Eco Wave Power (NASDAQ: $WAVE) Taps
into Taiwan’s Renewable Energy Expansion Plan; @EcoWavePower
Investorideas.com (www.investorideas.com) 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.com, 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.biz. 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.
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news dissemination for WAVE
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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.
Recent
news for WAVE
https://finance.yahoo.com/news/eco-wave-power-signs-wave-123400004.html
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