In a testament to its rapidly growing traction in the space technology sector, Muon Space has now secured over $100 million in committed customer contracts in 2024 for its Halo LEO satellites. A key highlight of these contracts is a landmark agreement with SNC for the development and delivery of three next-generation satellites to further SNC’s Vindlér commercial RF technology. The first Muon satellite block is slated for launch in 2025.

SNC’s Vindlér constellation delivers industry-leading RF collection and analytics functionality. The additional satellites will significantly enhance the ability to simultaneously collect multiple signals of interest over an unprecedented range of the RF spectrum. This will also increase total downlink volumes, thereby transforming current commercial possibilities and supporting an expanding array of mission sets.

“SNC teamed up with Muon Space for an advanced radio frequency sensing satellite capability and end-to-end mission solution,” said Tim Owings, Executive Vice President of SNC’s MST business area. “Muon’s scalable design, instrument development, and operations support, coupled with our RF technology, diverse data sets, and analytic capabilities, will provide a new level of commercial possibilities starting in 2025.”

The partnership between Muon Space and SNC underscores the combined strengths of an industry leader in ELINT/tactical sensors and the innovative potential of New Space and agility of modular design in Muon’s Halo satellite technology. This collaboration is set to redefine commercial RF solutions and deliver unparalleled value to various mission applications.

“Having an established industry leader like SNC select Muon Space for this mission really underlines our competitive edge,” said Gregory Smirin, President of Muon Space. “Our end-to-end solution offers a significant advantage, providing SNC with a seamless and integrated approach from design to deployment and operations. This partnership validates our commitment to delivering comprehensive, cutting-edge constellation performance that stands out in an extremely competitive market.”

The Series B funding round underscores investor confidence in Muon Space’s innovative approach and market potential. With this capital raise, Muon Space plans to scale its operations, expand its product offerings, and continue to pioneer advancements in space-based sensing and analytics. This funding will be instrumental in supporting the company’s growth and the execution of its strategic initiatives.

“Muon Space’s cutting-edge technology, phenomenal track record of execution, and multi-billion dollar market potential make it a highly compelling investment opportunity,” said Raj Atluru, Managing Partner of Activate Capital. “With the industry’s best team and technology built around a compelling vision and huge opportunity, we believe Muon Space is positioned to define the next era of space infrastructure.”

“Our mission at Muon Space is to harness the power of space to deliver critical insights and data that drive meaningful change on Earth,” said Jonny Dyer, CEO of Muon Space. “This funding and our growing list of top-tier strategic partners, like SNC, position us to accelerate our mission and make space-based intelligence accessible and impactful across a variety of sectors. We are dedicated to pushing the boundaries of what is possible in space to unlock a safer and more resilient world.”

* $56,703,744 to be precise

About Muon Space
Founded in 2021, Muon Space is an end-to-end Space Systems Provider that designs, builds, and operates LEO satellite constellations delivering mission-critical data. Our revolutionary, integrated technology stack enables customers to optimize every dimension of their missions for faster time-to-orbit and superior constellation remote sensing performance. Our state-of-the-art facility in the heart of Silicon Valley is optimized for manufacturing spacecraft and rapid, flexible payload integration at scale. From climate monitoring to national security, Muon Space is dedicated to delivering Earth Intelligence for a safer and more resilient world.

For more information on Muon Space, visit: https://www.muonspace.com/

About SNC
SNC is a trusted global leader in aerospace and national security. Our innovative solutions enable connected protection through command, control and communications systems, as well as ISR, cyber, electronic spectrum management, and other high capabilities for national security systems across all domains – sea, land, air, space and cyber. SNC is a next-generation prime at the optimum intersection of commercial, defense and non-traditional contractors. We are one of the only privately owned mid-tier A&D prime contractors and we pride ourselves on our ability to invest early and often to ensure mission success on or ahead of schedule. It’s part of our mission to always stay one step ahead; working on solutions today to solve the problems of tomorrow. Founded in 1963, SNC is owned by Chairwoman Eren Ozmen and CEO Fatih Ozmen.

About Activate Capital
Activate Capital is a growth-stage venture capital firm investing in the sustainable, resilient transformation of the global economy. Our portfolio companies address climate change and other disruptive global forces by accelerating decarbonization and strengthening our shared systems of energy, production, transportation, trade, and infrastructure. Activate invests in technology companies at their inflection point, led by exceptional entrepreneurs building category-defining platforms.

