According to the terms of the agreement, I-Ke will be providing the full financing for the 100 KW pilot project, by buying a turnkey conversion unit from Eco Wave Power. This conversion unit for the 100 KW wave energy power station includes all the hydraulic and electric conversion parts, coupled with the smart control and automation system.

I-Ke has identified the location for the first pilot station of 100 KW installed capacity on the east coast of Taiwan (along with an additional 83 potentially suitable sites) and it is responsible for obtaining permits, land use consents, and any licensing and approvals necessary to complete the installation of the planned wave energy projects. Moreover, I-Ke will locally produce the floaters, hydraulic cylinders, and all other components of the technology, which are located on the seaside of the marine structure. This could potentially position Taiwan as the hub for later stage expansion into other Asia Pacific regions.

This newly signed agreement, which is based on a Memorandum of Understanding (MoU) that was 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 worldwide (such as Gibraltar, Israel, and soon in Los Angeles and Portugal), to maximise energy extraction and optimise the project’s performance for the Taiwanese coastline.

According to a press statement made by I-Ke, the first stage of the project will be the development of a 20 MW wave energy power station in Taiwan, beginning with a 100 KW pilot and expanding in stages to a total targeted installed commercial capacity of 400 MW.

To announce Eco Wave Power’s first official step into the Asian market, representatives from Eco Wave Power, Lian Tat and I-Ke held a joint press conference in Taipei, Taiwan, on Friday, the 4 October 2024, where CY Huang, the Chairman of Lian Tat stated: “Taiwan is an island country with a coastline of 1566 km, with high potential for the installation of marine energy. The construction of Eco Wave Power’s project is relatively easy, and I believe that it will be a significant stepping stone for the development of green electricity in Taiwan. I also think that this will allow Taiwan to break away from existing renewable energy restrictions and develop in the direction of diversified renewable energy. As a result, we have already completed the site selection process and once the 100 KW demonstration site is built, with positive results, our target is to expand it to 20 MW, and we will continue to push up to more than 400 MW of wave energy installed capacity.”

Huang added that the government’s renewable energy policy and installation capacity are getting more ambitious year by year, which is evident by the setting of a marine energy wholesale purchase rate of TWD 7.32 (US$0.23), and that he believes that through this development of ocean energy, the domestic energy industry will be further upgraded and transformed.

Inna Braverman, Founder and CEO of Eco Wave Power, stated: “I would like to thank CY and his companies – Lian Tat and I-Ke for the warm hospitality. I am certain that Eco Wave Power’s official visit in Taiwan and the signing of this official collaboration agreement between our companies is the beginning of a true friendship and a productive business collaboration. Taiwan is extremely suitable for the implementation of Eco Wave Power’s pioneering technology, as it has more than 1500 km of coastline, coupled with significant wave heights and very impressive local technological skills. Due to Taiwan’s impressive technological abilities, we plan to produce our floaters locally, thereby creating not only clean electricity from the waves, but also new wave-energy related workplaces.”

“I believe that this new collaboration will not only be a win-win collaboration for both parties but will also serve as a pioneering step towards the implementation and adaptation of wave energy all over Asia, as this will be the first onshore wave energy array in the region. So let’s change the world together- One Wave at a Time!” Added Braverman.

CY Huang, a respected leader in the maritime space, has long advocated for and helped to bring clean energy to Taiwan. Since being named the company’s chairman in 2016, Huang has led Lian Tat’s transformation into a renewable energy solutions provider. Lian Tat works to find renewable energy resources to help Taiwan achieve its clean energy goals and answer the maritime industry’s calls for decarbonisation and lowering pollution levels. Mr. Huang, who also serves as president of investment banking firm FCC Partners, is one of the key leaders in the investment banking industry in Asia. In 2020, Huang spearheaded the launch of the Mediterranean and Asian Marine Alliance, which helps foster ocean-related research and solutions. The alliance seeks to connect with Israeli ocean research to improve Taiwan’s participation in maritime affairs globally.

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Read the article online at: https://www.energyglobal.com/other-renewables/08102024/eco-wave-power-signs-agreement-for-taiwanese-wave-energy-project/