apply for requisite environmental,
health and safety permits and trade license and conduct an environmental impact assessment. According to the terms of the Power Purchase
Agreement, for the pilot phase of 100 kilowatts (or 0.1 megawatt), EWP Israel had to obtain planning permission from the Development
and Planning Commission of Gibraltar and approval under the Building Regulations. For the five megawatt project, if executed, the Company
will also have to submit for requisite environmental and health and safety permits and trade license and an environmental impact assessment.
Although we hold a PPA in
Gibraltar, at this time, we do not believe that our project in Gibraltar is material to our business.
47
Israel Regulation
Site Approval and Compliance,
and Subsidies and Incentives.
For our
EDF EWP One project, EWP Israel obtained approval to use the site from Atarim and
conducted two engineering coordination processes, one for the grid connection works and the other one for the location of the WEC unit,
the cement works and the connection of the floaters to the breakwaters. The organizations that had to provide approvals as part of these
process are the Israel electric company, the Israeli water company, Shefa (a part of the Tel Aviv municipality), Jaffa Port, Atarim and
others.
Mexico Regulation
Site Approval and Compliance.
In Mexico, federal agencies regulate the siting of long-term renewable energy projects and related-uses located in the
sea. In the case of Mexico, we purchased land in the municipality of Manzanillo.
Environmental Approval
and Compliance.
In Mexico, Eco Wave Power Manzanillo One has commenced the process for receiving licensing approval for a five megawatt
Manzanillo project. In connection therewith, Eco Wave Power Manzanillo One received the following approvals:
1.
Sea Portion Concession from the Communications and Transport
Ministry
2.
Environmental Impact Manifestation approved by the Environment
and Natural Resources Ministry
3.
Federal Sea & Land Zone Concession granted by the
Environment and Natural Resources Ministry
4.
Non-Inexpediency to building the construction approval
by the Municipality
5.
Authorization of Validation of Social Impact by the Ministry
of Energy
6.
Opinion of Non-Affectation of Navigation by the Marine
Ministry
7.
Pre-Feasibility of Interconnection and Generation approved
by National Center for Energy Control
Although these approvals
have been obtained, they may be rescinded if Eco Wave Power Manzanillo One does not meet certain conditions. In addition, at this time,
we do not believe that our project in Mexico is material to our business we are not currently planning to pursue this project in the
near future.
C.
Organizational Structure.
We conduct our operations
through our wholly-owned subsidiary EWP Israel. In addition to EWP Israel, we have a number of other subsidiaries in Mexico, Portugal,
Gibraltar, Australia and the People's Republic of China.
48
Eco Wave Power Ltd.
,
also referred to as EWP Israel,
is our wholly-owned subsidiary incorporated in Israel in 2011. The subsidiary has 11
employees and contains the majority of the management, marketing, sales and engineering personnel in our Company. EWP Israel is responsible
for the management of our subsidiary companies, the development of our project pipeline, the operation of our Company's existing
projects, the development and construction of new projects, research and development activities for our wave energy technology, and the
maintenance and expansion of our intellectual property portfolio.
Eco Wave Power Gibraltar
Ltd.
, or EWP Gibraltar, is a wholly-owned subsidiary of EWP Israel, incorporated in Gibraltar in 2015. EWP Gibraltar operates
as the subsidiary which managed the operation and maintenance of our Company's Gibraltar power station and was responsible for
the development of the project.
Eco Wave Power Mexico
is
a partly-owned subsidiary of EWP Israel, incorporated as a joint venture in Mexico in 2014. Eco Wave Power Mexico operated as the
subsidiary responsible for the development, implementation, and management of our Manzanillo I project as well as the development of
the EWP technology in Mexico. Although we currently own 60% of the issued and outstanding shares of Eco Wave Power Mexico, as a result
of an investment into this entity certain investors have the right to receive shares in this company which would dilute our ownership
in it to 54% of the issued and outstanding share capital.
Eco Wave Power Manzanillo
1.
is a majority-owned subsidiary of Eco Wave Power Mexico, incorporated in Mexico in 2016. Eco Wave Power Manzanillo 1.
will operate as a special purpose vehicle and is a project company for the EWP Manzanillo I project (if constructed).
EW Portugal-Wave Energy
Solutions, Unipessoal Ida.
, is a wholly-owned subsidiary of EWP Israel, incorporated in Portugal in 2020. EW Portugal operates
as the main company for the development of the APDL project.
EDF-EWP One Ltd.
is
a partly owned subsidiary of EWP Israel, incorporated in Israel in 2019. EDF-EWP One Ltd. is a special purpose vehicle that is jointly
managed by EWP and EDF Renewables IL and is responsible for the development, implementation and management of the EDF EWP One project
in Jaffa Port, Israel.
Eco Wave Power Australia
PTY Ltd.
, or EWP Australia,
is a wholly-owned subsidiary of EWP Israel, incorporated in Australia in 2019. EWP Australia
operates as the main company for the development of the Company's operations in Australia.
Suzhou Eco Wave Power
Technology Co. Ltd.
is a partly-owned subsidiary of EWP Israel, incorporated in China in 2014. Suzhou Eco Wave Power Technology
Co. Ltd. operates as the main company for the development of the Company's operations in China.
D.
Property, Plant and
    Equipment.
Our headquarters are located
at 52 Derech Menahem Begin St., Tel Aviv 6713701, where we occupy approximately 290 square meters. Our lease ends on November 30, 2024.
The lease agreement includes two consecutive one year extension options subject to a 5% price increase at the lessor's discretion.
We moved to our new offices in March 2023. Our monthly rent payment as of April 2023 will be approximately NIS 30,000 (approximately
$9,000).
We consider that our current
office space is sufficient to meet our anticipated needs for the foreseeable future and is suitable for the conduct of our business.
49
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5.
OPERATING AND FINANCIAL
REVIEW AND PROSPECTS
A.
Operating Results.
The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements
and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking statements
that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially
from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in "Cautionary
Note Regarding Forward-Looking Statements" and under "Risk Factors" elsewhere in this annual report on Form 20-F. Our
discussion and analysis for the year ended December 31, 2021 compared to the year ended December 31, 2020 can be found in our Annual
Report for the fiscal year ended December 31, 2021 filed with the SEC on April 28, 2022 (File No. 001-40554).
Overview
We are a wave energy company
primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity.
Our wave energy technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves
by converting the rising and falling motion of the waves into an efficient and clean energy generation process. In addition to our WEC
technology, we are also building out a pipeline of ancillary technology services that we may provide to our clients and other parties,
such as research institutions. These services currently include feasibility studies for potential clients of our WEC technology. We are
also developing a smart WPV software, intended to provide real-time production verification that is expected to allow preventative-predictive and
corrective measures to be taken. We believe that by providing these complementary services, we will be better positioned to be a leader
of the wave energy industry.
We have entered into a variety
of agreements with parties interested in the utilization of our WEC technology. These agreements consist of Power Purchase Agreements,
Concession Agreements and other agreements in various stages, including letters of intent. Based on the terms of the agreements and our
own calculations, we believe that we have a total worldwide pipeline of projects that may be up to 404.7 megawatts in size. Although
the majority of the megawatts included in our pipeline are subject to preliminary agreements, we have a limited amount of megawatts that
are subject to more advanced agreements, such as our Power Purchase Agreement in Gibraltar (which we are not currently actively working
on advancing) for five megawatts, a Concession Agreement in Portugal for up to 20 megawatts, an Agreement in Spain for up to 2MW, an
Interconnection Agreement in Mexico for up to 25 megawatts (which we are not currently actively working on advancing), a Pioneering Technology
approval from the Israeli Ministry of Energy to construct a 100 kilowatt (or 0.1 megawatt) WEC array, which is in advanced construction
in the Jaffa port in Israel, and a Collaboration Agreement with AltaSea in the Port of Los Angeles (to include among other things) for
the relocation of our Gibraltar Pilot plant after its complete overhaul to the AltaSea premises in the Port of Los Angeles. Although
some of these agreements may be deemed to be definitive, there is no guarantee that we will complete the construction of any WEC systems
for such projects (or any others), as we will need to meet certain conditions and obtain certain licenses to reach the actual construction
stage of such projects, of which there can be no guarantee. (See Item. 4.D. – "Risk Factors — Risks Related to Our
Business Operations" for risks associated with our pipeline projects and Item. 4.B. – "Business — Project Pipeline"
for additional information).
We plan to continue to develop
the projects in our pipeline, specifically our EDF EWP One project, the implementation of our Pilot project that was relocated from Gibraltar
to the AltaSea premises in the Port of Los Angeles, and to work towards the completion of the licensing required for our megawatt project
in Portugal and/or Spain and/or other locations, further expand our project pipeline, conduct research and development aimed at continuing
to upgrade and improve our WEC technology, continue the reinforcement of our patent portfolio, and to expand the team that will help
us achieve our growth strategy. We expect the development cost of launching any commercial-scale project (i.e., at least 20 megawatts),
will range from 1.2 million Euro ($1.3 million) to 1.8 million Euro ($1.9 million) for the cost of equipment per
megawatt. In addition to the cost of equipment, the cost to launch a commercial-scale project will also include installation and
connection to the local/regional electricity grid, which cost may significantly vary in accordance with the condition of the breakwater
and/or the construction of a novel marine structure, and the distance from the nearest grid connection point. In addition, the price
may vary significantly due to the wave climate in the region, as regions with lower wave climates may require significantly larger amounts
of floaters to reach an adequate capacity factor. At this time, most of our projects are either not of a commercial nature or in too
early stage of their development to determine the exact final construction, installation, and grid connection costs. In addition, we
expect that the costs of completing our pipeline projects will be impacted by applicable government regulations, some of which may cause
the actual cost of getting to commercial launch to become more expensive.
50
The EDF EWP One 100 kilowatt
(or 0.1 megawatt) installed capacity project, which is the most advanced project in our pipeline and is currently in construction, is
expected to cost, in the aggregate between $900,000 to $1 million depending on amounts of upgrades to be performed, installation and
grid connection costs. The cost of the project is more than originally expected due to component price increases resulting from supply
chain disruptions related to COVID-19 and different research and development activities to be performed at the site. The costs are to
be divided equally between us and EDF Renewables IL.
Our projects generally have
the following development milestones, once an agreement and/or proper licenses have been entered:
●
pre-feasibility studies,
    which entail preliminary site suitability and energy potential assessments;
●
feasibility studies, which
    entail detailed civil engineering studies, wave studies, forecasting energy generation calculations, forecasting cost calculations,
    as well as site and project suitability assessments;
●
licensing (including securing
    grid connection approvals and terms and negotiating feed-in-tariffs, if not available), which generally entails securing all the
    licenses, permits, and approvals required for the development and construction of a power station at the relevant site;
●
detailed planning;
●
parts procurement, assembly,
    construction, installation; and
●
connection to the electricity
    grid and full system integration, followed by a test run.
The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns),as a result of the remaining restrictions, we experienced certain
delays in projects' execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.
Revenue
Our 2022 revenues of $26
thousand were from services we provided in connection with a feasibility study in Asia. To date, we have not generated any revenue from
product sales and do not expect to generate any significant revenue from product sales for at least the next several years.
Operating Expenses
Our current operating expenses
consist of three components — research and development expenses, sales and marketing expenses and general and administrative
expenses.
51
Research and
Development Expenses
Our research and development
expenses consist primarily of salaries and related personnel expenses, depreciation and other research and development expenses.
The following table discloses
the breakdown of research and development expenses:
For the Year Ended
December 31,
USD in thousands
2022
2021
Payroll and related expenses
606
540
Loss of disposal of fixed assets
278
-
Depreciation
114
140
Total
998
670
Less – Grants received
(100
)
(10
)
Total
898
670
We expect that our research
and development expenses will materially increase as we grow our project pipeline and increase project execution rates in new locations.
Sales and
Marketing Expenses
Our sales and marketing expenses
consist primarily of salaries, marketing and advertising services, including public relations and investor relations, and travel.
The following table discloses
the breakdown of sales and marketing expenses:
For the Year Ended
December 31,
USD in thousands
2022
2021
Payroll and related expenses
190
337
Overseas travels
192
56
Other
79
92
Total
461
485
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.
52
General and
Administrative Expenses
Our general and administrative
expenses consist primarily of salaries, professional service fees, depreciation, and other general and administrative expenses, such
as rent and consulting fees.
The following table discloses
the breakdown of general and administrative expenses:
For the Year Ended
December 31,
USD in thousands
2022
2021
Payroll and related expenses
658
824
Professional services
568
431
Depreciation
96
116
Other
937
538
Total
2,259
1,909
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.
Results of Operations
Comparison
of the Year Ended December 31, 2021 and 2022
The following table summarizes
our results of operations for the year ended December 31, 2021 and 2022:
For the Year Ended
December 31,
USD in thousands
2022
2021
Revenues
26
31
Cost of sales
(22
)
(27
)
Gross profit
4
4
Research and development expenses
(898
)
(670
)
Sales and marketing expenses
(461
)
(485
)
General and administrative expenses
(2,259
)
(1,909
)
Other income
28
-
Share of net loss of a joint venture accounted for using the equity method
(21
)
(10
)
Operating loss
(3,607
)
(3,070
)
Financial income (expenses), net
706
723
Net loss
(2,901
)
(2,347
)
Revenues
Revenue decreased by $5 thousand,
or 16%, to $26 thousand for the year ended December 31, 2022, compared to $31 thousand for the year ended December 31, 2021. This
revenue was generated from services we provided in connection with a feasibility study in Asia.
53
Cost of Sales
Cost of sales decreased by
$5 thousand, or 16%, to $22 thousand, for the year ended December 31, 2022, compared to $27 thousand for the year ended December 31,
2021. This cost of sales is attributable to services we provided in connection with a feasibility study in Asia.
Research and
Development Expenses
Research and development
expenses increased by $0.22 million, or 34%, to $0.89 million for the year ended December 31, 2022, compared to $0.67 million
for the year ended December 31, 2021. This increase was primarily attributable to a $278 thousand one-off loss on the disposal of
the floater mechanism equipment of the Gibraltar wave energy array, due to the relocation of the energy conversion unit from our Gibraltar
project to the Port of Los Angeles, as well as from an increase in grants received by $90 thousand.
Sales and Marketing Expenses
Sales and marketing expenses
remained at their level of $0.5 million for the year ended December 31, 2022 and for year ended December 31, 2021.
General and Administrative
Expenses
General and administrative
expenses increased by $0.35 million, or 18%, to $2.26 million for the year ended December 31, 2022, compared to $1.9 million
for year ended December 31, 2021. This increase was mainly the result of a $76 thousand increase in insurance costs as well as an
increase in professional services expenditures associated with the capital reorganization in 2021.
Other Income
Other income for the year
ended December 31, 2022, amounted to $28 thousand and primarily includes $24 thousand in management fees from a joint venture, EDF
EWP One
Share of net loss of a joint venture accounted
for using the equity method
Share of net loss of a joint
venture accounted for using the equity method increased by $0.01 million, or 110%, to $0.02 million for the year ended December 31, 2022,
compared to approximately $0.01 million for year ended December 31, 2021. This increase was primarily attributable to management fees.
Operating loss
Operating loss increased
by $0.53 million, or 17%, to $3.6 million for the year ended December 31, 2022, compared to $3.07 million for year ended
December 31, 2021. This increase was mainly the result of an increase in research and development costs mainly due to a $278 thousand
one-off loss on disposal of equipment, and an increase in general and administration expenses mainly due to a $76 thousand in insurance
costs as well as an increase in professional services expenditures associated with the capital reorganization in our fiscal year ended
December 31, 2021.
Financial Income
(Expenses), Net
Net financial income decreased
by $0.02 million to $0.7 million for the year ended December 31, 2022, compared to $0.72 million for year ended December 31,
2021. This decrease was mainly the result of decrease in income from foreign exchange differences due to the increased value of the USD
against the SEK.
54
Net Loss
Net loss increased by $0.55 million,
or 23%, to $2.9 million for the year ended December 31, 2022, compared to $2.35 million for year ended December 31,
2021. This increase was mainly the result of the increase in research and development expenses as well as an increase in general and
administration expenses.
B. Liquidity and Capital Resources.
Overview
Since the inception of EWP
Israel and through December 31, 2022, we have funded our operations principally with $25.4 million from the sale of our Common Shares
in our initial public offering on Nasdaq First North, from private issuances of Common Shares, from our public offering of our ADSs on
the Nasdaq Capital Market, from shareholder loans and from the receipt of various government grants. As of December 31, 2022, we
had $5.3 million in cash and cash equivalents and $5 million in short term cash deposits.
The table below presents
our cash flows for the periods indicated:
For the Year Ended
December 31,
USD in thousands
2022
2021
Cash used in operating activities, net
(2,462
)
(2,530
)
Cash used in investing activities, net
(5,301
)
(130
)
Cash provided by (used in) financing activities, net
(320
)
7,861
Net (decrease) increase in cash and cash equivalents
(8,083
)
5,201
Effect of exchange rate changes on cash and cash equivalents
(1,243
)
(1,314
)
Operating Activities
Net cash used in operating
activities of $2.46 million during the year ended December 31, 2022 primarily reflects our net loss of $2.9 million for the period.