SOURCE Muon Space

Groq to Scale Capacity, Add Exceptional Talent, and Accelerate the Next Gen LPU™

MOUNTAIN VIEW, Calif., Aug. 5, 2024 — Groq, a leader in fast AI inference, has secured a $640M Series D round at a valuation of $2.8B. The round was led by funds and accounts managed by BlackRock Private Equity Partners with participation from both existing and new investors including Neuberger Berman, Type One Ventures, and strategic investors including Cisco Investments, Global Brain’s KDDI Open Innovation Fund III, and Samsung Catalyst Fund. The unique, vertically integrated Groq AI inference platform has generated skyrocketing demand from developers seeking exceptional speed.

“The market for AI compute is meaningful and Groq’s vertically integrated solution is well positioned to meet this opportunity. We look forward to supporting Groq as they scale to meet demand and accelerate their innovation further,” said Samir Menon, Managing Director, BlackRock Private Equity Partners.

“Samsung Catalyst Fund is excited to support Groq,” said Marco Chisari, Head of Samsung Semiconductor Innovation Center and EVP of Samsung Electronics. “We are highly impressed by Groq’s disruptive compute architecture and their software-first approach. Groq’s record-breaking speed and near-instant Generative AI inference performance leads the market.”

“You can’t power AI without inference compute,” said Jonathan Ross, CEO and Founder of Groq. “We intend to make the resources available so that anyone can create cutting-edge AI products, not just the largest tech companies. This funding will enable us to deploy more than 100,000 additional LPUs into GroqCloud. Training AI models is solved, now it’s time to deploy these models so the world can use them. Having secured twice the funding sought, we now plan to significantly expand our talent density. We’re the team enabling hundreds of thousands of developers to build on open models and – we’re hiring.”

Today, Groq also announced that Stuart Pann, formerly a senior executive from HP and Intel, joined its leadership team as Chief Operating Officer.

“I am delighted to be at Groq at this pivotal moment. We have the technology, the talent, and the market position to rapidly scale our capacity and deliver inference deployment economics for developers as well as for Groq,” said Stuart Pann, Chief Operating Officer at Groq.

Groq also gains the world-class expertise of its newest technical advisor, Yann LeCun, VP & Chief AI Scientist at Meta.

Developers Flock to Groq
Groq has quickly grown to over 360,000 developers building on GroqCloud™, creating AI applications on openly-available models such as Llama 3.1 from Meta, Whisper Large V3 from OpenAI, Gemma from Google, and Mixtral from Mistral. Groq will use the funding to scale the capacity of its tokens-as-a-service (TaaS) offering and add new models and features to GroqCloud.

Mark Zuckerberg, CEO and Founder of Meta recently shared in his letter entitled, Open Source AI Is the Path Forward,”Innovators like Groq have built low-latency, low-cost inference serving for all the new models.”

Scaling Capacity
As Gen AI applications move from training to deployment, developers and enterprises require an inference strategy that meets the user and market need for speed. The tsunami of developers flocking to Groq are creating a wide range of new and creative AI applications and models, fueled by Groq instant speed.

To meet its developer and enterprise demand, Groq will deploy over 108,000 LPUs manufactured by GlobalFoundries by the end of Q1 2025, the largest AI inference compute deployment of any non-hyperscaler.

Mohsen Moazami, President of International at Groq, former leader of Emerging Markets at Cisco, is leading commercial efforts with enterprises and partners including Aramco Digital and Earth Wind & Power to build out AI compute centers globally. This will ensure developers have access to Groq technology regardless of their location. 

“Aramco Digital is partnering with Groq to build one of the largest AI Inference-as-a-Service compute infrastructure in the MENA region,” said Tareq Amin, Chief Executive Officer, Aramco Digital. “Our close collaboration with Groq is transformational for both domestic and global AI demand.”

Accelerating Innovation
Groq LPU™ AI inference technology is architected from the ground up with a software-first design to meet the unique characteristics and needs of AI. This approach has given Groq an advantage to bring new models to developers quickly, at instant speed. The investment will enable Groq to accelerate the next two generations of LPU.

Morgan Stanley & Co. LLC served as exclusive Placement Agent to Groq on the transaction.

