Eco Wave Power Global AB, a publicly traded onshore wave energy technology company, announced that it has signed an agreement to sell its first wave power generation unit with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company, a marine engineering, to introduce Eco Wave Power’s wave energy technology to Taiwan.
Under the terms of the agreement, I-Ke will provide full financing for the 100 KW pilot project by purchasing a turnkey conversion unit from Eco Wave Power. This conversion unit for 100 KW wave energy power plant includes all hydraulic and electrical conversion parts, combined with intelligent control and automation system.
I-Ke has identified the location of the first pilot station with an installed capacity of 100 KW on the east coast of Taiwan (along with an additional 83 potentially suitable sites) and is responsible for obtaining permits, land use approvals and all licenses and approvals necessary to complete the installation of planned related projects wave energy. In addition, I-Ke will locally produce floats, hydraulic cylinders and all other components of this technology that are located on the seashore in the marine structure. This could potentially position Taiwan as a hub for subsequent expansion into other Asia-Pacific regions.
This newly signed agreement, based on a Memorandum of Understanding (MoU) signed between Lian Tat and Eco Wave Power in June 2023, will leverage Eco Wave Power’s wave energy conversion technology, which has been deployed in several locations around the world (e.g. as Gibraltar, Israel, and soon Los Angeles and Portugal) to maximize energy extraction and optimize project performance for the Taiwanese coast.
According to a press statement filed by I-Ke, the first stage of the project will be the construction of a 20 MW wave energy plant in Taiwan, starting with a 100 KW pilot and gradually expanding to a target total installed commercial capacity of 400 MW.
To announce Eco Wave Power’s first official entry into the Asian market, representatives of Eco Wave Power, Lian Tat and I-Ke held a joint press conference in Taipei, Taiwan on Friday, October 4, 2024, during which CY Huang, President of Lian Tat stated : “Taiwan is an island country with a coastline of 1,566 km, with great potential for marine energy installations. The construction of the Eco Wave Power project is relatively easy and I believe it will be a significant step forward for the development of green electricity in Taiwan, I also think it will allow Taiwan to break away from its existing renewable energy constraints and develop towards diversified renewable energy. As a result, we have already completed the site selection process, and after 100 years of successful construction of the KW demonstration facility, our goal is to expand it to 20 MW and we will continue to increase the installed capacity in the field of wave energy to over 400 MW.”
Huang added that the government’s renewable energy policy and installation capacity are becoming more ambitious each year, as evidenced by the setting of the wholesale purchase rate for marine energy at TWD 7.32 ($0.23), and that he believes that thanks to development of ocean energies, the domestic energy industry will be subject to further modernization and transformation.
Inna Braverman, founder and CEO of Eco Wave Power, said: “I would like to thank CY and his companies Lian Tat and I-Ke for their warm hospitality. I am sure that Eco Wave Power’s official visit to Taiwan and the signing of this official cooperation agreement between our companies is the beginning of true friendship and productive business cooperation. Taiwan is uniquely suited to implement pioneering Eco Wave Power technology as it has over 1,500 km of coastline combined with significant wave height and significant wave height. very impressive local technology skills. Due to Taiwan’s impressive technological capabilities, we plan to produce our floats locally, thereby creating not only clean wave electricity but also new wave energy jobs.
“I believe that this new collaboration will not only be mutually beneficial, but will also be a pioneering step towards the implementation and adaptation of wave energy across Asia, as it will be the first land-based wave energy system in the region. So let’s change the world together – one wave at a time! Braverman added.
CY Huang, a respected leader in the maritime space, has long supported and helped bring clean energy to Taiwan. Since being named president of the company in 2016, Huang has led the transformation of Lian Tat into a renewable energy solutions provider. Lian Tat is working to find renewable energy sources to help Taiwan meet its clean energy goals and respond to the maritime industry’s calls to decarbonize and lower pollution levels. Mr. Huang, who also serves as CEO of investment banking firm FCC Partners, is one of the key leaders of the investment banking industry in Asia. In 2020, Huang led the launch of the Mediterranean and Asian Maritime Alliance, which helps support ocean research and solutions. The alliance aims to connect with Israeli ocean research to increase Taiwan’s participation in global maritime affairs.
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