The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account in
calculating, and that increased our overall loss, including $0.2 million of depreciation expenses, $278 thousand of loss on disposal
of equipment, $0.1 million of other non-cash items and changes in components of working capital.
Net cash used in operating
activities of $2.53 million during the year ended December 31, 2021 primarily reflects our net loss of $2.35 million for the
period. The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account
in calculating, and that increased our overall loss, including $0.25 million of depreciation expenses, $0.28 million of other non-cash
items and changes in components of working capital..
Net cash used in operating
activities decreased by $0.07 million, to approximately $2.46 million for the year ended December 31, 2022, compared to approximately
$2.53 million for year ended December 31, 2021. This decrease was mainly the result of an increase in non-cash expenses.
55
Investing Activities
Net cash used in investing
activities in the year ended December 31, 2022 consisted mainly of $5.3 million relating to investment in short term deposits of
$5 million, an investment in a joint venture of $0.29 million and to purchases of property and equipment of $3 thousands.
Net cash used in investing
activities in the year ended December 31, 2021 consisted mainly of $0.13 million relating to investment in a joint venture of $0.12
million and to purchases of property and equipment of $0.01 million.
Net cash used in investing
activities amounted to $5.3 million for the year ended December 31, 2022 compared to $0.13 million for the year ended
December 31, 2021. The increase in cash used in investing activities in 2022 was mainly relating to investment in short term bank
deposits.
Financing Activities
Net cash used in financing
activities in the year ended December 31, 2022 consisted mainly of $0.3 million relating mainly to repayment of loan from a related
party of $0.2 million and principal elements of lease payments of $0.1 million.
Net cash used in financing
activities in the year ended December 31, 2021 consisted mainly of $9.2 million relating mainly to proceeds from issuance of share
capital, net of issuance costs of $1.24 million.
Net cash used by financing
activities decreased by $8.2 million, to -$0.3 million for the year ended December 31, 2022, compared to net cash provided
in financing activities of $7.9 million for the year ended December 31, 2021. This decrease was mainly due to proceeds from
issuance of share capital, net of issuance costs in the aggregate amount of $7.9 million in 2021.
On March 7, 2019, EWP
Israel signed a loan agreement with PortXL Netherlands B.V., or PortXL, to provide EWP Israel with 100,000 Euro (approximately $107,000).
The loan consisted of two components: (1) 85,000 Euro (approximately $91,000) in kind consisting of services related to participating
in PortXL's startup accelerator program was provided; and (2) 15,000 Euro (approximately $16,000) was provided in cash. The loan
bears a compounded fixed interest of 5% per annum, accruing from April 1, 2019 through March 31, 2028. The outstanding balance
of the loan and any accrued and unpaid interest thereon shall be due and payable in five annual installments, commencing from April 1,
2023. EWP Israel is entitled to prepay any part of the loan and/or the interest at any time, without any premium or penalty in its sole
discretion. To the extent that EWP Israel fails to repay the loan when due, PortXL shall be entitled, as a sole remedy, to be issued
ordinary shares of EWP Israel in such number equal to the unpaid balance of the loan and the accrued interest, divided by $357.825, which
is the value of such ordinary shares prior to our initial public offering on Nasdaq First North. According to the loan agreement, EWP
Israel is obligated to send PortXL audited financial statements, once such statements are available. As of December 31, 2022, the
amount outstanding under the loan agreement with PortXL was $128,000.
In July 2019, we conducted
our initial public offering on Nasdaq First North, in which we raised approximately SEK 111.6 million ($11.95 million) in net
proceeds, which represented that majority of the net cash provided by financing activities in the year ended December 31, 2019.
In July 2021, we completed
an underwritten public offering on Nasdaq Capital Market in which we raised approximately $7.96 million in net proceeds, which represented
the majority of the net cash provided by financing activities in the year ended December 31, 2021.
56
As of December 31, 2022,
we also have the following indebtedness from loans received from a related party. (See Item. 7.B. – "Related Party Transactions"
for additional information).
●
In connection with a loan
    received during the course of 2011 through 2016, EWP Israel entered into loan agreements with David Leb, a shareholder of the Company
    and a member of our board of directors, in the amounts of $200,000 and $800,000, or the First Shareholder Loan and the Second Shareholder
    Loan, respectively. According to the terms of the First Shareholder Loan, EWP Israel agreed to repay the borrowed amount through
    monthly payments of $666, commencing from January 2019. The First Shareholder Loan carries an annual interest rate of 4% per year,
    compounded annually and the principal amount and the interest thereon were scheduled to mature in January 2020. Pursuant to a side
    letter entered into in January 2021 by us and Mr. Leb, the First Shareholder Loan is scheduled to mature in January 2022. The
    First Shareholder Loan principal was paid in 2022. The accrued interest remained as a current liability to a related party in the
    statement of financial position. According to the terms of the Second Shareholder Loan, EWP Israel agreed to repay the borrowed amount,
    interest-free, within 36 months, or the Maturity Date. In the event repayment is not made by the Maturity Date, the Second Shareholder
    Loan will begin to carry an interest rate of 4% per annum. We are currently accruing interest on the loan amount, as we have not
    yet decided whether to repay the loan, as per the terms of the loan agreement. Pursuant to a side letter from Mr. Leb dated December
    31, 2021, the repayment of the loan will depend on the Company's financial condition and any demand to repay the loan will
    not be made prior to January 2023. The First Shareholder Loan principal was repaid in 2022. The accrued interest is classified as
    a current liability to a related party in our statement of financial position as of December 31, 2022.
In addition, we previously
received a variety of grants, including royalty and non-royalty bearing grants, and other commitments.
The Committee provided a
loan in the aggregate amount of RMB 3,977,700 (approximately $570,000) to EWP Suzhou. In order to repay the principal amount of the loan
and interest accrued thereon, pursuant to the terms of the agreement, EWP Suzhou is scheduled to pay the Committee 3% of the net proceeds
from commercialization of its future projects and products in addition to 5% annual interest, until the full amount is repaid. There
have been no significant proceeds in China since 2013 and there are no expected significant proceeds from near future projects in China.
In addition, EWP Suzhou is also obligated to pay to CS 5% of the net proceeds from commercialization of its future projects for a term
of 10 years from the date of the agreement. As of the date of this annual report on Form 20-F, the accelerator program has been terminated
and we are expected to become a 100% shareholder of the joint venture. See Note 16(b) to the audited consolidated financial statements
included elsewhere in this annual report on Form 20-F.
Non-royalty bearing
grants that we have received, and which we are not required to repay, include an Australian Dollar 75,000 ($51,000) non-royalty bearing
grant from the government of Queensland Australia in order to support our operations and further growth in Australia, along with a 50,000
Euro ($53,000) grant from the European Commission's Horizon 2020 program, a $2,500 grant from Vital Voices Global Partnership to
install certain equipment for the power station at the EDF EWP One Project and a 7,500 Euro ($8,000) grant from MazeX program for marketing
and business development in Portugal, a 71,000 GBP ($86,000) grant from Innovate UK through the Energy Catalyst Round 8: clean energy-
experimental development competition, a 8,480 GBP ($10,000) grant from the Wohl Clean Growth Alliance and an advance payment of 86,000
Euro (approximately $92,000) from the EU Horizon 2020 Research and Innovation Programme as part of the ILIAD consortium.
We also were approved a royalty-bearing grant
in the aggregate amount of up to NIS 492,000 (approximately $140,000) that we have partially received from the Israeli Ministry of Energy
pursuant to a financing agreement. To date we have received NIS 420,000 (approximately $119,000) of the grant. Pursuant to the terms
of this agreement, we are to receive installation payments, which started in January 2019, and the last of which we are scheduled to
receive after we file the final project report with the Israeli Ministry of Energy. We are committed to pay royalties at a rate of 5.0%
from commercialization of the project's know-how and intellectual property (if any is developed) up to the cumulative amount
of the grant, linked to the Israeli consumer price index, and with the addition of the interest rate of the Accountant General of Israel.
Current Outlook
We have financed our operations
to date primarily through proceeds from the sale of our Common Shares in our initial public offering on Nasdaq First North, from private
issuances of shares by EWP Israel prior to our initial public offering on Nasdaq First North, from the public offering of our ADSs on
Nasdaq Capital Market, from shareholder loans and from the receipt of various government grants. We have incurred losses and generated
negative cash flows from operations since the inception of EWP Israel in 2011. Through the end of 2022, we have not generated any significant
revenue, and we do not expect to generate significant revenues from the sale of our products in the near future.
As of December 31, 2022,
our cash and cash equivalents were $5.3 million and our short term cash deposits were $5 million. Based upon our currently expected level
of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through at least
the next 12 months period from the date of this annual report on Form 20-F. However, we will require significant additional financing
in future periods to continue to fully execute our business plans. We currently anticipate that we will be able to return to a level
of operations more similar to that of our pre-COVID-19 level operations during the course of the year ending December 31, 2023,
and as such, we intend to increase our operational activities although we may continue to experience supply chain interruptions that
may result in additional costs and inefficiencies in operations.
57
In addition, our operating
plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than
planned. Our future capital requirements will depend on many factors, including:
●
our research and development
    efforts, including our ability to finish research and development projects or product development within the allotted or expected
    timeline;
●
the cost, timing and outcomes
    of seeking to commercialize our products in a timely manner;
●
our ability to generate
    cash flows;
●
economic weakness, including
    inflation, or political instability in particular foreign economies and markets;
●
the length of the COVID-19 pandemic
    and its impact on our research and development, operations and financial condition;
●
government regulation in
    our industry, and more specifically, the costs and timing of obtaining regulatory approval or permits to launch our technology
    in various geographical markets; and
●
the costs of, and timing
    for, strengthening our manufacturing agreements for production of our WEC technology.
Until we can generate significant
revenues, if ever, we expect to satisfy our future cash needs through our existing cash, cash equivalents and short-term deposits,
the net proceeds from the past offerings, loans, or debt or equity financings. We cannot be certain that additional funding will be available
to us on acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research
or development plans for, or commercialization efforts with respect to, one or more applications of our products and projects in our
pipeline. This may raise substantial doubts about our ability to continue as a going concern.
5.C
Research and development,
    patents and licenses, etc.
For a description of our
research and development programs and the amounts that we have incurred over the last two years pursuant to those programs, please see
"Item 5. Operating and Financial Review and Prospects— A. Operating Results— Operating Expenses— Research and
Development Expenses" and "Item 5. Operating and Financial Review and Prospects— A. Operating Results— Comparison
of the year ended December 31, 2021 to the year ended December 31, 2020— Research and Development Expenses."
In the years ended December
31, 2022, 2021 and 2020, our research and development expenses were $0.90 million, $0.67 million and $0.36 million, respectively, which
consisted primarily of payroll and related personnel expenses.
5.D
Trend Information
The COVID-19 pandemic has
changed market and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry
out operations as usual. Although some of the restrictions were removed in 2021 and again in 2022 (such as travel restrictions, restriction
on movements between countries, lockdowns, and industries shutdowns). As a result of the remaining restrictions, we experienced certain
delays in projects' execution and licensing, shortage in components and price increases of certain components. We may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations. See also "Item 3.D.
– Risk Factors– Risks Related to Our Business Operations – Our business and operations have been and are likely to
continue to be adversely affected by the evolving and ongoing COVID-19 pandemic."
5.E.
Critical Accounting
    Estimates
We describe our significant
accounting estimates more fully in Note 4 to our audited consolidated financial statements included elsewhere in this annual report on
Form 20-F. We believe that the accounting policies described below and in Note 4 are critical in order to fully understand and evaluate
our financial condition and results of operations. By their very nature, such policies involve estimates that are subjective and complex
and consequently may differ from actual results.
58
We prepare our financial
statements in accordance with IFRS. At the time of the preparation of the financial statements, our management is required to use estimates,
evaluations and assumptions which affect the application of the accounting policy and the amounts reported for assets, obligations, income
and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting estimates are recorded during the
period in which the change to the estimate is made. We believe the following accounting policies require significant judgment and estimates
by us in the preparation of our audited consolidated financial statements included elsewhere in this annual report on Form 20-F.
Deferred taxes
Deferred taxes are recognized
using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future
taxable income will be available against which the temporary differences can be utilized. Due to the fact that we are currently engaged
primarily in research and development activities and we are not expected to generate taxable income in the foreseeable future, no deferred
tax assets are included in the financial statements.
Government Grants
Government grants, which
are received from the Israeli Ministry of Energy for an approved pioneering research and development program for research and development
that we conduct, fall within the scope of a "forgivable loan," as set forth in International Accounting Standard 20 Accounting
for Government Grants and Disclosure of Government Assistance.
As approved by the Israeli
Ministry of Energy, the grants are received in installments as the program progresses. We recognize each forgivable loan on a systematic
basis at the same time that we record the related research and development costs for which the grant is received, provided that there
is reasonable assurance that (a) we will comply with the conditions attached to the grant, and (b) it is probable that the grant will
be received (usually upon receipt of approval notice). The amount of the forgivable loan is recognized based on the participation rate
approved by the Israeli Ministry of Energy; thus, a forgivable loan is recognized as a receivable when approved research and development
costs have been incurred before grant funds are received.
Since at the time of grant
approval there is reasonable assurance that we will comply with the forgivable loan conditions attached to the grant, grant income is
recorded against the related research and development expenses in the statements of loss and comprehensive loss.
If forgivable loans are initially
carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid to
the Israeli Ministry of Energy, we then recognize a liability that is measured based on our best estimate of the amount required to settle
our obligation at the end of each reporting period.
Research and development expenses
Research and development
expenses are recorded in accordance with the accounting policies detailed in Note 2(m) to our audited consolidated financial statements
included elsewhere in this annual report on Form 20-F. Our management has examined the revenue recognition conditions specified in Note
2(l) to our audited consolidated financial statements included elsewhere in this annual report on Form 20-F and, in its opinion, as of
December 31, 2022, the Company did not meet them for the year ended December 31, 2022. Therefore, as of December 31, 2022, we have not
capitalized research and development expenses, and research and development expenses were charged to the income statement.
59
JOBS Act Transition Period
Section 107 of the JOBS
Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B)
of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption
of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of
the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements
available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation
timing for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison
of our financials to those of other public companies more difficult.
We are an emerging growth
company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. As such, we are eligible to, and intend
to, take advantage of certain exemptions and reduced reporting requirements under the JOBS Act. Subject to certain conditions, as an
emerging growth company, we may rely on certain of these exemptions, including without limitation, (i) providing an auditor's
attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley
Act and (ii) complying with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory
audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial
statements, known as the auditor discussion and analysis. We will remain an emerging growth company until the earlier to occur of (1) the
last day of the fiscal year (a) following the fifth anniversary of our initial public offering in the United States , (b) in
which we have total annual gross revenues of at least $1.235 billion or (c) in which we are deemed to be a "large accelerated
filer" under the rules of the SEC, which means the market value of our ADSs that is held by non-affiliates exceeds $700.0 million
as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during
the prior three-year period.
ITEM 6.
DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management.
Executive Officers and Directors
The following table sets
forth information regarding our executive officers and directors as of the date of this annual report on Form 20-F:
Name
Age
Position
Mats Andersson
(1)(2)
74
Chairman of the Board of Directors
Inna Braverman
37
Chief Executive Officer, Director
Aharon Yehuda
60
Chief Financial Officer
Annath Abecassis
(1)(2)
50
Director
David Leb
(2)
60
Director
Elias Jacobson
(1)(2)
44
Director
(1)
Member of the Audit Committee
(2)
Independent Director (as
    defined under Nasdaq Stock Market rules)
Mats Andersson, Chairman of the Board of Directors
Mats Andersson has served
as our Chairman of the board since July 2020. Mr. Andersson has over 40 years of managing and leadership experience serving
as both Chief Executive Officer, Chief Operations Officer and on the board of directors of several companies. In addition to his current
service as Chairman of the Board, Mr. Andersson serves as Chairman of the Board at private Swedish companies, Dafo AB, Bluetest
AB, Gäfle Testteknik AB and CWT AB, and from 2016 until 2019, Mr. Andersson served in the same capacity at Ranplan AB.
Mr. Andersson previously served as Chief Executive Officer of Unitraffic AB from 2005 to 2015, of Anticimex Group from 1995 to 2004,
and of Conductor AB from 1989 to 1994. Mr. Andersson holds a Bachelor of Arts in English, Theory of Science, Astronomy from the
University of Gothenburg and Master of Science in Engineering Physics from Chalmers University of Technology in Sweden.
Inna Braverman, Chief Executive Officer, Director
Inna Braverman co-founded EWP
Israel in 2011 and has served as its Chief Executive Officer since its founding in 2011, and has served as our Chief Executive Officer
since our incorporation in 2019. Ms. Braverman holds a B.A. in Political Science and Government and English Language and Literature
from Haifa University in Israel.
60
Aharon Yehuda, Chief Financial Officer
Mr. Aharon Yehuda has
served as our Chief Financial Officer since December 2020. Mr. Yehuda has over 20 years of experience as a Chief Financial
Officer and has an additional decade of experience providing advisory, initial public offering and audit services to public and private
companies in Israel. From 1999 and until November 2020, Mr. Yehuda served as the Chief Financial Officer of Turbochrome Ltd.