About Groq
Groq builds fast AI inference technology. Groq® LPU™ AI inference technology is a hardware and software platform that delivers exceptional AI compute speed, quality, and energy efficiency. Groq, headquartered in Silicon Valley, provides cloud and on-prem solutions at scale for AI applications. The LPU and related systems are designed and manufactured in North America.

Future Groqsters can find open roles here. Try Groq instant speed at www.groq.com.

Media Contact
Megan Hartwick
[email protected]

SOURCE Groq

MELBOURNE, Australia, Aug. 5, 2024 — Graceview today announced its successful completion of a funding round totalling $1.5M.

Key points

• Graceview has secured $1.5 million in funding.
• Entrepreneur Patrick Linton led the round with a group of tech founders and investors.
• The capital will boost the rollout of Graceview’s AI-driven compliance platform. 
• The platform combines AI, machine learning, and legal expertise to deliver accurate real-time compliance insights.
• Funds will support revenue growth expansion in the Asia-Pacific and UK/European markets.

Building the future

Graceview, a leader in generative AI for compliance, today announced its successful completion of a funding round totalling $1.5M.

With leading global corporates already among its growing client base, this investment will accelerate the commercial rollout of Graceview’s platform to fuel growth.

The round was led by Singapore-based entrepreneur, Patrick Linton and brings together a consortium of tech founders and investors.

Graceview leverages AI, machine learning, legal knowledge integrations, and data analytics to deliver real-time insights on compliance threats and opportunities. The platform combines the speed and efficiency of generative AI with senior lawyer oversight to streamline regulatory compliance, and to maintain an environment of continuous compliance.

Simon Quirk, Co-Founder & CEO of Graceview, said:

We are incredibly pleased to have investors who are business people and technology founders backing our vision for the future of compliance. The scale of the compliance problem for large corporates is rapidly increasing and existing solutions are difficult and expensive. By combining generative AI with senior lawyer oversight, we have shown that it’s now possible to continuously and cost-effectively manage regulatory change and deliver on our vision of making the whole process effortless. We are excited to work with our investors and utilise this investment to build on our revenue growth and to scale our product and operations, with an immediate focus on Asia-Pacific and UK/European markets.

Patrick Linton, who will be joining Graceview’s Board of Directors, added: 

We are thrilled to partner with Graceview at this pivotal moment and recognise the transformative potential their platform offers corporates to easily remain compliant. The integration of leading-edge AI technology with senior legal expertise sets a new standard in regulatory compliance, ensuring both agility and precision. We are committed to supporting Graceview as they expand their reach across global markets.

Graceview is currently located in Melbourne, London and Singapore.

About Graceview

Graceview is a legal generative AI company founded by a trio of lawyer-computer scientists with 30+ years of experience at the forefront of AI and law. Graceview is the AI-driven platform for effortless regulatory compliance, empowering legal, risk and compliance teams worldwide. Our mission is to create a world where compliance is easy and continuous.

Stonehenge Community Impact Fund, L.P., a Small Business Investment Company, provides strategic refinancing to support quality jobs in low- and moderate-income communities

COLUMBUS, Ohio, Aug. 1, 2024 — Stonehenge Capital Company announced a $14 million investment from its Small Business Investment Company, the Stonehenge Community Impact Fund, L.P., to support Mountain West Brands, LLC (“MWB”). Investment proceeds refinance maturing debt and provide continued support for the company’s growth.

MWB owns and operates three Utah-based restaurant brands, Chuck-A-Rama, Market Street Grill, and Grub Steak, with 15 locations and headquartered in Salt Lake City, Utah. The investment will allow the company to continue creating quality jobs for individuals in underserved areas of Utah. MWB employs over 700 people, of which 58% are minorities and 99% are from low- to moderate-income communities. MWB’s competitive wages and workforce development opportunities have led to high employee retention rates and low turnover, with employee tenure often ranging from 20 to 40 years.

“We are thrilled to support Mountain West Brands through this critical phase and doing so in partnership with the Stonehenge Capital Company team,” said Alexis Rathborne, Managing Director at Trident. “This transaction not only improves the Company’s financial flexibility but also enables it to focus on its core mission of delivering high-quality food products to its customers in the Mountain West region. Our partnership with Stonehenge Capital Company exemplifies our dedication to fostering growth and innovation within our portfolio.”

