Eco Wave Power Global AB (publ), a publicly traded company and leader in onshore marine energy technology, announced the signing of an agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company. This collaboration marks Eco Wave Power’s entry into the Asian market with its first onshore marine energy project in Taiwan.
The initial project plans to commence a 100KW pilot, fully financed by I-Ke, which will purchase a turnkey conversion unit from Eco Wave Power. This unit includes all necessary hydraulic and electrical components, as well as an intelligent control and automation system.
Project Development and Expansion
I-Ke has identified a location on the east coast of Taiwan to install the first 100KW pilot station, with 83 additional potentially suitable sites already identified. The company is responsible for obtaining permits, land use consents, and all necessary licenses to complete the installation of the marine energy projects. Moreover, I-Ke will locally produce the floaters, hydraulic cylinders, and all other technological components, thereby strengthening Taiwan’s position as a hub for future expansion in the Asia-Pacific region.
This collaboration is based on a memorandum of understanding (MOU) signed in June 2023 between Lian Tat and Eco Wave Power. Eco Wave Power’s marine energy conversion technology, already deployed in several countries such as Gibraltar, Israel, Los Angeles, and soon in Portugal, will be optimized to maximize energy extraction and project performance for the Taiwanese coastline.
Goals and Perspectives
According to a press statement by I-Ke, the first phase of the project aims to develop a 20 MW marine energy power station in Taiwan, starting with a 100KW pilot and gradually increasing to a commercial capacity of 400 MW. This ambitious expansion demonstrates the partners’ confidence in the potential of onshore marine energy on Taiwan’s coast.
During the joint press conference in Taipei on October 4, 2024, CY Huang, chairman of Lian Tat, emphasized Taiwan’s potential in marine energy thanks to its 1,566 kilometers of coastline. He stated that this project will facilitate the development of green electricity in Taiwan and allow the country to diversify its renewable energy sources.
Commitment and Innovation
Inna Braverman, founder and CEO of Eco Wave Power, expressed her gratitude towards CY Huang and his teams for their warm welcome. She highlighted that this collaboration inaugurates a true friendship and a fruitful business cooperation. Braverman also emphasized Taiwan’s technological skills, essential for the local production of floaters and the creation of marine energy-related jobs.
Mr. Huang, a respected leader in the maritime sector, has played a key role in transforming Lian Tat into a provider of renewable energy solutions since 2016. Under his leadership, Lian Tat strives to find renewable energy resources to help Taiwan achieve its clean energy goals and respond to the maritime industry’s calls for decarbonization and pollution reduction.
Impact on the Asian Market
This initiative represents a pioneering step in adapting onshore marine energy in Asia. By positioning Taiwan as a center for production and innovation, Eco Wave Power and Lian Tat hope to positively influence the regional market and encourage the adoption of similar technologies in other Asia-Pacific countries.
The commitment of both companies to this project reflects a growing trend towards renewable energies and the search for sustainable solutions to global energy challenges. The success of this pilot project could pave the way for new opportunities and strengthen Taiwan’s position in the clean energy sector.