(formerly Chromalloy Israel Ltd.) a company that operates in the aviation industry. Mr. Yehuda holds a B.A. in Economics and Accounting
and M.B.A. from Tel-Aviv University in Israel.
Annath Abecassis, Director
Ms. Annath Abecassis has
served as a member of our board of directors since June 2022. Ms. Abecassis is a business strategist whose consultancy has been sought
out by industry professionals in clothing, energy and tech. She has been working as the head of the business development at Liam Design,
a men's apparel company, since November 2016. Throughout all of her endeavors, Annath has always strived to keep the planet in
mind, from Liam Design's biodegradable clothing line to relying on renewable energy sources whenever possible.
David Leb, Director
David Leb co-founded EWP
Israel in 2011 and has served as a board member since its founding, and has served as a member of our board of directors since our incorporation
in 2019. Mr. Leb has over 30 years of business experience running various online enterprises and making investments in a variety
of fields (blockchain based technologies and real estate) some of which have led to successful exits, including a publicly traded medical
company on the Canadian Stock Exchange. Mr. Leb founded Rancho Estero, a camp near Santa Catalina, Panama in 2010, and since June 2020,
Mr. Leb has been a member of the board of directors of BlingKa Inc. Mr. Leb holds a Bs.C. degree in Social Science from Dawson
College.
Elias Jacobson, Director
Mr. Jacobson has served
as a member of our board of directors since July 2020. Mr. Jacobson has extensive experience advising early stage companies
and serving on the board of directors of private (and public) companies, as well as significant experience in the renewable energy and
technology sectors. In 2020, he co-founded WiT Venture Partners AB, a Swedish venture capital firm. He has been serving as a member
of the boards of Zensum AB since 2019, WPS Sweden AB since 2016 and MarketMath Europe AB since 2014, among others. His previous experience
includes serving as the Chief Executive Officer and Chairman of Peltarion Energy AB from 2016 to 2017, the external CEO of Peltarion
AB from 2017 to 2019 and of Swedish Modules I Emtunga AB from 2013 to 2014.
Family Relationships
There are no family relationships
between any members of our executive management and our directors.
Arrangements for Election of Directors
and Members of Management
In general, members of our
board of directors are elected by our shareholders and elected to serve pursuant to their appointment or election until the first annual
general meeting of shareholders held thereafter. We are not a party to, and are not aware of, any voting agreements among our shareholders,
customers, suppliers or others pursuant to which any of our directors or members of senior management were selected as such.
B.
Compensation.
The following table presents
all compensation paid by us to each of our directors and senior managers for the year ended December 31, 2022. The table does not
include any amounts we paid to reimburse any of such persons for costs incurred in providing us with services during this period. During
the year ended December 31, 2022, we did not pay any share-based compensation nor did we pay any other bonuses to our directors
and senior management team.
61
All amounts reported in the
tables below reflect the cost to the Company, in thousands of USD, for the year ended December 31, 2022.
Salary
Pension,
Retirement
and Other
Similar
Benefits
Inna Braverman, Chief Executive Officer
491
39
Aharon Yehuda, Chief Financial Officer
161
17
Mats Andersson, Chairman of the Board of Directors
33
-
Annath Abecassis
10
-
David Leb, Director
20
-
Elias Jacobson, Director
26
-
Employment Agreements with Executive Officers
We have entered into written
employment agreements with each of our executive officers. All of these agreements contain customary provisions regarding noncompetition,
confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited
under applicable law.
We amended our employment
agreement with our Chief Executive officer, Ms. Inna Braverman, to provide that upon a change of control, as defined in the amended agreement,
Ms. Braverman will be entitled to a cash bonus of $2.0 million.
For a description of the
terms of our options and option plans, referred to under Swedish law as warrants, see "Item 6. E. Share Ownership" below.
Directors' Service Contracts
Other than with respect to
our directors that are also executive officers, we do not have written agreements with any director providing for benefits upon the termination
of his employment with our Company.
C.
Board Practices.
Board of Directors
Our board of directors is
currently composed of five members. Under the rules and regulations of Nasdaq, a director will qualify as "independent" if
our board of directors affirmatively determines that he or she has no material relationship with us. Our board of directors has determined
that, of our five directors, Annath Abecassis, Mats Anderson, Elias Jacobson and David Leb are "independent," as defined
under Nasdaq Stock Market Rule 5605(a)(2).
Our board of directors performs
its duties in accordance with the rules of procedure of the board of directors. Pursuant to the Swedish Companies Act, our rules of procedure
are reviewed and adopted by the board of directors annually. Our board of directors, including the chairman is elected by our shareholders
at the annual general meeting and serve until the end of the next annual general meeting, with the possibility of re-election.
62
Our board of directors established
an audit committee in connection with the listing of our ADSs on Nasdaq. We do not have nor do we intend to have a compensation committee,
or a committee performing a similar function, in the near future. Our board of directors does not believe that such a committee is required
at this time in light of the size of our Company, including the limited number of officers and due to the ability of our directors to
provide oversight on this matter. As a result, our board of directors, as a whole, makes decisions with respect to our policies regarding
compensation of our directors and officers, except that our Chief Executive Officer does not vote on any matters relating to her compensation
as Chief Executive Officer.
Committees of the Board of Directors
Audit Committee
Under the Nasdaq Stock Market
rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent and are financially
literate and one of whom has accounting or related financial management expertise.
The members of our audit
committee include Annath Abecassis, Mats Andersson and Elias Jacobson, each of whom is "independent," as such term is defined
in under Nasdaq Stock Market rules. Elias Jacobson serves as the chairman of our audit committee. All members of our audit committee
meet the requirements for financial literacy under the Nasdaq Stock Market rules. Our board of directors has determined that Elias Jacobson
is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by the Nasdaq
Stock Market rules.
As a foreign private issuer,
our audit committee is governed by a charter that complies with Swedish law in lieu of a charter that complies with Nasdaq Stock Market
rules. The audit committee has the responsibility to, among other things:
●
consider and make recommendations
    to the board of directors on our financial statements, review and discuss the financial statements and present its recommendations
    with respect to the financial statements to the board of directors prior to the approval of the financial statements by our board
    of directors;
●
oversee our independent
    auditor and engage and determine compensation or termination of engagement of our auditor;
●
determine and pre-approve the
    terms of certain audit and non-audit services provided by our auditor;
●
review and monitor, if
    applicable, legal matters with significant impact and findings of regulatory authorities', receive reports regarding irregularities
    and legal compliance, act according to our "whistleblower policy" and make recommendations to our board of directors
    if so required, and oversee our policies and procedures regarding compliance to applicable financial and accounting related standards,
    rules and regulations; and
●
review and assess the independent
    auditor's report, management letters and take notice of all comments of the independent auditor on accounting procedures and
    systems of control and review the independent auditor's reports with management.
63
With respect to the responsibility
to oversee our independent auditor, pursuant to the Swedish Companies Act, our audit committee must specifically review and monitor the
auditor's impartiality and independence, while paying particular attention to whether the auditor provides us with any non-audit services,
which may be provided only if the auditor maintains its impartiality and independence while providing such services. In addition, the
Swedish Companies Act requires that our audit committee assist in the preparation of proposals for the general meeting of the Company's
shareholders relating to the resolution on the election of the auditor.
D.
Employees.
On December 31, 2020, we
had 15 full-time employees. On December 31, 2021, we had 14 full-time employees. On December 31, 2022, we had 12 full-time employees.
As of March 31, 2023, we
had 12 full-time employees, including two executive officers. Of these employees, 11 are located in Israel, and one is located in
China. We believe that our future success will depend in part on our continued ability to attract, hire and retain qualified personnel.
None of our employees is represented by a labor union, and we believe our employee relations are good.
E.
Share Ownership.
See "Item 7.A. Major
Shareholders" below.
Share Option
Plan
Long-Term Incentive Plan
We have established two warrant
programs, as an incentive for our directors, employees and consultants: the 2020/2024:A Warrant Program, or Program A, and the 2020/2024:B
Warrant Program, or Program B, both of which were approved by our shareholders in 2020 and amended in 2022. We refer to Program A and
Program B as the Programs. Each warrant issued under the Programs entitles the holder to subscribe for our common shares at a specified
exercise price during a specified subscription period and may only be exercised for a whole number of shares. In addition, by default,
warrants are issued with preemptive rights, provided, however, that upon obtaining shareholder approval for the issuance of warrants,
the shareholders may elect to waive such rights for the term of the warrant. At the annual general meeting held on June 30, 2022, it
was resolved upon amending the terms for the Programs, extending the period for each program during which the warrants may be exercised
for subscription of new shares. The material terms of the Programs are summarized below.
We may amend the Programs
at any time with respect to changes which are required by legislation, court decisions, or decisions by public authorities, or, if in
our opinion, any such actions are appropriate or necessary and do not adversely affect the rights of any warrant holder without the consent
of the affected holder. As of the date of this annual report on Form 20-F, we have not issued any warrants under either Programs.
Program A
Under Program A, which is
an incentive program for our employees, we are permitted to issue up to a maximum of 1,055,845 warrants to purchase up to an equal number
of common shares. The warrants are represented by warrant certificates issued for a certain person. Warrant certificates are issued by
us in connection with the issuance of the warrants as well as for exchanges and conversions of warrant certificates in connection with
transfers and when otherwise required.
The warrant holders are entitled
to subscribe for one new common share in the Company for each warrant during the period starting on 26 June, 2024 up and including 31
December, 2027, with the exercise price per share amounting to SEK 0.02. Pursuant to the terms of Program A, warrant holders are entitled
to an adjustment of the number of warrants issued and/or the applicable exercise price in the event of certain corporate changes. Events
giving rise to an adjustment in certain cases include, among other things, new issuance of shares, an issuance of additional warrants
or convertible debentures, the issuance of bonus shares, in each case, assuming that the preemptive rights for the issued warrants have
not been waived, a consolidation or a share split or if the Company under other circumstances directs an offer to the shareholders, assuming
that the preemptive rights associated with such warrants (pursuant to the principles set forth in Chapter 13, section 1 of the Swedish
Companies Act) have not been waived, to purchase securities or rights of any kind from the Company. Notwithstanding events that may give
rise to adjustments as described above, the exercise price may never be lower than the par value of the Company's shares.
64
Program B
Under Program B, which is
an incentive program for our directors, excluding Inna Braverman and David Leb, respectively, and certain consultants, we are permitted
to issue up to a maximum of 527,922 warrants to purchase up to an equal number of common shares. The warrants are represented by warrant
certificates issued for a certain person. Warrant certificates are issued by the company in connection with the issuance of the warrants
as well as for exchanges and conversions of warrant certificates in connection with transfers and when otherwise required.
The warrant holders are entitled
to subscribe for one new common share in the Company for each warrant during the period starting on 26 June, 2024 up and including 31
December, 2027, with the exercise price per share amounting to SEK 9.38. Pursuant to the terms of Program B, warrant holders are entitled
to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events
giving rise to an adjustment in certain cases include, among other things, new issuance of shares, an issuance of additional warrants
or convertible debentures, the issuance of bonus shares, in each case, assuming that the preemptive rights for the issued warrants have
not been waived, a consolidation or a share split or if the Company under other circumstances directs an offer to the shareholders, assuming
that the preemptive rights associated with such warrants (pursuant to the principles set forth in Chapter 13, section 1 of the Swedish
Companies Act) have not been waived, to purchase securities or rights of any kind from the Company. Notwithstanding events that may give
rise to adjustments as described above, the exercise price may never be lower than the par value of the Company's shares.
ITEM 7.
MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders.
The following table sets
forth information regarding beneficial ownership of our Common Shares as of April 21, 2023, by:
●
each person, or group of
    affiliated persons, known to us to be the beneficial owner of more than 5% of our outstanding Common Shares;
●
each of our directors and
    executive officers; and
●
all of our directors and
    executive officers as a group.
Except as indicated in footnotes
to this table, we believe that the shareholder named in this table has sole voting and investment power with respect to all shares shown
to be beneficially owned by it, based on information provided to us by such shareholder. The shareholders listed below do not have any
different voting rights from any of our other shareholders. Beneficial ownership is determined in accordance with the rules of the SEC,
and includes voting or investment power with respect to Common Shares. Common Shares issuable under share options that are exercisable
within 60 days after April 24, 2023 are deemed outstanding for the purpose of computing the percentage ownership of the person holding
the options but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.
65
We believe that the shareholders
named in this table have sole voting and investment power with respect to all shares shown to be beneficially owned by them, based on
information provided to us by such shareholders. Unless otherwise noted below, each beneficial owner's address is: c/o Eco Wave
Power Ltd., 52 Derech Menachem Begin St., Tel Aviv-Yafo, Israel 6713701.
No. of Shares Beneficially Owned
Percentage owned
(1)
Holders of more than 5% of our voting securities:
David Leb
11,850,902
26.8
%
Inna Braverman
11,750,000
26.5
%
Directors and executive officers who are not 5% holders:
Aharon Yehuda
—
—
Annath Abecassis
—
—
Mats Andersson
*
*
Elias Jacobson
*
*
All directors and executive officers as a group (5
persons)
*
53.3
%
*
Less than 1%.
(1)
The percentages shown are
    based on 44,394,844 Common Shares issued and outstanding as of April 24, 2023.
Changes in Ownership of Major Shareholders
Over the course of
2022, there were no increases or decreases in the percentage ownership of our major shareholders.
Over the course of 2021,
there were no increases in the percentage ownership of our major shareholders. On the other hand, there were decreases in the percentage
ownership of Ms. Inna Braverman and Mr. David Leb, who each had their ownership stake in the Company diluted from 33.4% to 26.5%, and
from 33.7% to 26.8%, respectively, due to the Company's initial public offering on Nasdaq Capital Market. Based on a Schedule 13G/A
filed with the SEC on January 31, 2022, which reflects holdings as of December 31, 2021, Alpha Capital Anstalt has ceased to be a beneficial
owner of more than 5% of our shares.
Over the course of 2020,
there were no major changes in the percentage ownership of our major shareholders.
Record Holders
As of April 11, 2023, there
were 1,869 shareholders of record of our Common Shares, of which 9 had registered addresses in the United States. Based upon a review
of the information provided to us by The Bank of New York Mellon, the depository of the ADSs, as of April 11, 2023, there were a
total of 65 holders of record of our ADSs on record with the Depository Trust Company. This number is not representative of the number
of beneficial holders of our shares nor is it representative of where such beneficial holders reside, since many of these shares were
held of record by brokers or other nominees.
We are not controlled by
another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and here are no arrangements
known to us which would result in a change in control of us at a subsequent date.
B.
Related Party Transactions.
Employment Agreements and Bonuses
We have entered into written
employment agreements with each of our executive officers. All of these agreements contain customary provisions regarding noncompetition,
confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited
under applicable law. In addition, the amended employment agreement with our Chief Executive Officer provides that upon a change of control
she will be entitled to a cash bonus.
66
Members of our senior management
may become eligible for bonuses each year. Our policy is to pay bonuses to such executive officers upon meeting objectives and targets
that are set by our Chief Executive Officer and approved annually by our board of directors that also set the bonus targets for our Chief
Executive Officer.
D&O Insurance
Our executive officers and
directors are subject to our directors and officers insurance policy.
Shareholder and Director Loans
Pursuant to a loan received
in 2011, on May 13, 2019, EWP Israel entered into loan agreements with David Leb, a shareholder of the Company and a member of our
board of directors, in the amounts of $200,000 (the First Shareholder Loan) and $800,000 (the Second Shareholder Loan).
According to the terms of
the First Shareholder Loan, EWP Israel agreed to repay the borrowed amount through monthly payments of $666, commencing from January 2019.
The First Shareholder Loan carries an annual interest rate of 4% per year, compounded annually and the principal amount and the interest
thereon were scheduled to mature in January 2020. Pursuant to a side letter entered into in January 2021 by us and Mr. Leb,
the term of the First Shareholder Loan has been extended for one additional year, such that the loan and interest will mature in January 2022.
No additional extension was made. The First Shareholder Loan principal was paid in 2022. The accrued interest remained as a current liability
to a related party in the statement of financial position.
According to the terms of
the Second Shareholder Loan, EWP Israel agreed to repay the borrowed amount, interest-free, by the Maturity Date. In the event repayment
is not made by the Maturity Date, the Second Shareholder Loan will begin to carry an interest rate of 4% per annum. We are currently
accruing interest on the loan amount, as we have not yet decided whether to repay the loan, as per the terms of the loan agreement. Pursuant
to a side letter from Mr. Leb dated December 31, 2021, the repayment of the loan will depend on the Company's financial condition.
See "Item 6.B. Compensation"
for compensation to our directors and officers.
C.
Interests of Experts and Counsel.
None.
ITEM 8.
FINANCIAL INFORMATION.
A.
Consolidated Statements and Other Financial Information.
See "Item 18. Financial Statements."
Legal Proceedings
We are not currently subject to any material legal
proceedings.
67
Dividends
We have never declared or
paid any cash dividends on our Common Shares and/or ADSs, and do not anticipate paying any cash dividends on the ADSs or our Common Shares
in the foreseeable future. Payment of cash dividends, if any, in the future will be at the discretion of our shareholders, upon proposal
by our board of directors, and will depend on then-existing conditions, including our financial condition, operating results, contractual
restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant.