“This refinancing is a pivotal step in our journey towards greater operational excellence,” said Neil Harfert, CEO of Mountain West Brands. “I am honored to lead our talented team towards new heights. With the support of Trident and Stonehenge Capital Company, we are confident in our ability to achieve our strategic goals and deliver exceptional value to our customers and stakeholders.”

“Mountain West Brands, in partnership with Trident, has distinguished itself with a proven history of success supported by an experienced management team. The diverse portfolio of brands provides a unique value proposition by offering different options for consumers and supporting quality jobs, job retention and growth to its vast employee base,” said Brandon Pettagrue, Stonehenge Capital Company.

#TransformationalCapital #SBIC #Jobs #Investing #SocialImpact #EconDev #privateequity #debtcapital

About Stonehenge Capital Company:

Founded in 1999, Stonehenge Capital Company (“Stonehenge”) is a nationally recognized impact investor focused on providing transformational capital to lower-middle market operating companies. Stonehenge operates one of the largest and most successful federal and state New Markets Tax Credit practices in the industry, managing over $1.4 billion in investments across U.S. distressed communities. The firm also provides traditional debt and equity financing through state-targeted small business investment funds, with over $400 million in Assets Under Management. In 2020, Stonehenge raised a $224 million fund under the U.S. Small Business Administration’s Small Business Investment Company (“SBIC”) Program. The SBIC, the Stonehenge Community Impact Fund, L.P., provides senior term financing to businesses operating in areas targeted for economic revitalization nationally. www.stonehengecapital.com

MEDIA CONTACT

Brandon Pettagrue
[email protected]

About Mountain West Brands

Mountain West Brands is a portfolio of restaurants across Utah and Idaho. Mountain West Brands consists of three beloved Utah brands: Chuck-A-Rama, Grub Steak, and Market Street. Grub Steak has been voted the Best Steakhouse in Utah and opened its doors in Park City in 1976. Chuck-A-Rama Buffet has offered affordable, homemade food since it was founded in 1966 and has been a stalwart of the Utah community for decades. Market Street Grill is a classic restaurant serving fresh seafood since 1980 and offers a menu that includes oyster selections, fresh catches, as well as steaks, and pastas.

About Trident:

Trident is a private equity firm based in New York, New York, specializing in acquiring U.S.-based small businesses across three core sectors: Healthcare, Consumer, and Industrials. Trident primarily invests in family-owned businesses with strong reputations and a track record of success through multiple cycles. Now investing out of its inaugural Trident American Dreams Fund I, Trident focuses on using a diverse toolkit to add value and grow businesses post-transaction close. www.trident.co

INVESTOR CONTACT

Trident Investor Relations
[email protected]

MEDIA CONTACT

Trident Media Relations
[email protected]

Past performance does not guarantee current or future performance.

All data and information referenced herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained herein is provided as general market commentary and does not constitute investment advice. Trident makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date of this press release. Such data and information are subject to change without notice.

SOURCE Stonehenge Capital Company

Investment Empowers Next Stage of Growth and Innovation for Leading Merchant Services Provider

CLEVELAND, Aug. 1, 2024 — Financial Technology company Electronic Merchant Systems (EMS), an industry-leading merchant solutions and payments provider, is pleased to announce a strategic majority investment by BharCap Partners, LLC (“BharCap”), a Greenwich, CT based private investment firm focused on the financial services sector. The investment marks a significant milestone in EMS’ growth journey and enables the company to accelerate growth and enhance its client service offerings. 

EMS offers payment processing solutions for retail and eCommerce merchants through three distinct go-to-market sales channels, with a focus on eCommerce and small-to-medium sized merchants. EMS processes approximately $6 Billion in transaction volume for 25,000 merchants nationwide. With a seasoned leadership team, a scalable platform, and unique distribution channels, EMS is well-positioned to capitalize on growth opportunities and expand its merchant network.

Afshin Yazdian, who joined EMS as CEO and Executive Chairman in 2023, commented, “This is a big moment for EMS and our incredible team, and we look forward to working with a great partner in BharCap. We are now well positioned to continue the transformation of EMS into a leading FinTech Platform. I am grateful for BharCap’s belief in our vision and strategy.  I am excited to work with the team and BharCap to continue to build our amazing organization.”

