Eco Wave Power and Lian Tat Company Sign MoU to Bring Wave Energy to Taiwan

Source: 6/22/2023, Location: Asia

Eco Wave Power Global AB (publ), a leading, publicly traded onshore wave energy technology company announced that it signed a Memorandum of Understanding with Lian Tat Company (“LTC”), a leading maritime engineering company, to bring Eco Wave Power’s wave energy technology to Taiwan.

According to the terms of the agreement, Eco Wave Power and Lian Tat Company will enter into negotiations regarding the establishment of a Joint Venture company to develop wave energy projects in Taiwan. Given Lian Tat’s expertise and leadership in Taiwan’s maritime industry, LTC will be responsible for obtaining permits, land use consents and any licensing and approvals necessary to complete the installation of the planned wave energy project. Moreover, Lian Tat will be responsible for funding the joint venture and the project during the pilot phase, in addition to managing the construction, operation, and maintenance of the project in Taiwan. Eco Wave Power will assist in the research and evaluation of the project’s feasibility, provide the power generation equipment and knowledge, and perform troubleshooting. The partnership will leverage Eco Wave Power’s wave energy conversion technology, which has been deployed in several locations worldwide, to maximize energy extraction and optimize the project’s performance.

The first stage of the project will be the development of a 20 MW wave energy power station in Taiwan, which would begin with a 100 kW pilot and then expand in stages to a total installed capacity of 20 MW.

“We are excited to partner with Lian Tat Company to bring wave energy to Taiwan,” said Eco Wave Power’s Founder and CEO Inna Braverman. “As an island with most of its population by the shore, Taiwan has a unique capacity to have wave energy at the forefront of the country’s renewable energy portfolio. We are looking forward to taking this historic first step towards implementing Eco Wave Power’s technology throughout Taiwan.”

“I believe that wave energy has enormous potential as a renewable energy source, and this collaboration is a significant step towards unlocking that potential,” said Lian Tat Company Chairman CY Huang. “With Eco Wave Power’s innovative technology, our collaboration will establish a benchmark project that will demonstrate the viability and scalability of wave energy in Taiwan, especially with the country’s 1,566 kilometers of coastline.”

Mr. 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, Mr. Huang has led LTC’s transformation into a renewable energy solutions provider. LTC works to find renewable energy resources to help Taiwan achieve its clean energy goals and answer the maritime industry’s calls for decarbonization 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, Mr. Huang spearheaded the launch of the Mediterranean and Asian Marine Alliance (MAMA), 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.

In addition to producing 20 MW of clean energy, the project is expected to create numerous economic benefits, including job opportunities in manufacturing, transportation, construction, and engineering.

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