Under Swedish law, the calculation
of amounts available for distribution to shareholders, as dividends or otherwise, must be determined on the basis of our non-consolidated statutory
accounts prepared in accordance with Swedish accounting rules.
Payment of dividends may be subject to Swedish
withholding taxes.
B.
Significant Changes.
No significant change, other
than as otherwise described in this annual report on Form 20-F, has occurred in our operations since the date of our consolidated financial
statements included in this annual report on Form 20-F.
ITEM 9.
THE OFFER AND LISTING
A.
Offer and Listing Details.
The ADSs have been trading
on the Nasdaq Capital Market under the symbol "WAVE" since July 2021.
On June 14, 2022, we delisted
our Common Shares from trading on the Nasdaq First North Growth Market Sweden.
B.
Plan of Distribution.
Not applicable.
C.
Markets.
The ADSs have been listed
on for trading on the Nasdaq Capital Market since July 2021.
On June 14, 2022, we delisted
our Common Shares from trading on the Nasdaq First North Growth Market Sweden.
D.
Selling Shareholders.
Not applicable.
E.
Dilution.
Not applicable.
F.
Expenses of the Issue.
Not applicable.
ITEM 10.
ADDITIONAL INFORMATION
A.
Share Capital.
Not applicable.
68
B.
Memorandum and Articles of Association.
A copy of our articles of
association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information called for by this Item is set forth in Exhibit
2.4 to this annual report on Form 20-F and is incorporated by reference into this annual report on Form 20-F.
C.
Material Contracts.
We have not entered into
any material contract within the two years prior to the date of this annual report on Form 20-F, other than contracts entered into in
the ordinary course of business and other than those described in "Item 4.B — Business Overview," "Item. 5.B.
– Liquidity and Capital Resources – Financing Activities," "Item 6.E. – Share Ownership — Share Option
Plan — Long-Term Incentive Plan" and "Item. 7.B. – Related Party Transactions – Shareholder and Director
Loans."
D.
Exchange Controls.
There is no Swedish legislation
affecting the import or export of capital or the remittance of dividends, interest or other payments to non-resident holders
of our securities, except that, subject to the provisions in any tax treaty, dividends are subject to withholding tax.
E.
Taxation.
The following description
is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our Common Shares
or ADSs. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences
that may arise under the laws of any state, local, foreign, including Swedish, or other taxing jurisdiction.
SWEDISH TAX CONSIDERATIONS
The following is a summary
of certain material Swedish tax issues for holders of Common Shares that are not resident in Sweden for tax purposes. The summary is
based on current legislation and is intended to provide general information only. The summary does not cover, inter alia, the special
rules regarding tax-free dividends that may be applicable when investors hold Common Shares or Common Shares underlying ADSs, that
are deemed to be held for business purposes (for tax purposes), foreign companies conducting business through a permanent establishment
in Sweden, or foreign companies that have been Swedish companies. Each person considering an investment in Common Shares is advised to
consult an independent tax advisor as to the tax consequences that could arise from the acquisition, ownership and disposition of the
Common Shares.
Taxation of Dividends
For holders not resident
in Sweden for tax purposes that receive dividends on Common Shares of a Swedish limited liability company, Swedish withholding tax is
normally withheld. The same withholding tax applies to certain other payments made by a Swedish limited liability company, such as payments
as a result of redemption of shares and repurchase of shares through an offer directed to all shareholders or all holders of a certain
class. The withholding tax rate is 30%. The tax rate is, however, generally reduced under an applicable tax treaty. For example, under
the U.S.-Sweden Tax Treaty the tax rate on dividends paid to U.S. holders entitled to the benefits of the U.S.-Sweden Tax Treaty
should not exceed 15%. In Sweden, withholding tax deductions are normally carried out by Euroclear Sweden AB or, in respect of nominee-registered shares,
by the nominee. The tax treaties Sweden has entered into generally enable the withholding tax deduction to be made in accordance with
the tax rate stipulated in the treaty, provided that Euroclear Sweden AB or the nominee, as applicable, has received the required information
concerning the tax residency of the investor entitled to the dividend (this applies also under the U.S. — Sweden tax treaty). Furthermore,
investors entitled to reduced tax rates under applicable tax treaties may claim a refund from the Swedish tax authorities within five
calendar years following the year the dividend was distributed if the full withholding tax rate at 30% has been withheld.
69
Taxation of Capital Gains
Holders not resident in Sweden
for tax purposes are normally not liable for capital gains taxation in Sweden upon disposals of Common Shares. Exceptions can apply for
holders that are private individuals and have been tax resident in Sweden during the calendar year of disposal of Common Shares or the
ten calendar years preceding the year of disposal. Holders of Common Shares may, however, be subject to taxation in their state of residence.
U.S. FEDERAL INCOME TAX CONSEQUENCES
THE FOLLOWING SUMMARY IS
INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S.
HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP
AND SALE OF COMMON SHARES AND AMERICAN DEPOSITARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS
AND POSSIBLE CHANGES IN THE TAX LAWS.
Subject to the limitations
described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences to a "U.S.
Holder" arising from the purchase, ownership and sale of the ADSs or Common Shares. For this purpose, a "U.S. Holder"
is a holder of Common Shares or ADSs that is: (1) an individual citizen or resident of the United States, including an alien
individual who is a lawful permanent resident of the United States or meets the substantial presence residency test under U.S. federal
income tax laws; (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership (other
than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under the
laws of the United States or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which
is includable in gross income for U.S. federal income tax purposes regardless of source; (4) a trust if a court within the United States
is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all
substantial decisions of the trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent
provided in U.S. Treasury regulations.
This summary is for general
information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income tax considerations
that may be relevant to a decision to purchase our ADSs or Common Shares. This summary generally considers only U.S. Holders that will
own our ADSs or Common Shares as capital assets. Except to the limited extent discussed below, this summary does not consider the U.S.
federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable to determine a taxpayer's
status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986, as amended, or the Code, final,
temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial interpretations thereof, (including
with respect to the Tax Cuts and Jobs Act of 2017), and the U.S./Swedish Income Tax Treaty, all as in effect as of the date hereof and
all of which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will
not seek a ruling from the IRS with regard to the U.S. federal income tax treatment of an investment in our Common Shares or ADSs by
U.S. Holders and, therefore, can provide no assurances that the IRS will agree with the conclusions set forth below.
This discussion does not
address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on such holder's
particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state, local, excise or
foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who
is: (1) a bank, life insurance company, regulated investment company, or other financial institution or "financial services
entity;" (2) a broker or dealer in securities or foreign currency; (3) a person who acquired our Common Shares or ADSs in
connection with employment or other performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax;
(5) a U.S. Holder that holds our Common Shares or ADSs as a hedge or as part of a hedging, straddle, conversion or constructive
sale transaction or other risk-reduction transaction for U.S. federal income tax purposes; (6) a tax-exempt entity; (7) real
estate investment trusts or grantor trusts; (8) a U.S. Holder that expatriates out of the United States or a former long-term resident
of the United States; or (9) a U.S. Holder having a functional currency other than the U.S. dollar. This discussion does not
address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively, at any time, Common Shares or ADSs
representing 10% or more of our voting power. Additionally, the U.S. federal income tax treatment of partnerships (or other pass-through entities)
or persons who hold Common Shares or ADSs through a partnership or other pass-through entity are not addressed.
70
In general, for U.S. federal
income tax purposes, U.S. Holders of our ADSs will be treated as owning the underlying Common Shares represented by those ADSs. Accordingly,
exchanges of Common Shares for ADSs, and ADSs for Common Shares will not be subject to U.S. federal income tax.
Each prospective investor
is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding or disposing
of our Common Shares or ADSs, including the effects of applicable state, local, foreign or other tax laws and possible changes in the
tax laws.
Taxation of Dividends Paid on Common Shares
or ADSs
We do not intend to pay dividends
in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under the heading "Passive Foreign
Investment Companies" below and the discussion of "qualified dividend income" below, a U.S. Holder will be required
to include in gross income as ordinary income the amount of any distribution paid on Common Shares or ADSs (including the amount of any
Swedish tax withheld on the date of the distribution), to the extent that such distribution does not exceed our current and accumulated
earnings and profits, as determined for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and
profits will be treated first as a non-taxable return of capital, reducing the U.S. Holder's tax basis for the Common Shares
to the extent thereof, and then capital gain. We do not expect to maintain calculations of our earnings and profits under U.S. federal
income tax principles and, therefore, U.S. Holders should expect that the entire amount of any distribution generally will be reported
as dividend income.
In general, preferential
tax rates for "qualified dividend income" and long-term capital gains are applicable for U.S. Holders that are individuals,
estates or trusts. For this purpose, "qualified dividend income" means, inter alia, dividends received from a "qualified
foreign corporation." A "qualified foreign corporation" is a corporation that is entitled to the benefits of a comprehensive
tax treaty with the United States which includes an exchange of information program. The IRS has stated that the Swedish/U.S. Tax
Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.
In addition, our dividends
will be qualified dividend income if our Common Shares or ADSs are readily tradable on the Nasdaq Capital Market or another established
securities market in the United States. Currently, our Common Shares are not traded on an established securities market in the United
States. In addition, dividends will not qualify for the preferential rate if we are treated, in the year the dividend is paid or in the
prior year, as a PFIC, as described below under "Passive Foreign Investment Companies." A U.S. Holder will not be entitled
to the preferential rate: (1) if the U.S. Holder has not held our Common Shares or ADSs for at least 61 days of the 121 day
period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder is under
an obligation to make related payments on substantially similar property. Any days during which the U.S. Holder has diminished its risk
of loss on our Common Shares or ADSs are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who elect
to treat the dividend income as "investment income" pursuant to Code section 163(d)(4) will not be eligible for the preferential
rate of taxation.
The amount of a distribution
with respect to our Common Shares or ADSs will be measured by the amount of the fair market value of any property distributed, and for
U.S. federal income tax purposes, the amount of any Swedish taxes withheld therefrom. Cash distributions paid by us in SEK will be included
in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on the date the dividend is includible
in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such SEK for U.S. federal income tax purposes equal to such
U.S. dollar value. If the U.S. Holder subsequently converts the SEK into U.S. dollars or otherwise disposes of it, any subsequent gain
or loss in respect of such SEK arising from exchange rate fluctuations will be U.S. source ordinary exchange gain or loss.
Taxation of the Disposition of Common Shares
or ADSs
Except as provided under
the PFIC rules described below under "Passive Foreign Investment Companies," upon the sale, exchange or other disposition
of our Common Shares or ADSs, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between such U.S.
Holder's tax basis for the Common Shares or ADSs in U.S. dollars and the amount realized on the disposition in U.S. dollar (or
its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized is
denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Common Shares or ADSs will
be long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition.
Individuals who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses
is subject to various limitations.
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Passive Foreign Investment Companies
Special U.S. federal income
tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for U.S. federal income
tax purposes for any taxable year that either:
●
75% or more of our gross
    income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares
    by value), in a taxable year is passive; or
●
At least 50% of our assets,
    averaged over the year and generally determined based upon fair market value (including our pro rata share of the assets of any company
    in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.
For this purpose, passive
income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities transactions and from
notional principal contracts. Cash is treated as generating passive income.
We do not expect that we
will be treated as a PFIC for the current taxable year. The tests for determining PFIC status are applied annually, and it is difficult
to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend
in part on the market value of our Common Shares or ADSs. Accordingly, there can be no assurance that we currently are not or will not
become a PFIC.
If we currently are or become
a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain distributions
by us and upon disposition of our Common Shares or ADSs at a gain: (1) have such distribution or gain allocated ratably over the
U.S. Holder's holding period for the Common Shares or ADSs, as the case may be; (2) the amount allocated to the current taxable
year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the
amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class
of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax
attributable to each such other taxable year. In addition, when shares of a PFIC are acquired by reason of death from a decedent that
was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of the date of the decedent's
death, but instead would be equal to the decedent's basis if lower, unless all gain were recognized by the decedent. Indirect investments
in a PFIC may also be subject to these special U.S. federal income tax rules.
The PFIC rules described
above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has held the Common Shares
or ADSs while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder who has made such
a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder's pro rata share of our
ordinary earnings as ordinary income and such U.S. Holder's pro rata share of our net capital gains as long-term capital gain,
regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only if we make available
certain required information. The QEF election is made on a shareholder-by-shareholder basis and generally may be revoked only with
the consent of the IRS. We do not intend to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621
and to make and maintain a valid QEF election for any year in which we or any of our Subsidiaries are a PFIC. Therefore, the QEF election
will not be available with respect to our Common Shares or ADSs.
In addition, the PFIC rules
described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder of our Common
Shares or ADSS which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the Common
Shares or ADSs to market annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close
of the taxable year between the fair market value of the Common Shares or ADSs and the U.S. Holder's adjusted tax basis in the
Common shares or ADSs. Losses are allowed only to the extent of net mark-to-market gain previously included income by the U.S. Holder
under the election for prior taxable years.
72
U.S. Holders who hold our
Common Shares or ADSs during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC. U.S.
Holders are strongly urged to consult their tax advisors about the PFIC rules.
Tax on Net Investment Income
Subject to certain adjustments
under the PFIC rules, U.S. Holders who are individuals, estates or trusts will generally be required to pay a 3.8% Medicare tax on their
net investment income (including dividends on and gains from the sale or other disposition of our Common Shares or ADSs), or in the case
of estates and trusts on their net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the
extent the U.S. Holder's total adjusted income exceeds applicable thresholds.
Tax Consequences for Non-U.S. Holders of Common
shares or ADSs
Except as provided below,
an individual, corporation, estate or trust that is not a U.S. Holder referred to below as a non-U.S. Holder, generally will not be subject
to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of, our Common Shares
or ADSs.
A non-U.S. Holder may be
subject to U.S. federal income tax on a dividend paid on our Common Shares or gain from the disposition of our Common Shares or ADSs
if: (1) such item is effectively connected with the conduct by the non-U.S. Holder of a trade or business in the United States
and, if required by an applicable income tax treaty is attributable to a permanent establishment or fixed place of business in the United States;
or (2) in the case of a disposition of our Common Shares or ADSs, the individual non-U.S. Holder is present in the United States
for 183 days or more in the taxable year of the disposition and other specified conditions are met. Any dividend income or gain
described in clause (1) above will be subject to U.S. federal income tax on a net income tax basis in the same manner as a U.S.
Holder and, with respect to corporate holders, a branch profits tax imposed at a rate of 30% (or such lower rate as may be specified
by an applicable income tax treaty) may also apply to its effectively connected earnings and profits (subject to adjustments). Any dividend
income or gain described in clause (2) above that is not effectively connected with the conduct by a Non-U.S. Holder of a trade
or business within the U.S. generally will be subject to 30% withholding tax (or such lower rate as may be specified by an applicable
income tax treaty) net of certain U.S. source capital losses.
In general, non-U.S. Holders
will not be subject to backup withholding with respect to the payment of dividends on our Common Shares or ADSs if payment is made through
a paying agent, or office of a foreign broker outside the United States. However, if payment is made in the United States or
by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S. Holder provides an applicable IRS
Form W-8 (or a substantially similar form) certifying its foreign status, or otherwise establishes an exemption.
The amount of any backup
withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder's U.S. federal income tax liability
and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.
Information Reporting and Withholding
A U.S. Holder may be subject
to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of Common Shares or ADSs. In general,
backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures. Backup withholding
will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt organizations.
Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder,
provided that the required information is timely furnished to the IRS.
F.
Dividends and Paying
    Agents.
Not applicable.
G.
Statement by Experts.
Not applicable.
73
H.
Documents on Display.
We are subject to the information
reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements will file reports with
the SEC. The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically
with the SEC. Our filings with the SEC are also available to the public through the SEC's website at www.sec.gov.
As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with
the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However, we file
with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on
Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the SEC, on
a Form 6-K, unaudited quarterly financial information.
We maintain a corporate website
https://www.ecowavepower.com/
. Information contained on, or that can be accessed through, our website and the other websites referenced
above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this annual report on
Form 20-F solely as inactive textual references.
I.
Subsidiary Information.
Not applicable.
J.
Annual Report to Security Holders.
Not applicable.
ITEM 11.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In the ordinary course of
our operations, we are exposed to certain market risks, primarily changes in foreign currency exchange rates and interest rates.
Quantitative and Qualitative
Disclosure About Market Risk
We are exposed to market
risks in the ordinary course of our business. Our market risk exposure is primarily a result of SEK/NIS/U.S. dollar exchange rates, which
is discussed in detail in the following paragraph.
Foreign Currency Exchange
Risk
Our results of operations
and cash flow are subject to fluctuations due to changes in foreign currency exchange rates. As discussed above, 49% of our liquid assets
are held in SEK and 49% are held in USD while a certain portion of our expenses are denominated in NIS. For instance, in 2022, approximately
51% of our expenses were denominated in NIS. An increase of 5% and 10% in the USD exchange rate would have decreased our operating expenses
by 5% and 9%, respectively. A decrease of 5% and 10% in the USD exchange rate would have increased our operating expenses by 5% and 11%,
respectively. However, these historical figures may not be indicative of future exposure, as we expect that the percentage of our SEK
denominated expenses will materially decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.