EMS was previously majority-owned by Jim Weiland, who founded the company in 1988. The company began as a local three-person sales office and has expanded to operate nationwide. Jim will retain a minority ownership stake in EMS and will remain on the EMS Board of Directors post-transaction.

Jim noted, “I could not be happier about the outcome for EMS. Afshin has a proven track record of building great companies and established himself as a highly effective leader who can now take EMS to another level of size and scale. I am also grateful to FT Partners for their support throughout this transaction. I look forward to working with Bharath and the team at BharCap as I believe they are the perfect partner for me and the EMS management team. I admire BharCap’s approach and style when working with founders; it is clear they have walked in our shoes. The BharCap team’s operational and strategic orientation, coupled with their sector expertise, will help drive our next phase of growth. I also would like to thank our dedicated and hardworking employees, who play an integral part in the growth and achievements of EMS. Our company’s success is a reflection of their efforts. I am excited for the growth opportunities that will be available to them as EMS enters this new chapter.”

Bharath Srikrishnan, Co-Founder and Managing Partner of BharCap, noted, “The payment processing industry was the first financial services sub-sector I worked in 24 years ago, and I have always considered it to be one of the most attractive sub-sectors in which to invest. We first met EMS almost a decade ago, and we have deep respect for EMS’ ability to deliver unparalleled service to their partners in the digital economy. As entrepreneurs ourselves, we have tremendous empathy for founders, and are therefore often chosen to be a company’s first capital partner – and we do not take this responsibility lightly. We hope to build on EMS’ great legacy while also leveraging our proven toolkit to help management execute its next phase of innovation and expansion.”

In the past 15 months, BharCap has invested approximately $700 Million of equity, comprising $1.7 Billion in enterprise value, in five companies in the payment processing, insurance services, insurance distribution, wealth management and specialty finance sub-sectors of financial services, in each case backing proven management teams to capitalize on demonstrated secular growth trends.

With BharCap’s investment and partnership, EMS expects to become an active player in the M&A market. In January 2024, EMS further bolstered its distribution channels and significantly expanded its technology stack through the acquisition of Los Angeles, California-based PaymentCloud. 

Ethan Wang, BharCap Co-Founder and Partner, added, “Afshin brings considerable M&A expertise to EMS, which coupled with BharCap’s resources, will enable the company to become a credible acquiror of payment processing businesses and merchant portfolios. We look forward to helping EMS develop into a reliable and repeatable strategic acquiror.” 

In conjunction with BharCap’s investment, BharCap Operating Partners and strategic advisors Raj Date and Karl Mehta will join the EMS Board of Directors alongside Bharath Srikrishnan, Ethan Wang, Jim Weiland and Afshin Yazdian. Both Raj and Karl are financial technology veterans who bring decades of experience to the EMS Board.

Financial Technology Partners (FT Partners) served as exclusive financial advisor and Sullivan & Cromwell along with UB Greensfelder served as legal counsel to EMS. Simpson Thacher & Bartlett LLP served as legal counsel to BharCap. The terms of the transaction were not disclosed.

About Electronic Merchant Systems:  

Headquartered in Cleveland, Ohio, Electronic Merchant Systems is an industry-leading merchant services provider that businesses depend on for their processing needs. Over 25,000 retail, internet, and omnichannel customers nationwide rely on the firm’s diverse suite of modern payment solutions.

From credit card processing and risk management to gateways and virtual terminals, sales software, and web management, EMS offers comprehensive tools that empower businesses to thrive. EMS enables frictionless onboarding, swift underwriting, and exemplary post-approval merchant support. Our operations encompass research and development, underwriting, sales, marketing, and end-to-end innovation. EMS further leverages the robust services of its subsidiaries, MaxxPay, Total Touch, Paysley and PaymentCloud, to drive success for clients. Discover more at https://www.emscorporate.com.

About BharCap Partners: 

BharCap Partners, LLC is a private investment firm investing in businesses across the financial services industry including financial technology and tech-enabled services; insurance distribution and insurance services; and asset and wealth management. BharCap manages over $2 billion of capital across 12 investments. For more information, please visit https://bharcap.com.

