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October 24, 2024 (Investorideas Newswire) Investorideas , a go-to platform for big investing ideas, including water and renewable energy stocks, reports on developments for Eco Wave Power Global AB) (NASDAQ: WAVE ), a leading, publicly traded onshore wave energy technology company that recently announced entering the renewable energy market in Taiwan.
According to Statista , Taiwan's total capacity of renewable energy reached some 17 gigawatts in 2023. This represented an increase of more than 27 percent in comparison to the previous year, and the highest figure reported during the period in consideration."
Renews. reported this month, "Taiwan is planning a major expansion of renewables to meet growing power demand, according to a senior government official."
Continued: Deputy director of the energy bureau of the ministry of economic affairs Lee Chun-Li (centre) told a press conference in Taipei today that the island is eyeing growth as well as diversification of its green energy sector.
Continued: Chun-Li said as well as more wind and solar generation, the administration wants to grow its use of tidal, hydro and geothermal.
In early October Eco Wave Power Global AB (NASDAQ: WAVE ) announced that it signed an agreement for the sale of the first wave energy generation unit with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company , a leading maritime engineering company, with the purpose of bringing Eco Wave Power's wave energy technology to Taiwan.
*Paid news dissemination for WAVE.
According to the terms of the agreement, I-Ke will be providing the full financing for the 100KW pilot project, by buying a turnkey conversion unit from Eco Wave Power. This conversion unit for the 100KW 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 100KW 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. I-Ke believes this will 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 maximize energy extraction and optimize the project's performance for the Taiwanese coastline.
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Disclaimer/Disclosure: This is paid news dissemination on behalf or Eco Wave Power (NASDAQ: WAVE)
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