We do not hedge our foreign
currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease the risk of financial exposure
from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may not adequately protect us
from the material adverse effects of such fluctuations.
ITEM 12.
DESCRIPTION OF
SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities.
Not applicable.
B.
Warrants and rights.
Not applicable.
C.
Other Securities.
Not applicable.
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D.
American Depositary Shares.
Fees and Expenses
Persons
    depositing or withdrawing shares or ADS holders must pay
:
For:
$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs).
Issuance of ADSs, including issuances resulting from
    a distribution of shares or rights or other property.
Cancellation of ADSs for the purpose of withdrawal,
    including if the deposit agreement terminates.
$.05 (or
    less) per ADS.
Any cash distribution to ADS holders.
A fee
    equivalent to the fee that would be payable if securities distributed to the holder had been shares and the shares had been deposited
    for issuance of ADSs.
Distribution of securities distributed to holders of
    deposited securities (including rights) that are distributed by the depositary to ADS holders.
$.05 (or
    less) per ADS per calendar year.
Depositary services.
Registration
    or transfer fees.
Transfer and registration of shares on our share register
    to or from the name of the depositary or its agent when you deposit or withdraw shares.
Expenses
    of the depositary.
Cable (including SWIFT) and facsimile transmissions
    (when expressly provided in the deposit agreement). Converting foreign currency to U.S. dollars.
Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes.
As necessary.
Any charges
    incurred by the depositary or its agents for servicing the deposited securities.
As necessary.
The depositary collects its
fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal
or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees
from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual
fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system
accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
From time to time, the depositary
may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program,
waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing
its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers
that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The depositary may convert
currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the depositary.
Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained
at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's
obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made
by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most
favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most
favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable
for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions
from the us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a
rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign
currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable
rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.
75
PART II
ITEM 13.
DEFAULTS, DIVIDEND
ARREARAGES AND DELINQUENCIES
Not applicable.
ITEM 14.
MATERIAL MODIFICATIONS
TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
The following "Use
of Proceeds" information relates to the registration statement on Form F-1, as amended (File Number 333-256515), which was declared
effective June 30, 2021, for our initial public offering on Nasdaq Capital Market (the "IPO"), in which we offered and
sold 1,000,000 ADSs, at a public offering price of $8.00 per ADS. The offering raised a total of $9.2 million, with net proceeds of $7.96
million, after deducting fees and expenses. A.G.P./Alliance Global Partners was the underwriter of our IPO.
The net proceeds from the
offering have been used, and are expected to continue to be used, as described in the registration statement on Form F-1, as amended
(File Number 333-256515). As of April 24, 2023, we have not used all amounts of net proceeds from our IPO.
ITEM 15.
CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures
Our disclosure controls and
procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to provide reasonable assurance
of achieving the desired control objectives. Our management, including our Chief Executive Officer and Chief Financial Officer, recognizes
that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions and cannot provide
absolute assurance that its objectives will be met. Similarly, an evaluation of controls cannot provide absolute assurance that misstatements
due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.
Our management, with the
participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls
and procedures as of December 31, 2022, or the Evaluation Date. Based on such evaluation, those officers have concluded that, as of the
Evaluation Date, our disclosure controls and procedures were ineffective due to the material weakness mentioned in Item 3.D. —
Risk Factors — General Risk Factors.
(b) Management's Annual Report on Internal Control over Financial
Reporting
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under
the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief
Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based principally
on the framework and criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission as of the end of the period covered by this report. Based on that evaluation, our management has concluded
that due to the small-scale nature of our company and the difference in regulatory requirements between Sweden and the United States,
we currently do not have sufficient finance staff to provide for effective control over our period-end financial reporting process. As
of the date of this annual report on Form 20-F, we have not remediated this material weakness. Therefore, our management has concluded
that our disclosure controls and procedures were ineffective due to the material weakness as of December 31, 2022 at providing reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.
(c) Attestation Report of the Registered Public
Accounting Firm
This annual report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
due to an exemption for EGCs provided in the JOBS Act.
(d) Changes in Internal Control over Financial
Reporting
During the year ended December
31, 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
76
ITEM 16. [RESERVED]
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has
determined that Elias Jacobson is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience
as defined by the Nasdaq Stock Market rules. Each of the members of our audit committee is "independent" as such term is
defined in Rule 10A-3(b)(1) under the Exchange Act and satisfies the independent director requirements under the Nasdaq Rules.
ITEM 16B. CODE OF ETHICS
We adopted a Code of Business
Conduct and Ethics applicable to our and our subsidiaries' employees, independent contractors, executive officers and directors,
including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing
similar functions, which is a "code of ethics" as defined in Item 16B of Form 20-F promulgated by the SEC. The
full text of the Corporate Code of Ethics and Conduct is posted on our website at www.ecowavepower.com. Information contained on, or
that can be accessed through, our website does not constitute a part of this annual report and is not incorporated by reference herein.
If we make any amendment to the Corporate Code of Ethics and Conduct or grant any waivers, including any implicit waiver, from a provision
of such code, we will disclose the nature of such amendment or waiver on our website to the extent required by the rules and regulations
of the SEC.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Kesselman & Kesselman,
Certified Public Accountants (Isr.), a member of PricewaterhouseCoopers International Limited, an independent registered public accounting
firm, has served as our principal independent registered public accounting firm for each of the two years ended December 31, 2022.
The following table provides
information regarding fees billed by Kesselman & Kesselman, Certified Public Accountants (Isr.), a member of PricewaterhouseCoopers
International Limited, an independent registered public accounting firm, in relation to the years ended December 31, 2021 and 2022:
Year Ended December 31,
2022
2021
Audit fees
(1)
$
80
$
80
Audit-related fees
-
$
-
Tax fees
(2)
-
-
All other fees
-
-
Total
$
80
$
80
(1)
Includes
professional services rendered in connection with the audit of our annual financial statements and review of our interim financial statements.
(2)
Tax
fees are the aggregate fees billed (in the year) for professional services rendered for tax compliance and tax advice other than in connection
with the audit.
Pre-Approval of Auditors' Compensation
Under our audit committee
charter our audit committee is responsible for, among other things: (1) pre-approving audit and non-audit services provided to us by
the independent registered public accounting firm; and (2) the audit committee shall be responsible for the preparation of the board´s
proposal for the shareholders to resolve at their annual general meeting regarding the appointment, retention, termination and compensation
of the independent registered public accounting firm.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
Not applicable.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.
77
ITEM 16G. CORPORATE GOVERNANCE
The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require foreign private issuers, such as us, to comply with various corporate
governance practices. In addition, we are required to comply with the Nasdaq Stock Market rules. Under those rules, we may elect to follow
certain corporate governance practices permitted under the Swedish Companies Act in lieu of compliance with corresponding corporate governance
requirements otherwise imposed by the Nasdaq Stock Market rules for U.S. domestic registrants.
In accordance with the Swedish
Companies Act and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market rules, as a foreign
private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq
Stock Market rules, with respect to the following requirements:
●
We do not intend to follow
    Nasdaq Rule 5605(d) regarding the requirement to have a standing compensation committee. Under the Swedish Companies Act, no such
    committee is required for a company such as ours;
●
We do not intend to follow
    Nasdaq Rule 5620(c) regarding quorum requirements applicable to meetings of shareholders. Such quorum requirements are not required
    under the Swedish Companies Act. The Swedish Companies Act provides alternative quorum requirements that are generally applicable
    to meetings of shareholders;
●
We do not intend to follow
    Nasdaq Rule 5605(b)(2), which requires that independent directors regularly meet in executive sessions where only independent directors
    are present. Our independent directors may choose to meet in executive sessions at their discretion;
●
We do not intend to follow
    Nasdaq Rule 5605(e) regarding the composition of the nominating committee. Under the Swedish Companies Act, we are not
    required to have candidates for the election to our board of directors nominated by a majority of independent directors or by a committee
    of such directors; and
●
We do not intend to follow
    Nasdaq Rule 5605(c)(2)(a) regarding composition of our Audit Committee or Nasdaq Rule 5605(c)(1) regarding the Audit Committee charter,
    and instead we will rely, to the extent permitted, on the Swedish Companies Act.
We intend to take all actions
necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley
Act of 2002, the rules adopted by the SEC and the Nasdaq Stock Market corporate governance rules and listing standards. Because we are
a foreign private issuer, our directors and senior management are not subject to short-swing profit and insider trading reporting obligations
under Section 16 of the Exchange Act. They are, however, subject to the obligations to report changes in share ownership under Section 13
of the Exchange Act and related SEC rules.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS
Not applicable.
78
PART III
ITEM 17.
FINANCIAL STATEMENTS
We have elected to provide financial statements
and related information pursuant to Item 18.
ITEM 18.
FINANCIAL STATEMENTS
The consolidated financial
statements and the related notes required by this Item are included in this annual report on Form 20-F beginning on page F-1.
ITEM 19.
EXHIBITS.
Exhibit
Description
1.1
Amended Articles of Association of Eco Wave Power Global AB (publ)., filed as Exhibit 99.2 to Form 6-K, filed on June 30, 2022, and incorporated herein by reference.
2.1
Form of Deposit Agreement, filed as Exhibit 4.1 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.
2.2
Form of American Depository Receipt (included in Exhibit 2.1).
2.3
Form of Representative Warrant to Purchase Common Shares Represented by American Depositary Shares, filed as Exhibit 4.3 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.
2.4*
Description of Securities.
4.1
Form of Underwriting Agreement by and among Eco Wave Power Global AB (publ) and A.G.P./Alliance Global Partners, as representative of the several underwriters, filed as Exhibit 1.1 to Form F-1, filed on June 23, 2021, and incorporated herein by reference.
4.2*
Eco Wave Power Global AB
    (publ) Long-Term Incentive Program.
4.3
Loan Agreement, dated May 13, 2019, in the Amount of $200,000, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.2 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.
4.4
Loan Agreement, dated May 13, 2019, in the Amount of $800,000, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.3 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.
4.5
Side Letter to Loan Agreements, dated January 21, 2021, by and between David Leb and Eco Wave Power Ltd., filed as Exhibit 10.4 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.
4.6
Loan Agreement, dated March 7, 2019, by and between Eco Wave Power Ltd. and PortXL Netherlands B.V., filed as Exhibit 10.5 to Form F-1, filed on May 27, 2021, and incorporated herein by reference.
8.1
List of Subsidiaries, filed as Exhibit 21.1 to Form F-1, filed on June 25, 2021, and incorporated herein by reference.
12.1*
Certification of the Principal Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934.
12.2*
Certification of the Principal Financial and Accounting Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934
.
13.1%
Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, furnished herewith.
13.2%
Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. 1350.
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase
    Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase
    Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase
    Document.
104
Cover Page Interactive Data File (formatted as Inline
    XBRL and contained in Exhibit 101).
*
Filed
herewith.
%
Furnished
herewith.
79
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on Form 20-F filed on its behalf.
Eco Wave Power Global AB (publ).
Date: April 27, 2023
By:
/s/ Inna Braverman
Inna Braverman
Principal Executive Officer
80
Eco Wave Power Global AB (publ)
INDEX TO CONSOLIDATED FINANCIAL
STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
F-3
(PCAOB name: Kesselman & Kesselman C.P.A.s PCAOB ID:
1309
)
Consolidated Statements of Financial Position
F-4
Consolidated Statements of Loss
F-5
Consolidated Statements of Comprehensive Loss
F-6
Consolidated Statements of Changes in Equity
F-7
Consolidated Statements of Cash Flows
F-8
Notes to the Consolidated Financial Statements
F-9
F-
1
Eco Wave Power Global AB (publ)
Consolidated financial statements
As of December 31, 2022
F-
2
Report of Independent Registered Public Accounting
Firm
To the Board of Directors and Shareholders of Eco
Wave Power Global AB (publ)
Opinion on the Financial Statements
We have audited the accompanying consolidated
statements of financial position of Eco Wave Power Global AB (publ) and its subsidiaries (the "Company") as of December 31,
2022 and 2021, and the related consolidated statements of loss, statements of comprehensive loss, statements of changes in equity and
statements of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively
referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and
its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting
Standards, as issued by the International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/ Kesselman & Kesselman
Kesselman & Kesselman
Certified Public Accountants (Isr.)
A member of PricewaterhouseCoopers International Limited
Tel Aviv, Israel
April 27, 2023
We have served as the Company's auditor since 2020.
Kesselman
& Kesselman
, 146 Derech Menachem Begin St. Tel-Aviv 6492103, Israel,
P.O Box 7187 Tel-Aviv 6107120, Telephone: +972 -3- 7954555, Fax:+972 -3- 7954556, www.pwc.com/il
Kesselman & Kesselman is a member firm of PricewaterhouseCoopers
International Limited, each member firm of which is a separate legal entity
F-
3
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31
Note
2022
2021
in USD thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents
5,295
14,621
Short term bank deposits
5
5,000
-
Restricted short-term bank deposits
6
63
70
Other receivables and prepaid expenses
15a
161
389
TOTAL CURRENT ASSETS
10,519
15,080
NON-CURRENT ASSETS:
Property and equipment, net
7
722
1,194
Right-of-use assets, net
8
166
101
Investments in a joint venture accounted for using the equity method
9
510
272
TOTAL NON-CURRENT ASSETS
1,398
1,567
TOTAL ASSETS
11,917
16,647
Liabilities and equity
CURRENT LIABILITIES:
Current maturities of long-term loans from related party
10
941
220
Current maturities of other long-term loan
11
32
-
Accounts payable and accruals:
Trade
15b
75
46
Other
15b
733
510
Current maturities of lease liabilities
8
78
127
TOTAL CURRENT LIABILITIES
1,859
903
NON-CURRENT LIABILITIES:
Long-term loans from related party, net of current maturities
10
-
882
Other long-term loan
11
96
129
Lease liabilities, net of current maturities
8
88
-
TOTAL NON-CURRENT LIABILITIES
184
1,011
COMMITMENTS
16
TOTAL LIABILITIES
2,043
1,914
EQUITY:
12
Common shares
98
98
Share premium
23,121
23,121
Foreign currency translation reserve
(
2,061
)
(
103
)
Accumulated deficit
(
11,284
)
(
8,383
)
TOTAL EQUITY
9,874
14,733
TOTAL LIABILITIES AND EQUITY
11,917
16,647
The accompanying notes are an integral part
of the consolidated financial statements.
F-
4
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF LOSS
Year ended December 31
Note
2022
2021
2020
in USD thousands
REVENUES
15d
26
31
-
COST OF SALES
(
22
)
(
27
)
-
GROSS PROFIT
4
4
-
OPERATING EXPENSES
Research and development expenses
15e
(
898
)
(
670
)
(
366
)
Sales and marketing expenses
15f
(
461
)
(
485
)
(
348
)
General and administrative expenses
15g
(
2,259
)
(
1,909
)
(
1,104
)
Other income
28
Share of net loss of a joint venture accounted for using the equity method
(
21
)
(
10
)
-
TOTAL OPERATING EXPENSES
(
3,611
)
(
3,074
)
(
1,818
)
OPERATING LOSS
(
3,607
)
(
3,070
)
(
1,818
)
Financial expenses
15h
(
59
)
(
69
)
(
151
)
Financial income
15h
765
792
-
FINANCIAL INCOME (EXPENSES) - NET
706
723
(
151
)
LOSS BEFORE INCOME TAX
(
2,901
)
(
2,347
)
(
1,969
)
Income tax expense
-
-
(
1
)
NET LOSS
(
2,901
)
(
2,347
)
(
1,970
)
ATTRIBUTABLE TO:
The parent company shareholders
(
2,901
)
(
2,347
)
(
1,959
)
Non-controlling interests
-
-
(
11
)
(
2,901
)
(
2,347
)
(
1,970
)
in USD
LOSS PER COMMON SHARE – BASIC AND DILUTED
(
0.07
)
(
0.06
)
(
0.06
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE
44,394,844
39,832,861
35,194,844
The accompanying notes are an integral part
of the consolidated financial statements.
F-
5
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Year
    ended December 31
2022
2021
2020
in
    USD thousands
LOSS
    FOR THE YEAR
(
2,901
)
(
2,347
)
(
1,970
)
ITEMS
    THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS
EXCHANGE
    DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS
(
81
)
(
340
)
(
54
)
ITEMS
    THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS
EXCHANGE
    DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY
(
1,877
)
(
1,339
)
1,451
OTHER
    COMPREHENSIVE (LOSS) INCOME FOR THE YEAR
(
1,958
)
(
1,679
)
1,397
TOTAL
    COMPREHENSIVE LOSS FOR THE YEAR
(
4,859
)
(
4,026
)
(
573
)
TOTAL
    COMPREHENSIVE LOSS FOR THE YEAR IS ATTRIBUTABLE TO:
THE
    PARENT COMPANY SHAREHOLDERS
(
4,859
)
(
4,026
)
(
562
)
NON-CONTROLLING
    INTERESTS
-
-
(
11
)
(
4,859
)
(
4,026
)
(
573
)
The accompanying notes are an integral part
of the consolidated financial statements.