Media Contacts:
Delia Cannan / Pamela Greene
Reevemark
212-433-4600
[email protected] 

SOURCE Electronic Merchant Systems

Five Finalists to Receive Messaging and Go-To-Market Coaching and Present to an Expert Panel of Judges and an Audience of Prospective Investors and Customers

FULTON, Md., Aug. 1, 2024 — DataTribe, a global cyber foundry that invests in and co-builds next-generation cybersecurity and data science companies, today opened its call for applications for the 2024 Cybersecurity Startup Challenge. The deadline for submissions is September 27th.

The five Finalists, to be announced on October 18th, will share $25,000 in prize money and work with DataTribe principals and other cybersecurity entrepreneurs to hone and develop their messaging and presentations for a live event in front of a panel of judges, potential investors, and customers on November 13th.

To qualify for participation, interested companies must be pre-Series A with maximum funding not exceeding more than $1.2 million to date. They must also have an Enterprise, Big Data or Cyber Security product, beta, market viable product or concept to present.

“After six Challenges that have seen 20 Finalists selected, $93 million raised, and four successful exits, we’re focused on giving Finalists an even deeper experience. This year, there will be more opportunities to learn from our coaches, to connect with potential investors, and to get in front of prospective customers,” said John Funge, DataTribe Managing Director. “The Challenge this year will begin with DataTribe’s leaders conducting messaging and strategy workshops with each Finalist to help them prepare for the live event. As well, Finalists will get a peek into the DataTribe seed-to-A playbook with coaching on key success factors for cybersecurity companies going from start to series A. Our goal is that every Finalist leaves the Challenge with their pitch and strategy substantially improved and with valuable connections to accelerate funding and customer traction.”

Qualifying companies may submit a proposal that includes a deck and relevant company and product information via the DataTribe website. DataTribe will review submissions for technical merit, market potential, and team readiness. Finalists will be announced on October 18th.

The in-person competition will take place in the DataTribe Challenge Auditorium in Maple Lawn, Maryland, on November 13th. An expert panel of leaders in the cybersecurity field will judge each Finalist’s presentation. These judges include:

• Bob Ackerman, Founder of AllegisCyber and Co-Founder of DataTribe
• George Barnes, Partner at Red Cell and Former Deputy Director of NSA
• Betsy Bevilacqua, Co-founder of Tabiri Analytics and Former CISO of Chainalysis & Butterfly Network
• Arno Van Der Walt, CISO of Marriott International

More judges will be announced before the competition.

In addition to the five Finalists selected to present at the live event, up to 10 additional top applicants will be invited to attend the competition. These companies can join the audience of CISOs, venture capitalists, and cyber industry leaders to watch the Finalist presentations and network.

“Every year, DataTribe is impressed and humbled by the quality of the submissions we receive,” said Mike Janke, Co-Founder of DataTribe. “These entrepreneurs are investing their time, money, hard work, and talent in making the digital world safer. We’re excited to provide a platform to help these startups refine their messaging, hone their fundraising skills, and network with the best in the business.”

To apply for the 2024 DataTribe Challenge, please visit https://datatribe.com/challenge/.

About DataTribe
DataTribe is a startup foundry that invests in and co-builds world-class startups focused on generational leaps in cybersecurity and data science. Founded by leading investors, startup veterans, and alumni of the U.S. intelligence community, DataTribe commits capital, in-kind services, access to an unparalleled network, and decades of professional expertise to give their companies an unfair advantage. DataTribe is headquartered in the Washington-Baltimore metro area in Fulton, Maryland. For more information, visit https://datatribe.com.

Media Contact: Matthew Bowen, [email protected]

SOURCE DataTribe

Congresswomen Barragán and Bonamici Introduce Historic Wave Energy Legislation to Jumpstart Marine Energy as a Clean Energy Solution

WASHINGTON, Aug. 1, 2024 — Eco Wave Power Global AB (publ) (NASDAQ Capital Market: WAVE) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy developer, applauds Representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) for the introduction of the Marine Energy Technologies Acceleration Act, legislation that would invest $1 billion to advance marine energy toward full scale commercialization.

Marine energy harnesses the power from waves, tides, currents, and other water-based resources to generate a clean energy resource that can provide reliable 24/7 clean power to communities.

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

“Nearly 40 percent of the U.S. population lives in coastal communities where marine energy resources are abundant and offer tremendous potential to power our communities with clean, renewable energy, including California,” said Rep. Barragán. “With the Marine Energy Technologies Acceleration Act, we can usher in an emerging clean energy resource to help our nation and our communities meet clean energy and decarbonization goals, reduce pollution, and create high-paying jobs.”

