Eco Wave Power signs agreement for wave energy project in Taiwan

Wave energy technology developer Eco Wave Power has signed an agreement for the sale of the first wave energy generation unit to I-Ke International Ocean Energy Co., a subsidiary of maritime engineering company Lian Tat Company (LTC).

The purpose of this agreement is to bring Eco Wave Power's wave energy technology to Taiwan.

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

I-Ke has identified the location for this first pilot station 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 installation of the planned 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. I-Ke believes this will position Taiwan as the hub for later-stage expansion into other Asia Pacific regions.

Have you read?
HydroWing tidal turbine achieves ‘breakthrough’ testing milestone
‘State of the Science’ report updates on marine energy environmental effects

This agreement is based on a memorandum of understanding (MOU) that was signed between LTC and Eco Wave Power in June 2023.

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

"Taiwan is an island country with a coastline of 1,566 kilometers, 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,” said CY Huang, chairman of LTC. “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."

Huang added that the government's renewable energy policy and installation capacity are getting more ambitious, which is evident by the setting of a marine energy wholesale purchase rate of TWD7.32 (US$0.23), and he believes that through this innovative development of ocean energy, the domestic energy industry will be further upgraded and transformed.

LTC was established in 1959 and has been acting as a resource integrator by sourcing machinery tools and turnkey equipment from Europe and the US to assist the industrialisation of local companies. In 1980, LTC expanded its business scope to source diesel engines for marine and power plant applications. LTC established a marine engine service workshop in 1994. More recently, LTC has ventured into new industries, such as renewable energy and offshore wind power maritime engineering.

I-Ke is a wholly owned subsidiary of LTC that was established in 2023. It aims to introduce commercial wave power generation equipment domestically to promote clean and pollution-free green energy in Taiwan. Upon signing the MOU with Eco Wave Power, it began evaluating wave power generation projects, negotiated the installation location as well as collected data on 83 to 100 other potential sites in Taiwan, including offshore islands

Eco Wave Power developed a patented, 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.

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.

Originally published on hydroreview.com

Learn more about Eco Wave Power's innovation journey and path to commercialisation in this episode of the Energy Transitions podcast.