F-
6
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Number of common shares
Common shares capital
Share premium
Foreign currency translation reserve
Accumulated deficit
Total for Company's shareholders
Non- controlling interest
Total
in USD thousands
BALANCE AT JANUARY 1, 2020
35,194,844
76
15,179
179
(
4,077
)
11,357
11
11,368
CHANGES IN 2020:
Loss for the year
(
1,959
)
(
1,959
)
(
11
)
(
1,970
)
Other comprehensive income
1,397
1,397
1,397
Total comprehensive loss for the year
1,397
(
1,959
)
(
562
)
(
11
)
(
573
)
BALANCE AT DECEMBER 31, 2020
35,194,844
76
15,179
1,576
(
6,036
)
10,795
-
10,795
CHANGES IN 2021:
Issuance of share capital in a public offering
9,200,000
22
7,942
-
-
7,964
-
7,964
Loss for the year
(
2,347
)
(
2,347
)
(
2,347
)
Other comprehensive income
(
1,679
)
(
1,679
)
(
1,679
)
Total comprehensive loss for the year
(
1,679
)
(
2,347
)
(
4,026
)
(
4,026
)
BALANCE AT DECEMBER 31, 2021
44,394,844
98
23,121
(
103
)
(
8,383
)
14,733
14,733
CHANGES IN 2022:
Loss for the year
(
2,901
)
(
2,901
)
(
2,901
)
Other comprehensive loss
(
1,958
)
(
1,958
)
(
1,958
)
Total comprehensive loss for the year
(
1,958
)
(
2,901
)
(
4,859
)
(
4,859
)
BALANCE AT DECEMBER 31, 2022
44,394,844
98
23,121
(
2,061
)
(
11,284
)
9,874
9,874
The accompanying notes are an integral part
of the consolidated financial statements.
F-
7
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31
2022
2021
2020
in USD thousands
CASH FLOWS - OPERATING ACTIVITIES:
Net loss
(
2,901
)
(
2,347
)
(
1,970
)
Adjustments for:
Depreciation and amortization
209
248
123
Interest (income) expenses, net
46
53
54
Share of loss of a joint venture
21
10
-
Other finance income
(
166
)
(
338
)
-
Loss on abandonment of fixed assets
278
-
-
Changes in operating assets and liabilities
Decrease (increase) in other receivables and prepaid expenses
(
40
)
(
241
)
28
Increase (decrease) in accounts payable and accruals
91
85
(
342
)
Net cash used in operating activities
(
2,462
)
(
2,530
)
(
2,107
)
CASH FLOWS – INVESTING ACTIVITIES:
Proceeds of short-term deposits
-
-
48
Investments in short-term deposits
(
5,000
)
-
-
Investment in a joint venture
(
298
)
(
117
)
Purchase of property and equipment
(
3
)
(
13
)
(
177
)
Net cash used in investing activities
(
5,301
)
(
130
)
(
129
)
CASH FLOWS - FINANCING ACTIVITIES:
Issuance of share capital, net of issuance cost (of $
1,236
)
-
7,964
-
Payment of long-term loan
(
200
)
-
-
Principal elements of lease payments
(
120
)
(
103
)
(
96
)
Net cash (used in) provided by financing activities
(
320
)
7,861
(
96
)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(
8,083
)
5,201
(
2,332
)
CASH AND CASH EQUIVALENTS - BEGINNING
    OF YEAR
14,621
10,734
11,702
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS
(
1,243
)
(
1,314
)
1,364
CASH AND CASH EQUIVALENTS - END OF YEAR
5,295
14,621
10,734
Non-cash Investing activities and financing
Transfer of equipment to a joint venture
-
159
-
Acquisition of right-of-use asset through lease liability (see Note 8)
166
-
-
The accompanying notes are an integral part
of the consolidated financial statements
F-
8
Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION
:
a.
General
Group
Eco Wave Power Global AB (publ) ("the
Parent Company" or together with its subsidiaries "the Company" or "the Group") is a public limited company
organized under the laws of the Kingdom of Sweden formed on March 27, 2019 and registered at the Swedish Companies Registration Office
on April 17, 2019. The Company's American Depositary Shares ("ADSs") are traded on the Nasdaq Capital Market (the "Nasdaq")
in the United States. The Company's corporate identity number is 559202-9499 and its address is Strandvägen 7A, 114 56 Stockholm,
Sweden. Unless expressly indicated otherwise, all amounts are shown in thousands of U.S. dollars ("USD").
The Company acquired Eco Wave Power
Ltd. on June 10, 2019 through a non-cash issuance of common shares and then became the Parent Company of the newly-formed Group. The Company
had no assets or operations at the time of the acquisition. The purpose of the acquisition was to incorporate the business in accordance
with Swedish law before an initial public offering on the Nasdaq First North Stockholm.
The former shareholders of Eco Wave
Power Ltd. became the shareholders in the Company and the substance of the transaction is a capital reorganization and does not represent
a business combination as none of the combining parties can be identified as the acquirer according to International Financial Reporting
Standards ("IFRS") 3. The comparative figures for the period prior to the formation of the Parent Company and the Group are
the figures for the Group of which Eco Wave Power Ltd. is the parent company. Apart from this event, no shares or businesses were acquired
in 2022 or 2021.
In July 2021, the Company completed
an underwritten public offering of ADSs. The ADSs began trading on Nasdaq on July 1, 2021. See note 12d.
On May 30, 2022, the Nasdaq First
North Growth Market Stockholm has accepted the Company's application to delist its common shares. The last day of trading for the
Company's common shares on Nasdaq First North was June 13, 2022. As a result, since June 14, 2022, the Company's securities
trade exclusively on the Nasdaq in the United States in the form of ADSs.
Subsidiaries
The Parent Company is the parent company
to its wholly-owned subsidiary Eco Wave Power Ltd. Eco Wave Power Ltd. is the parent company of the remaining wholly- and partly-owned
subsidiaries:
Name
Main business
Country of registration and incorporation
Year of incorporation
Ownership interest held by the Group on
December 31,
2022
Ownership
interest held by non- controlling interest on
December 31,
2022
Eco Wave Power Ltd. (reg. no. 514593722)
Wave power
Israel
2011
100
%
-
Eco Wave Power Australia PTY Ltd. (org. no.632805353)
Wave power
Australia
2020
100
%
-
Eco Wave Power Gibraltar Ltd. (org. no.113264)
Wave power
Gibraltar
2015
100
%
-
Eco Wave Power Mexico (org. no. 507055)
Wave power
Mexico
2014
60
%
40
%
Eco Wave Manzanillo I (org. no. 562840)
Wave power
Mexico
2016
99.998% owned
by Eco Wave Power Mexico
0.002
%
Suzhou Eco Wave Power Technology Co. Ltd. (org. no. 913205810942967451)
Wave power
China
2014
90
%
10
%
EW Portugal – Wave Energy Solutions, Unipessoal Ida (Org. no. 516138626) – see Note 16c.
Wave power
Portugal
2021
100
%
-
F-
9
Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 1 - GENERAL INFORMATION
(continued):
Joint venture
Name
Main business
Country of registration and incorporation
Year of incorporation
Proportion of the shares on
December 31,
2022
EWP EDF One Ltd. (reg. no. 516065943)
Wave power
Israel
2020
50
%
The remaining
shares of EWP EDF One Ltd. are owned by EDF Renewables in Israel. The aim of this joint venture is to exclusively cooperate in the development,
financing, design, procurement, construction and operation of the new pilot project at Jaffa Port and to evaluate further possible collaborations
in wave power. EWP EDF One Ltd. commenced operations on January 1, 2021.
b.
Update on Covid-19 implications
The COVID-19 pandemic has changed market
and economic conditions on a global scale. These changes have impacted and may continue to impact our ability to carry out operations
as usual, although some of the restrictions were removed in 2021 and furthermore in 2022 (such as travel restrictions, restriction on
movements between countries, lockdowns, industries shutdowns etc.). As a result of the remaining restrictions, the Company experienced
certain delays in projects' execution, shortage in components and price increase of certain components. The Company may continue
to experience supply chain interruptions that may result in additional costs and inefficiencies in operations.
c.
Approval of consolidated financial statements
The consolidated financial statements
of the Group for the year ended December 31, 2022 were approved by the Board of Directors (the "Board") on April 27, 2023,
and signed on its behalf by the Chairman of the Board, the Chief Executive Officer of the Parent Company and the Chief Financial Officer
of the Parent Company.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
:
a.
Basis of presentation
The Group's consolidated financial
statements as of December 31, 2022 and 2021, the results of its operations, its changes in equity and its cash flows for each of the three
years in the period ended December 31, 2022, have been prepared in accordance with IFRS, as issued by the International Accounting Standards
Board ("IASB"). The significant accounting policies described below have been applied on a consistent basis, unless noted
otherwise.
The consolidated financial statements
have been prepared on the basis of historical cost.
The Group classifies its expenses on
the statement of loss based on the functions of such expenses.
The preparation of financial statements
in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment
in the process of applying the Company's accounting policies. Areas involving a higher degree of judgment or complexity, or areas
where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may
differ materially from estimates and assumptions used by the Company management.
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
b.
Principles of consolidation
Consolidated entities are all entities
over which the Parent Company has control. The Parent Company controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity to direct the activities
of the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to the Parent
Company.
Inter-company transactions and balances
between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment
of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
Non-controlling interests in the results
and equity of subsidiaries are shown separately in the consolidated statement of loss, statement of comprehensive loss, statement of changes
in equity and financial position respectively.
c.
Joint ventures
Joint ventures are joint arrangements in
which the Group has rights to the net assets of the arrangement.
Joint ventures are accounted for using
the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include the
Group's share of the income and expenses in profit or loss of equity accounted investees and of their other comprehensive income,
after adjustments to align the accounting policies with those of the Group, from the date that a joint control commences until the date
that joint control ceases.
d.
Functional and presentation currency
Swedish kronor (SEK) is the Parent
Company's functional currency. The Group's presentation currency as used in these consolidated financial statements is the
USD.
Transactions and balances
Foreign currency transactions are translated
into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from
the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at
year end exchange rates, are generally recognized in profit or loss.
Functional currency - Group companies
The results and financial position
of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the
functional currency of the Parent Company are translated into the functional currency of the Parent Company as follows: assets and liabilities
for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for
each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. When a foreign
entity is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
Presentation currency - Parent Company
The results and financial position from
the Parent Company's functional currency are translated into the presentation currency using the following procedures: assets and
liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and
expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this
is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive
income. Such exchange differences arising on translation to the presentation currency will not be reclassified to profit or loss.
d.
Cash and cash equivalents
Cash and cash equivalents include cash
on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use and are
therefore considered to be cash equivalents. The fair value of cash equivalents and short-term bank deposits approximates their carrying
value, since they bear interest at rates close to the prevailing market rates.
e.
Short term bank deposits
Short term bank deposits are bank deposit
for periods of up to
one year
. The fair value of short-term bank deposits approximates their carrying value, since they bear interest
at rates close to the prevailing market rates.
f.
Restricted short-term bank deposits
Restricted short term bank deposits
are short-term bank deposits that are restricted as to withdrawal or use. These deposits are subject to regulatory restrictions and are
therefore not available for general use by the Group. The fair value of restricted short-term bank deposits approximates their carrying
value, since they bear interest at rates close to the prevailing market rates.
g.
Property and equipment
Property and equipment are stated at
historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items.
Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that Group management believes
the residual values of the assets to be negligible, as follows:
%
Plant and equipment
10
Office equipment
33
Land
-
The assets' residual values, methods
of depreciation and useful lives are reviewed and adjusted, if appropriate, at each financial position date. An asset's carrying
amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable
amount.
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
h.
Financial assets and financial liabilities
All financial assets and liabilities
are initially recognized at fair value and, in the case of loan liabilities, net of directly attributable transaction costs. The Group's
financial liabilities include current and non-current interest-bearing liabilities, leasing liabilities, trade payables and other current
liabilities. The Group's financial assets include current receivables and bank balances. The Group's assets and liabilities
are measured at amortized cost.
The Group recognizes a loss allowance
for expected credit losses on a financial asset that is measured at amortized cost. On each financial position date, the Group recognizes
the change in expected credit losses in profit or loss. The Group had no material credit losses in 2022, 2021 and 2020.
i.
Loans and borrowings
Loans and borrowings are initially
recognized at fair value, net of transaction costs incurred. Loans and borrowings are subsequently measured at amortized cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the loans
and borrowings using the effective interest method.
i.
Share capital
The Company's common shares are
classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the
issuance proceeds.
j.
Trade payables
Trade payables are obligations to pay
for goods or services that have been acquired in the common course of business from suppliers. These payables are classified as current
liabilities if payment is due within one year or less.
k.
Deferred taxes
Deferred taxes are recognized using
the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable
income will be available against which the temporary differences can be utilized.
As the Group is currently engaged primarily
in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included
in the financial statements.
l.
Revenue recognition
The Group generated its revenues from
performing feasibility study reports to its customers. The Group recognized revenues upon providing the required reports. The Group does
not grant a right of return.
m.
Research and development expenses
Research expenses are charged to profit
or loss as incurred.
An intangible asset arising from development
(or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled:
●
technical feasibility exists for completing development of
the intangible asset so that it will be available for use or sale;
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
●
it is management's intention to complete development of the intangible asset for use or sale;
●
the Group has the ability to use or sell the intangible asset;
●
it is probable that the intangible asset will generate future economic benefits, including existence of
a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the
usefulness of the intangible asset;
●
adequate technical, financial and other resources are available to complete development of the intangible
asset, as well as the use or sale thereof; and
●
the Group has the ability to reliably measure the expenditure attributable to the intangible asset during
its development.
Other development costs that do not
meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an
asset in subsequent periods. As of December 31, 2022, the Group has not yet capitalized development expenses.
n.
Grants:
1)
Government grants
Government grants, which are received by way of participation
in research and development that is conducted by the Group, fall within the scope of "forgivable loans," as set forth in International
Accounting Standard ("IAS") 20, "Accounting for Government Grants and Disclosure of Government Assistance" ("IAS
20").
The Group recognizes each forgivable loan on a systematic
basis at the same time the Group records, as an expense, the related research and development expenses for which the grant is received,
provided that there is reasonable assurance that (a) the Group complies with the conditions attached to the grant and (b) it is probable
that the grant will be received (usually upon receipt of approval notice).
Since at the time of grant approval there is a reasonable
assurance that the Group will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the
Group will not pay royalties, grant income is recorded against the related research and development expenses in the statements of loss.
If forgivable loans are initially carried
to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid, the Group
recognizes a liability that is measured based on the Group's best estimate of the amount required to settle the Group's obligation
at the end of each reporting period.
2)
The grant received from Maze X Acceleration Program in three instalments in June
2020, in August 2020 and in December 2021 for marketing and business development in Portugal is recognized at the time the Group is entitled
to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing.
3)
Grants received from the European Commission under its Horizon 2020 program for
conducting of concept and feasibility assessment of upscaling the Gibraltar power plant are recognized at the time the Group is entitled
to such grants, based on the costs incurred, and included as a deduction from research and development expenses. The grants are non-royalty
bearing.
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
4)
Grants received from Innovate UK – the UK's innovation agency as part
of the Energy Catalyst Round 8: clean energy - experimental development competition, for a project titled "Sea Wave Energy Powered
Microgrid for Remote Islands and Rural Coasts", executed in collaboration with the UK Queen Mary University of London, the Asian
Institute of Technology, and the Provincial Electricity Authority of Thailand by Eco Wave Power Gibraltar, a subsidiary of Eco Wave Power,
are recognized at the time the Group is entitled to such grants, based on the costs incurred, and included as a deduction from research
and development expenses.
The grants are non-royalty bearing.
o.
Employee benefits:
1)
Pension and severance pay obligations
Israeli labor laws and Eco Wave Power
Ltd.'s employment agreements require Eco Wave Power Ltd. to pay retirement benefits to employees terminated or leaving their employment
in certain other circumstances. For defined contribution plans, the Group pays contributions to publicly or privately administered pension
insurance plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized
as employee benefit expense when they are due. The expense recognized in 2022, in 2021 and in 2020 in relation to these contributions
was $
87
, $
92
and $
69
, respectively.
2)
Vacation and recreation pay
Labor laws in Israel entitle every employee
to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee's
length of service at Eco Wave Power Ltd. Eco Wave Power Ltd. recognizes a liability and an expense in respect of vacation and recreation
pay based on the individual entitlement of each employee.
p.
Loss per share
The basic loss per share is calculated
by dividing the loss attributable to the holders of common shares by the weighted average number of common shares outstanding during the
year. The Company has no potential common shares outstanding that can dilute the current shareholders.
q.
Leases
The Group accounts for leases in accordance
with International Financial Reporting Standard No. 16 "Leases" ("IFRS 16").
The Group is a party to a contract
that is affected by IFRS 16 and constitutes a rental space in Israel that was signed in December 2022. The Group's leases include the
lease of offices for the Company's headquarters in Tel Aviv for a period of 21 months plus two consecutive one year extension options.