“The scale of the climate crisis requires us to use every possible approach to rapidly transition to a clean energy economy. Marine energy has the potential to tap into the immense power of the ocean, but the industry’s progress has been hampered by inconsistent and limited federal investment. I’m grateful to introduce the Marine Energy Technologies Acceleration Act with Representative Barragán to catalyze the development of the marine energy field and support the coastal communities where technology demonstrations occur. These investments will create good clean technology jobs and reduce climate-warming greenhouse gas emissions,” said Rep. Bonamici.

This federal legislation comes in parallel to the upcoming wave energy demonstration project to be implemented by Eco Wave Power and Shell MRE at Altasea at the Port of Los Angeles, where Eco Wave Power is set to install the first U.S. onshore wave energy pilot station in the coming months. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.

“We are grateful that representatives Barragán and Bonamici recognized the vast potential of wave energy in meeting the U.S. renewable energy targets and promoting economic growth through the blue economy,” said Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power.  

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

“For too long, this useful source of power has had a back seat to investments in other renewable and non-renewable forms of energy,” said Terry Tamminen, CEO of AltaSea. “With this bill, Representative Barragán puts wave and tidal energy on the map — and does so in a very meaningful way.”

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

The full text of the bill can be found here.

About Congresswoman Nanette Barragán

Congressmember Nanette Barragán represents California’s 44^th District.  She sits on the House Energy and Commerce Committee and works on environmental justice and healthcare issues.  She is also Chair of the Congressional Hispanic Caucus (CHC).

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity.

Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company owns and operates a grid connected wave energy project in Israel, with co-investment from EDF Renewables IL and the Israeli Energy Ministry, which recognized Eco Wave Power’s technology as “Pioneering Technology.”  The Israeli wave energy project marks the first grid-connected wave energy system in Israel’s history.

Eco Wave Power will soon commence the installation of its third and fourth wave energy projects, in the Port of Los Angeles, and in Portugal. The Company also holds a total projects pipeline of 404.7MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program and was honored with the “Global Climate Action Award” from the United Nations.

Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power at www.ecowavepower.com.

*Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact the company at:
[email protected]
+97235094017

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses potential $1 billion investment to advance marine energy toward full scale commercialization, the potential advantages and benefits of Marine Energy Technologies Acceleration Act, that Eco Wave Power is set to install the first U.S. onshore wave energy pilot station at the Altasea at the Port of Los Angeles in the coming months, and the Company’s belief that wave energy has massive potential and that that wave energy can be a significant force in combating climate change and powering communities with clean, reliable energy. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”, or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on March 28, 2024, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

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SAN FRANCISCO, Aug. 1, 2024 — Ballistic Ventures, the venture capital firm dedicated exclusively to funding and incubating entrepreneurs and innovations in cybersecurity, today announced U.S. Army General Paul Nakasone (Retired) joined the firm as Strategic Advisor.

Gen. Nakasone is one of the nation’s top experts in cybersecurity having previously served as commander of U.S. Cyber Command, director of the National Security Agency (NSA), and chief of the Central Security Service. He brings deep expertise and understanding of emerging threats to U.S. national security and global stability. In his advisory role, he will draw on his extensive cybersecurity leadership to assess the firm’s investments and offer strategic support to portfolio companies in the fight against adversarial advances in the cyber domain.

“General Nakasone is uniquely familiar with the most pressing national security threats facing the U.S. today. His incredible leadership skills and mission-driven work, honed throughout his decades-long career, will be highly valuable for our entrepreneurs as they scale their organizations,” said Ted Schlein, co-founder and general partner at Ballistic Ventures. “General Nakasone’s keen ability to bridge the private and public sector gaps make him one of the most respected individuals in Silicon Valley, Washington and beyond, and we’re honored to have his support here at Ballistic.”

“Throughout my career, I learned very quickly that partnerships between the public and private sectors can never be understated,” said Gen. Nakasone. “I’m thrilled to join Ballistic and work alongside the firm’s leadership, whom I know are experts in understanding cyber challenges from a national security perspective and as former cyber operators. I look forward to joining this team to work more closely with the entrepreneurs who are driving innovation and strengthening our cyber defenses.”

