Eco Wave Power floater installation in Israel. Source: Eco Wave Power.
Eco Wave Power Global AB (NASDAQ:WAVE) announced on Thursday it has joined forces with maritime engineering firm Lian Tat Company (LTC) to deliver a 20-MW project that will be Taiwan’s first onshore wave energy power station.
The two companies have signed a memorandum of understanding (MoU) as the first step in negotiating the creation of a joint venture for the development of local wave energy projects.
LTC’s role in the JV will be to obtain permits, land use consents and other approvals in addition to funding the project and managing its construction, operation and maintenance. Eco Wave Power, in turn, will provide the technology and assist in the research and evaluation of the project’s feasibility.
The partners intend to begin with a 100-kW pilot installation that will eventually be expanded to 20 MW.
“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,” commented Inna Braverman, founder and CEO of Eco Wave Power.