Lesssor is bound by lease contract, made prior to the Company's lease contract, that provides an option to a third party on the
same premises. The Company will be able to exercise its options only in the case that the third party will not exercise its option. Third
party has until late 2024 to advise his decision whether to exercise the option or not to the lessor. If the third party will not exercise
its option, then the Company will be able to exercise its option. At inception of a contract, the Group assesses whether a contract is,
or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms
and conditions of the contract are changed.
At the commencement date, the Group
measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise
price of an extension option if the Group is reasonably certain to exercise that option.
Simultaneously, the Group recognizes
a right-of-use asset in the amount of the lease liability.
F-
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
Since the interest rate implicit in
the lease cannot be readily determined, the Group uses the Group's incremental borrowing rate. This rate is the rate of interest
that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of
a similar value to the right-of-use asset in a similar economic environment.
The lease term is the non-cancellable
period for which the Group has the right to use an underlying asset. Both periods covered by an option to extend the lease are excluded
from the lease term as the Group is uncertain that it will be able to exercise it due to the prior option that a third party has on the
same premises.
After the commencement date, the Group
measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted
for any remeasurement of the lease liability.
Assets are depreciated by the straight-line
method over the estimated useful lives of the right-of-use assets or the lease period, whichever is shorter:
Months
Property
21
Interest on the lease liability is
recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on
the remaining balance of the lease liability.
Payments associated with short-term
leases are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months
or less without a purchase option.
‏
r.
Segment reporting
The Company has one operating and reportable
segment. This was determined based on internal consolidated management reports reviewed by the Group's chief operating decision maker,
which is the Chief Executive Officer.
s.
Standards and amendments to existing standards that are not yet in effect:
Classification of Liabilities as
Current or Non-current (Amendment to IAS 1)
The amendments to IAS 1, issued in January
2020, clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting
period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver
or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the 'settlement' of a liability.
In response to concerns raised on the 2020 amendments, further amendments were issued in October 2022, which clarified that covenants
of loan arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as
current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting
date would affect classification as current or non-current, even if the covenant is only assessed after the entity's reporting date.
The 2022 amendments introduce additional disclosure requirements when an entity classifies a liability arising from a loan arrangement
as non-current and that liability is subject to covenants which an entity is required to comply with within twelve months of the reporting
date. The amendments should be applied retrospectively for annual reporting periods beginning on or after January 1, 2024, with early
application permitted. The adoption of the amendments is not expected to have a material impact on the Group's financial statements.
F-
16
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES
(continued):
Disclosure
of Accounting Policies (Amendment to IAS 1)
The
IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendment defines
what is 'material accounting policy information' and explains how to identify when accounting policy information is material.
The Amendment to IAS 1 further clarifies that immaterial accounting policy information does not need to be disclosed. If it is disclosed,
it should not obscure material accounting information.
The
Amendment to IAS 1 is applicable for annual periods beginning on or after January 1, 2023.
The
Company is currently evaluating the effects of adopting the Amendment to IAS 1 on its financial statements.
NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
:
Based
on the assessments by Company management, the Group's exposure to credit risk as of December 31, 2022 is immaterial (see Note 3c).
The activities of the Group expose it to market risk, primarily as a result of currency risk.
a.
Market
                                            risk:
1)
Currency
                                            risk
The
Group's activities are partly denominated in non-SEK currencies (primarily the USD and the New Israeli Shekel, or "NIS"),
which exposes the Group to risks resulting from changes in exchange rates.
The
effect of fluctuations in various exchange rates on the Group's income and equity is as follows:
December 31, 2022
Income (loss)
Value on
Income (loss)
Sensitive instrument
10%
increase
5%
increase
financial position
5% decrease
10% decrease
In USD thousands
NIS-linked balances:
Cash and cash equivalents
(
6
)
(
3
)
71
4
8
Restricted short term bank deposits
(
6
)
(
3
)
63
3
7
Other receivables
-
-
4
-
-
Lease liability
15
8
(
166
)
(
9
)
(
18
)
Trade payables
2
1
(
25
)
(
1
)
(
3
)
Other payables
26
13
(
282
)
(
15
)
(
31
)
Total NIS-linked balances
31
16
(
335
)
(
18
)
(
37
)
USD-linked balances
Cash and cash equivalents
(
10
)
(
5
)
110
6
12
Short term bank deposits
(
455
)
(
238
)
5,000
263
556
Loans from related party
86
45
(
941
)
(
50
)
(
105
)
Total USD- linked balances
(
379
)
(
198
)
4,169
219
463
Total
(
348
)
(
182
)
3,834
201
426
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Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
(continued):
December 31, 2021
Income (loss)
Value on
Income (loss)
Sensitive instrument
10%
increase
5%
increase
financial
position
5%
decrease
10%
decrease
In USD thousands
NIS-linked balances:
Cash and cash equivalents
(
5
)
(
2
)
51
3
6
Short term bank deposits
(
7
)
(
4
)
76
4
8
Other receivables
(
2
)
(
1
)
18
1
2
Lease liability
12
6
(
127
)
(
7
)
(
14
)
Trade payables
1
1
(
13
)
(
1
)
(
1
)
Other payables
18
9
(
195
)
(
10
)
(
22
)
Total NIS-linked balances
17
9
(
190
)
(
10
)
(
21
)
USD-linked balances
Cash and cash equivalents
(
662
)
(
347
)
7,285
383
809
Loans from related party
100
52
(
1,102
)
(
58
)
(
122
)
Total USD- linked balances
(
562
)
(
295
)
6,183
325
687
Total
(
545
)
(
286
)
5,993
315
666
The
Group also maintains cash and cash equivalent balances in other currencies in amounts that are not material.
As
shown in the table above, the Group is primarily exposed to changes in USD/SEK exchange rates. The sensitivity of profit or loss to changes
in the exchange rates arises mainly from U.S. dollar-denominated financial instruments. The impact on other components of equity is considered
to be low.
2)
Concentration of currency risk
Set
forth below is certain data regarding U.S. dollar exchange rates:
Exchange rate
Exchange rate
of SEK per $1
of NIS per $1
As of December 31:
2020
8.1886
3.215
2021
9.0437
3.110
2022
10.4371
3.519
Percentage
increase (decrease) in USD exchange rate:
2020
(12.11
)%
(7.0
)%
2021
10.44
%
(3.3
)%
2022
15.41
%
13.15
)%
F-
18
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
(continued):
Set
forth below is information on the linkage of monetary items by currency:
December 31, 2022
Other
SEK
NIS
USD
Currencies
in USD thousands
Assets:
Current assets:
Cash and cash equivalents
5,014
71
110
100
Short term bank deposits
-
-
5,000
-
Restricted short term bank deposits
-
63
-
-
Other receivables
152
4
-
5
5,166
138
5,110
105
Liabilities:
Current liabilities:
Current maturities of long-term loans
-
-
941
32
Current maturities of lease liability
-
78
-
-
Accounts payable and accruals:
Trade
50
25
-
-
Other
124
282
-
327
Non-current liabilities
Lease liabilities, net of current maturities
-
88
-
-
Long-term loans, net of current maturities
-
-
-
96
174
473
941
455
Net asset value
4,992
(
335
)
4,169
(
350
)
December 31, 2021
Other
SEK
NIS
USD
Currencies
in USD thousands
Assets:
Current assets:
Cash and cash equivalents
7,276
51
7,285
9
Restricted short term bank deposits
-
70
-
-
Other receivables
328
18
-
43
7,604
139
7,285
52
Liabilities:
Current liabilities:
Current maturities of long-term loans
-
-
220
-
Current maturities of lease liability
-
127
-
-
Accounts payable and accruals:
Trade
33
13
-
-
Other
97
231
-
182
Non-current liabilities
Lease liabilities, net of current maturities
-
-
-
-
Long-term loans, net of current maturities
-
-
882
129
130
371
1,102
311
Net asset value
7,474
(
232
)
6,183
(
259
)
F-
19
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
(continued):
3)
Fair
                                            value of financial instruments
As
of December 31, 2022, and 2021, the financial instruments of the Group consist of non-derivative assets and liabilities (primarily working
capital items, deposits and loans).
With
regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated
statement of financial position is generally close or identical to their carrying amount.
4)
Exposure
                                            to market risk and management thereof
In
the opinion of Group management, the market risk to which the Group is exposed is primarily related to currency risk exposure, as mentioned
above. Additionally, Group management does not consider the interest rate risk to be material.
b.
Changes
                                            in financial liabilities which are classified under cash flows provided from financial activities
See
notes 8b, 10b and 11b for changes in financial liabilities.
c.
Credit
                                            risk
Credit
risk arises from bank balances at banks and outstanding receivables. Credit risk is managed by Group management. Only banks and credit
institutions with a good credit rating are accepted. Outstanding receivables are outstanding with public authorities and other counterparties
with a strong financial position, which is why the credit risk is considered to be limited.
c.
Liquidity
                                            risk
Through
careful liquidity management, the Group ensures that sufficient cash is available to meet the need in operating activities. At the same
time, the Group ensures that it has sufficient cash and cash equivalents to enable debts to be paid when they fall due. Group management
monitors rolling forecasts of the Group's liquidity reserves on the basis of anticipated cash flows and maintains the liquidity
balances at a level that is sufficient to meet its needs.
Information
about non current financial liabilities due dates:
2023
2024
2025
2026
2027
Total
in USD thousands
Long-term loans from related party
941
-
-
-
-
941
Other long-term loan
32
31
30
29
27
149
Lease liabilities
85
94
-
-
-
179
Total
905
114
20
20
20
1,079
F-
20
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
4 - CRITICAL ESTIMATES AND JUDGMENTS
As
part of the financial reporting process, Group management is required to make estimates that affect the value of assets, liabilities,
income, expenses and certain disclosures included in the Group's consolidated financial statements. By their very nature, such
estimates are subjective and complex and consequently may differ from actual results.
The
accounting estimates used in the preparation of the financial statements are continually evaluated and adjusted based on historical experience
and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
Described
below are the critical accounting estimates used in the preparation of the financial statements, the formulation of which required Group
management to make assumptions as to circumstances and events that involve significant uncertainty. In using its judgment to determine
the accounting estimates, the Group takes into consideration, as appropriate, the relevant facts, past experience, the effect of external
factors and reasonable assumptions under the circumstances.
Government
grants
Grants
from governments are recognized at the time the Group is entitled to such grants, on the basis of the costs incurred, and included as
a deduction from research and development expenses and sales and marketing expenses. Government grants received are recognized as a liability
if economic benefits are expected as a result of research and development activities that will result in sales entitling the state to
royalties. Government grants are treated as a forgivable loan when there is a reasonable assurance that the entity will meet the terms
for forgiveness of the loan. There is uncertainty about the expectation of future economic benefits as a result of research and development
activities.
Deferred
taxes
Based
on management's discretion, the Group has not created deferred tax assets in respect of accrued losses for tax purposes, as it
is not expected that the Group will be able to utilize these losses in the foreseeable future against taxable income.
Research
and development expenses
Research
and development expenses are recorded in accordance with the accounting policies detailed in Note 2m. Group management has examined the
conditions specified in Note 2l and in its opinion, as of December 31, 2022, it does not meet them. Therefore, as of December 31, 2022,
the Group has not yet capitalized research and development expenses, and research and development expenses were charged to the income
statement.
NOTE
5 - SHORT-TERM BANK DEPOSITS
Eco Wave Power Ltd. has deposited an
amount of $
5,000
in Bank Hapoalim Ltd. in short-term bank deposits for a period of
one year
. The short-term bank deposits are in USD.
The company will be entitled to interest at an annual rate of
4.6
% at the end of the deposit period should it not withdraw the deposit
before the end of the period.
NOTE
6 - RESTRICTED SHORT-TERM BANK DEPOSITS
To
secure Eco Wave Power Ltd.'s bank guarantees, Eco Wave Power Ltd. has deposited an amount of $
63
(2021 - $
70
) in Bank Hapoalim
Ltd. in short-term bank deposits. The short-term bank deposits are in NIS and bear interest at an average annual rate of prime –
3.39
%. These deposits are subject to regulatory restrictions and are therefore not available for general use by the Group.
F-
21
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
7 - PROPERTY AND EQUIPMENT:
Set
forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications,
as well as the changes therein for the respective years:
Cost
Accumulated depreciation
Net book value
Balance at
beginning
of year
Additions
during
year
Transfers/
abandonments
during
year*
Foreign
currency
translation
reserve
Balance at
end of
year
Balance at
beginning of year
Additions
during
year
abandonments
during
year
Foreign
currency
translation
reserve
Balance at
end of
year
Balance at
end of
year
Composition in 2022:
Land
73
-
-
4
77
-
-
-
-
-
77
Plant and equipment
1,407
-
(
310
)*
(
131
)
966
292
114
(
32
)*
(
48
)
326
640
Office equipment
29
3
-
(
3
)
28
22
2
-
(
1
)
23
5
1,509
3
(
310
)*
(
130
)
1,071
314
116
(
32
)*
(
49
)
349
722
Composition in 2021:
Land
75
-
-
(
2
)
73
-
-
-
-
-
73
Plant and equipment
1,539
9
(
159
)**
18
1,407
146
141
-
5
292
1,115
Office equipment
24
4
-
1
29
20
1
-
1
22
6
1,638
13
(
159
)**
17
1,509
166
142
-
6
314
1,194
Composition in 2020:
Land
79
-
-
(
4
)
75
-
-
-
-
-
75
Plant and equipment
1,284
177
-
78
1,539
115
21
-
10
146
1,393
Office equipment
22
-
-
2
24
15
3
-
2
20
4
1,385
177
-
76
1,638
130
24
-
12
166
1,472
*
Between 2016 and January 2022, the company operated a grid-connected proof-of-concept wave energy array in Gibraltar. On January 20,
2022, the company announced a collaboration agreement with AltaSea, a non-profit that accelerates scientific collaboration and advances
an emerging blue economy, at the Port of Los Angeles. On March 2, 2022, the company announced its intent to relocate the energy conversion
unit from Gibraltar to AltaSea's premises in the Port of Los Angeles. Eco Wave Power intends to develop and supply new and upgraded
floaters for its planned pilot in AltaSea's premises, while Gibraltar power station's floater mechanisms were sent to steel
recycling. As a result, the company has recorded a one-off loss of $
278
.
**
Transferred to a joint venture. See note 9.
Property
and equipment are held by the Company's subsidiaries.
F-
22
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
8 - LEASES:
a.
Right-of-use
                                            assets:
Cost
Accumulated
    depreciation
Net
    book value
Balance at
beginning of year
Additions
    during
year
Derecognition
                                            during
Year
Foreign
    currency translation reserve
Balance at
end of
year
Balance at
beginning of year
Additions
    during
year
Derecognition
                                            during
Year
Foreign
    currency translation reserve
Balance at
end of
year
Balance at
end of
year
Composition in 2022:
Offices
328
166
(
291
)
(
37
)
166
227
93
(
291
)
(
29
)
-
166
328
166
(
291
)
(
37
)
166
227
93
(
291
)
(
29
)
-
166
Composition
    in 2021:
Offices
332
-
-
(
4
)
328
124
106
-
(
3
)
227
101
332
-
-
(
4
)
328
124
106
-
(
3
)
227
101
Composition
    in 2020:
Offices
304
-
-
28
332
16
99
-
9
124
208
304
-
-
28
332
16
99
-
9
124
208
F-
23
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 8 - LEASES
(continued):
b.
Lease liabilities:
Balance at
beginning of year
Additions during year
Interest
expense
during
    year
Payments during year
Translation adjustment
Balance
at end
of year
in USD thousands
Composition in 2022 -
Offices
127
166
3
(
120
)
(
10
)
166
Total
127
166
3
(
120
)
(
10
)
166
Composition in 2021 -
Offices
219
-
7
(
103
)
4
127
Total
219
-
7
(
103
)
4
127
Composition in 2020
Offices
288
-
10
(
96
)
17
219
Total
288
-
10
(
96
)
17
219
As of December 31
2022
2021
in USD thousands
Composition of lease liabilities:
Current lease liabilities
Offices
78
127
78
127
Non-current lease liabilities
Offices
88
-
88
-
Total
166
127
c.
Additional disclosure:
1)
The Group was a party to a contract that is affected by IFRS
16 and constitutes a rental space in Israel that was signed in November 2019. The agreed rental period is 24 months plus an extension
option of an additional 12 months. The extension option held is exercisable only by the Group and not by the lessor. During 2021 the
group exercised its option for additional 12 months until October 31, 2022. This liability was measured at the present value of the remaining
lease payments, discounted using the Group's incremental borrowing rate as of November 2019 –
4
%.
2)
In December 2022 the Group signed a new lease contract that
is affected by IFRS 16. See note 2q. This liability was measured at the present value of the remaining lease payments, discounted using
the Group's incremental borrowing rate as of December 2022 –
7
%.
3)
To secure the Group's lease obligation on its offices,
the Group has provided a bank guarantee in the amount of $
33
for the benefit of the lessor.
4)
As of December 31, 2022, future lease payments under the
leases were:
Total
Year:
in USD thousands
2023
85
2024
94
179
5)
In 2022 and in 2021, a short-term lease with a lease term of fewer than 12 months without a purchase
option is recognized as an expense in profit or loss at the amount of $
12
and $
10
, respectively.