Gen. Nakasone is a leading expert in technology advancement and global cyber defense. He was the longest-serving leader of USCYBERCOM and led the NSA, protecting the United States’ digital infrastructure and advancing the country’s cyber defense capabilities. As a U.S. Army officer, he was instrumental in creating the U.S. Cyber Command. He has held command and staff positions across all levels of the Army with assignments in the U.S., the Republic of Korea, Iraq, and Afghanistan. Most recently, Gen. Nakasone joined OpenAI’s board of directors and is the founding director of Vanderbilt University’s Institute of National Security.

Gen. Nakasone joins Ballistic Ventures’ distinguished group of cybersecurity expert advisors. This news follows Kevin Mandia’s recent appointment to general partner as well as Ballistic’s close of its $360 million oversubscribed second fund earlier this year. Learn more about the team by visiting ballisticventures.com/team.

About Ballistic Ventures
Ballistic Ventures is a venture capital firm solely dedicated to early-stage cybersecurity and cyber-related companies. The partners have spent their entire careers defending against every cyber threat conceivable. Members of the firm have founded, operated, and funded over 100 successful cybersecurity firms – including Abnormal Security, AlienVault, ArcSight, Fortify, Mandiant, and Shape Security – led over 10,000 security professionals globally, and have 40+ years of experience in venture capital. The Ballistic portfolio includes Aembit, Alethea, ArmorCode, AuthMind, Codezero, Concentric AI, GetReal Labs, Mimic, Nudge Security, Oligo, Pangea, Perygee, Reach Security, SpecterOps, Talon (PANW), Veza, and WitnessAI. Our experience provides entrepreneurs impactful support from people focused on the same mission. Our networks and relationships open doors for our founders. Learn more at ballisticventures.com.

SOURCE Ballistic Ventures

Eliyahu brings nearly two decades of growth strategy and executive experience at tech giants, including SimilarWeb [NYSE: SMWB] and LivePerson [NASDAQ: LPSN]. As the recent president of Gravyty, she played a pivotal role in integrating AI and innovative technology to enhance community engagement and fundraising efforts for educational institutions and nonprofits. Eliyahu currently serves as a Growth Partner at AnD Ventures, a firm specializing in taking seed-stage start-ups to market. She also promotes the advancement of women in high-tech as a volunteer mentor for Women in Tech Israel.

“Onebeat is perfectly positioned for accelerated growth, thanks to its foundation of deep Industry knowledge, innovative AI technology, and strong market presence,” said Eliyahu. “My goal is to harness this potential and drive significant revenue growth in the coming years, and make inroads toward an IPO that recognizes the singularity of Onebeat’s expertise, technology, and ability to impact the entire retail sector positively. The retail sector notoriously suffers from razor-thin profit margins. Few, if any, technology providers have the efficacy to make a direct and meaningful impact on retailers’ margins in the way that Onebeat does.” 

“We are thrilled to welcome Sevonne Eliyahu to our team,” said CEO Dr. Yishai Ashlag. “The U.S. retail-tech market is facing immense growth potential. Over 20,000 mid-size retailers alone are without the high-resolution inventory executive tools they need to break even, let alone advance. Ms. Eliyahu’s extensive experience will ensure that we effectively capitalize on this opportunity, setting the stage for a future public offering.”

About Onebeat:
Onebeat was founded in 2018 by Avihai Schnabel and Dr. Yishai Ashlag of Goldratt Consulting as an initiative to translate Goldratt’s supply chain optimization practices into data-driven inventory execution software for the retail industry. The company has partnered with over 200 retailers across 26 countries and has optimized over $11 billion in inventory value across 55,000 points of sale for well-known brands across the retail sector. Onebeat’s customers include Crocs, American Eagle, Panasonic, and the retail division of the TATA group, which includes fashion, footwear, jewelry, pharmacy, and more. Onebeat has completed two funding rounds since 2022, with investments from Magenta Venture Partners, Surround Ventures, and AnD Ventures, among others. 

For more information about Onebeat and its innovative solutions, visit www.1beat.com.

Media Contact:

Itamar Assaf Head of Marketing, Onebeat
[email protected]

Photo – https://mma.prnewswire.com/media/2473787/Sevonne_Eliyahu_Credit_Omer_Hacohen.jpg

SOURCE Onebeat