F-
24
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 9 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY
METHOD
Eco Wave Power Ltd. owns
50
% of EDF
EWP One Ltd., a private limited liability company incorporated under the laws of Israel.
The remaining part of EWP EDF One Ltd.
is owned by EDF Renewables IL in Israel. The objective of the joint venture is to exclusively cooperate in the development, financing,
design, procurement, construction and operation of the new pilot project at Jaffa Port and to evaluate further possible collaborations
in wave power. Initial funds in the amount of $
117
in cash and $
159
in non cash transfer of equipment were contributed during 2021. Additional
funds in the amount of $
298
in cash were contributed during 2022. The investment in the joint venture is presented as an investment in
a joint venture in the Company's consolidated statement of financial position as the Company does not have control over the joint
venture.
NOTE 10 - LONG-TERM LOAN FROM RELATED PARTY
:
a.
Composition:
December 31
2022
2021
in USD thousands
Loans from David Leb, Board member
941
1,102
Less - current maturities
(
941
)
(
220
)
Total long-term loans
-
882
b.
Change during the year:
Year ended December 31
2022
2021
2020
in USD thousands
Beginning of year
1,102
1,062
1,024
Payment
(
200
)
-
-
Interest expenses
39
40
38
End of year
941
1,102
1,062
c.
Additional disclosure:
Eco Wave Power Ltd. has entered into
two loan agreements with a shareholder and a Board member, David Leb, a related party, amounting to $
941
as of December 31, 2022 (denominated
in USD).
1)
The first loan agreement relates to an amount of $
200
. The loan agreement is subject to an annual interest
rate of
4
%, calculated on the total debt including accrued interest. The loan principal was paid out in 2022. The accrued interest is
classified as a current liability to a related party in the statement of financial position.
2)
The
second loan agreement relates to an amount of $
800
. Under the loan agreement, the credit period is
36 months
, starting June 1, 2019,
and if the loan is not repaid within the credit period, an interest rate of
4
% applies. The agreement does not specify specific repayment
dates. It is Eco Wave Power Ltd.'s intention to not repay the loan within the 36 months period. Therefore, Eco Wave Power Ltd.
accrues interest on the loan.
The loan is classified as a current liability to a related party in the statement of financial position.
The loan is payable upon demand.
F-
25
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 11 – OTHER LONG-TERM LOAN:
a.
Composition:
December 31
2022
2021
in USD thousands
Loan from PortXL Netherlands B.V.
128
129
Less - current maturities
(
32
)
-
Total long-term loan
96
129
b.
Change during the year:
Year ended December 31
2022
2021
2020
in USD thousands
Beginning of the year
129
134
116
Interest expenses
6
6
6
Foreign currency translation adjustment
(
7
)
(
11
)
12
End of year
128
129
134
c.
Additional disclosure
Loan from PortXL Netherlands B.V.
Eco Wave Power Ltd. entered into an
accelerator agreement with PortXL Netherlands B.V. in March 2019. The loan was granted under a mentorship-driven open innovation startup
accelerator program focusing on port related industries. The loan consists of (i) an amount of EUR
85,000
(approximately $
91,000
) in kind,
consisting of participating in the Program and (ii) an amount of EUR
15,000
(approximately $
16,000
) in cash. Eco Wave Power Ltd. must
repay the loan in five annual installments, starting April 1, 2023. The loan agreement is subject to an annual interest rate of
5
%, calculated
on the total debt including accrued interest. To the extent that Eco Wave Power Ltd. fails to repay the loan when due, PortXL Netherlands
B.V. shall be entitled, as a sole remedy, to be issued common shares of Eco Wave Power Ltd. in such number equal to the unpaid balance
of the loan and the accrued interest, divided by $
375.825
. Upon such issuance, the loan shall be deemed repaid in full.
NOTE 12 - EQUITY:
a.
Share capital:
Number of Common Shares December 31
2022
2021
Authorized share capital
140,000,000
140,000,000
Issued and paid up share capital
44,394,844
44,394,844
b.
In SEK
December 31
2022
2021
Authorized share capital (in thousands SEK)
2,800
2,800
Issued and paid-up share capital (in thousands SEK)
888
888
F-
26
Eco Wave Power Global
AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE
12 - EQUITY
(continued):
c.
Rights related to shares
The common shares confer upon their
holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2022, all outstanding
share capital consisted of common shares.
d.
Changes in the Company's equity:
In May 2019, Eco Wave Power Ltd. completed
a private offering of
314,650
common shares. The offering raised a total amount of $
928
.
In July 2019, the Company completed
an underwritten public offering of
6,355,594
common shares at a public offering price of SEK
19
per share. The offering raised a total
of $
12,928
, with net proceeds of $
11,949
, after deducting fees and expenses.
In July 2021, the Company completed
an underwritten public offering of
1,000,000
ADSs, representing
8,000,000
common shares at a price to the public of $
8.00
per ADS. The
ADSs began trading on Nasdaq on July 1, 2021.
The Company granted A.G.P./Alliance
Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering
price, less the underwriting discounts and commissions. AGP exercised its option in full on July 1, 2021. The closing of all 1,150,000
ADSs, representing 9,200,000 common shares, occurred simultaneously.
The offering raised a total of $
9,200
,
with net proceeds of $
7,964
, after deducting fees and expenses.
On May 30, 2022, the Nasdaq First
North Growth Market Stockholm accepted the Company's application to delist its common shares. The last day of trading for the Company's
common shares on Nasdaq First North was June 13, 2022. As a result, since June 14, 2022, the Company's securities trade exclusively
on the Nasdaq in the United States in the form of ADSs.
NOTE 13 - TAXES ON INCOME
:
a.
Corporate taxation
The income of Eco Wave Power Global
AB (publ) is taxed at the standard Swedish corporate tax rate, which was
20.6
% for 2021 and 2022 and
21.4
% for 2020.
The income of Eco Wave Power Ltd. is
taxed at the standard Israeli corporate tax rate, which was
23
% for 2022, 2021 and 2020.
b.
Tax loss carryforwards:
1)
EWPG Holding AB (publ) - As of December 31, 2022, the tax loss carryforwards of the Parent Company were
approximately $
1,970
. The tax loss carryforwards have no expiration date.
2)
Eco Wave Power Ltd. - As of December 31, 2022, the tax loss carryforwards of Eco Wave Power Ltd. were
approximately $
6,900
. The tax loss carryforwards have no expiration date.
The Group has not created deferred
tax assets in respect of these tax loss carryforwards. See Note 2k.
F-
27
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 13 - TAXES ON INCOME
(continued):
c.
Theoretical taxes
As described in Note 2k, the Group
has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable
future. The reported tax on the Group's income before taxes differs from the theoretical amount that would arise using the tax rate
applicable to income of the company as follows:
Year ended December 31
2022
2021
2020
in USD thousands
Loss before taxes
(
2,901
)
(
2,347
)
(
1,969
)
Sweden corporate tax rate
20.6
%
20.6
%
21.4
%
Theoretical tax benefit
(
598
)
(
484
)
(
421
)
Effect of different tax rates in foreign subsidiaries
65
(
18
)
(
36
)
Tax losses incurred in the reporting year
for which deferred taxes were not created
533
502
458
Taxes on income for the reported year
-
-
1
NOTE 14 - TRANSACTIONS AND BALANCES WITH RELATED
PARTIES:
Transactions with related parties
:
a.
Key management compensation
Key management includes directors and executive officers. The
compensation paid or payable to key management for services during the year indicated is presented below.
Year ended December 31
2022
2021
2020
in USD thousands
Salaries and other short-term employee benefits
737
801
688
Post-employment benefits
57
58
37
Total
794
859
725
b.
Loans from related party (see Note 10)
c.
Interest expenses on related party loan (see Note 10)
d.
Balances with related parties
December 31
December 31
2022
2022
in USD thousands
Long term loans (see Note 10)
-
882
Current maturities of long term loans
941
220
Other accounts payable and accruals
94
67
F-
28
Eco Wave Power Global AB
(publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 14 - TRANSACTIONS AND BALANCES WITH RELATED
PARTIES
(continued):
e.
See Note 16b related to an agreement with a minority shareholder in one of our subsidiaries.
f.
According to an amendment to the CEO's employment agreement, signed between Eco Wave Power Ltd. and the CEO on May 26, 2021,
upon a change of control, as defined in the amendment, to the CEO's employment agreement, the CEO will be entitled to a cash bonus
of $
2.0
million.
NOTE 15 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
:
a.
Other receivables and prepaid expenses:
December 31
2022
2021
in USD thousands
Value Added Tax authorities
6
26
Advances to suppliers
152
329
Other
3
34
161
389
The carrying amounts of receivables approximate
their fair value, as the effect of discounting is not material
b.
Accounts payable and accruals:
1)
Trade:
December 31
2022
2021
in USD thousands
Accounts payable:
In Sweden
16
33
Overseas
59
13
75
46
2)
Other:
Payroll and related expenses
247
277
Accrued expenses
258
151
Other
228
82
733
510
The carrying amounts of accounts payable
and accruals approximate their fair value, as the effect of discounting is not material.
c.
Information about geographical areas of non current assets
Israel
USA
Mexico
Total
in USD thousands
Property and equipment, net
47
598
77
722
Right-of-use assets, net
166
-
-
166
Investments in a joint venture accounted for using the equity method
510
-
-
510
Total
723
598
77
1,398
F-
29
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 15 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
(continued):
d.
Revenues
Year ended December 31
2022
2021
2020
in USD thousands
Revenues
26
31
-
26
31
-
Revenues
of $
26
(2021- $
31
) were from services the group provided in connection with a feasibility study in Asia. To date, the group has not generated
any revenue from product sales.
e.
Research and development expenses:
Year ended December 31
2022
2021
2020
in USD thousands
Payroll and related expenses
606
540
394
Loss on abandonment of fixed assets*
278
-
-
Depreciation
114
140
21
998
680
415
Less – grants received
(
100
)
(
10
)
(
49
)
898
670
366
*
See note 7.
Additional disclosure
Grants were received from Innovate
UK as part of the Energy Catalyst Round 8: clean energy - experimental development competition, from Morocco's Smart Port Challenge
Competition, from the Israeli Ministry of Energy and from the European Commission under the Horizon 2020 Framework Program. To secure
the Group's obligation to the Israeli Ministry of Energy, under the grant terms, the Group has provided a bank guarantee in the
amount of $
11
for the benefit of the Government of Israel (see Note 2n1). The bank guarantee expired in September 2022.
f.
Selling and marketing expenses:
Year ended December 31
2022
2021
2020
in USD thousands
Payroll and related expenses
190
337
289
Overseas travels
192
56
24
Other
79
92
44
Less – Grants received
-
-
(
9
)
461
485
348
g.
General and administrative expenses:
Payroll and related expenses
658
824
614
Professional services
568
431
138
Depreciation
96
116
102
Other
937
538
250
2,259
1,909
1,104
F-
30
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 15 - SUPPLEMENTARY
FINANCIAL STATEMENT INFORMATION
(continued):
h.
Financial income and expenses:
Financial income
Foreign currencies exchange gain, net
763
792
-
Interest on short term deposits
2
-
-
Finance income
765
792
-
Financial expenses
Bank commissions
(
11
)
(
16
)
(
25
)
Interest on long term loans and lease liability
(
48
)
(
53
)
(
54
)
Other – Mainly foreign currencies exchange loss
-
-
(
72
)
Financial expenses
(
59
)
(
69
)
(
151
)
Financial income (loss) - net
706
723
(
151
)
NOTE 16 - COMMITMENTS:
a.
Grants from the Israeli Ministry of Energy
Grants received from the Israeli Ministry
of Energy for an approved pioneering research and development program are recognized at the time the Group is entitled to such grants,
on the basis of the costs incurred, and included as a deduction from research and development expenses. The grants are
5
% royalty bearing
from commercialization of the intellectual property products, until repayment of
100
% of the grants received by the Group. The royalties
are linked to the Israeli general consumer price index.
As discussed in Note 2n, this transaction
was treated as a "forgivable loan," as set forth in IAS 20.
b.
Loan from Management Committee of Jiangsu Changshu High Tech Development Zone
Eco Wave Power Ltd. entered into an accelerator
agreement with Management Committee of Jiangsu Changshu High Tech Development Zone and with Changshu Shirat Enterprises Management Co.,
Ltd. in 2013. Changshu Shirat Enterprises Management Co., Ltd. owns
10
% of the Suzhou Eco Wave Power Technology Co. Ltd.
Under the agreement, the Management Committee
of Jiangsu Changshu High Tech Development Zone lent Suzhou Eco Wave Power Technology Co. Ltd. RMB
3,977
thousands ($
570
). The loan was
granted in RMB to co-finance the construction of a power plant in Gibraltar as well as to support other ventures.
Suzhou Eco Wave Power Technology Co. Ltd.
should repay the loan by remitting
3
% of the net proceeds from Gibraltar pilot project and future projects in China alone plus
5
% annual
interest. In addition, Suzhou Eco Wave Power Technology Co. Ltd. is also obligated to pay to Changshu Shirat Enterprises Management Co.,
Ltd.
5
% of the net proceeds from commercialization of its future projects for a term of
10
years from the date of the agreement. There
were no proceeds in China since 2013 and there are no expected proceeds.
As discussed in Note 2n, this transaction
was treated as a "forgivable loan," as set forth in IAS 20.
c.
Portugal
In April 2020, Eco Wave Power Ltd.
entered into an official concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo
("APDL") regarding the use of an area potentially suitable for construction, operation and maintenance of a wave energy power
plant of up to 20 megawatts at four sites owned and operated by APDL (the "Concession Agreement").
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31
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 16 - COMMITMENTS
(continued):
In September 2020, Eco Wave Power Ltd.
established EW Portugal – Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal, to enable Eco Wave
Power Ltd. to commence official licensing procedures for the project.
In October 2020, Eco Wave Power Ltd.
entered into a strategic collaboration with Painhas Engineering and Construction Company ("Painhas") for the technical support
for the licensing of the Portugal project. Painhas will play an integral part in the technical support needed for the official licensing
procedures for the planned wave energy project in Portugal, as part of the newly signed 20 megawatts Concession Agreement with the Port
Authority of Leixões - APDL. Once licensing is obtained, the parties will work towards a continued collaboration for the execution
of the project.
During
2021, Eco Wave Power's fully owned Portuguese subsidiary, EW Portugal-Wave Energy Solutions Unipessoal Lda.
has received
an installation and grid connection permit of 1MW in the form of a Small-Production Unit registration approval (registration number 5089)
from the Portuguese Directorate-General for Energy and Geology. This registration approval is required for the installation and grid
connection of a 1MW pilot project at the Barra do Douro breakwater in Porto, Portugal.
The Small-Production Unit Registration approval
is the first permit required by EW Portugal to proceed with the actual installation and grid connection of a first 1MW wave energy power
station on the ocean side of the Barra do Douro breakwater.
After obtaining the licenses for the
operation and grid connection the Company has retained the services of Efiki Partners in 2022, to produce a social-economic report for
its' first 1MW, which will enable the Company to receive the final required license for the project, the Título de Utilização
de Recursos Hídricos license, which is expected to be granted by Administração dos Portos do Douro, Leixões
e Viana do Castelo, SA (APDL) (the site owner) once report is completed, to the satisfaction of all parties.
d.
USA
In January 2022, Eco Wave Power Ltd. entered into a collaboration agreement with AltaSea at the Port of Los Angeles. In December 2022,
the energy conversion unit, formerly deployed in Gibraltar, arrived at AltaSea at the Port of Los Angeles where it will be installed as
a pilot station.
e.
Spain – Port of Adriano
During the first quarter 0f 2022 Eco
Wave Power entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to
2MW. According to the terms of the agreement, Port Adriano will assign a potentially suitable location to Eco Wave Power for a period
of
20
years, while Eco Wave Power will be responsible for securing all the licenses, constructing, and commissioning the power plant/s
and selling the electricity to be generated by the power plant in accordance with an approved production quota, to be determined for the
site. The Company has commenced an in-depth feasibility study in the Port. Once the study is fully completed with favorable results, the
parties will enter discussions regarding the licensing requirements and financial terms of the planned 2MW project.
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32
Eco
Wave Power Global AB (publ)
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 16 - COMMITMENTS
(continued):
f.
Turkey
In December 2022, Eco Wave Power Ltd. entered into an agreement with OREN Ordu Enerji, or Ordu Energji, for the potential construction
of an up to 77 megawatts wave energy installation in Ordu, Turkey.
According to the terms of the agreement, Ordu Enerji will
assign nine potentially suitable breakwaters to the company for a period of
25
years from activation of the relevant pilot or power station,
while the company will be responsible for constructing, and commissioning the power plant(s) and selling the electricity to be generated
by the power plant in accordance with an approved production quota to be determined for the site.
Subject to certain conditions, including,
among others, receiving favorable results from feasibility studies and receipt of applicable licenses and permits, the 77 megawatts power
station is planned to be constructed in several stages, starting with an up to 4 megawatts pilot station, and continuing with the construction,
operation, and maintenance of the remaining capacity of the plant of up to 73 megawatts. Ordu Enerji has a right of first refusal to invest
partially in different stages of the project.
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