Inna Braverman, Founder and
CEO of Eco Wave Power arrived for an
Official Visit of the Site, Where Eco Wave Power's technology will
be Installed, as Part of the Agreement Entered into Between the
Parties Earlier this Month
TAIPEI,
Taiwan, Oct. 10, 2024 /PRNewswire/ -- Eco Wave
Power Global AB (publ) (NASDAQ: WAVE) ("Eco
Wave Power" or the "Company"), a leading, publicly traded
onshore wave energy technology company, announced today that
following the signing of the agreement for the sale of the first
wave energy generation unit to I-Ke International Ocean Energy
Co. ("I-Ke"), a subsidiary of Lian Tat Company ("Lian Tat"), a leading maritime engineering
company, the Chief Executive Officer of Eco
Wave Power, Ms. Inna
Braverman arrived for an official site visit to the planned
installation site for Eco Wave
Power's technology on the east coast of Taiwan.
Ms. Braverman was accompanied by representatives from I-Ke,
among which Sung Chang Hung,
Director of Business Development, Wang Chu
Cheng, Site Manager and Mechanical Engineer, and
Lee Yu Ting, Project Manager, who
presented their installation plans and timeline.
During the site visit, Ms. Braverman also met with the
representatives of the Port where the project is set to be
installed, who conveyed their excitement about this landmark
project.
As communicated earlier this month, I-Ke will be providing the
full financing for the 100KW pilot project by buying a turnkey
conversion unit from Eco Wave Power.
Meaning that Eco Wave Power will
sell to I-Ke the conversion unit for the 100KW wave energy power
station, which shall include all the hydraulic and electric
conversion parts, coupled with the smart control and automation
system, while 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 that this will position Taiwan as the hub for later stage expansion
into other Asia-Pacific
regions.
According to a press statement made by I-Ke, the first stage of
the project will be the development of a 20 MW wave energy power
station in Taiwan, that will begin
with a 100-kW pilot and expand in stages to a total targeted
installed commercial capacity of 400 MW.
Mr. CY Huang, the Chairman of Lian
Tat and a respected leader in the maritime space, which has
long advocated for and helped to bring clean energy to Taiwan, commented as follows: "We entered an
MOU with Eco Wave Power in 2023, and
entered into a Final Agreement a few days ago. In the time that has
passed, we have selected a site for the first 100KW demonstration
in Taiwan and explored additional
83 potential sites all over the Taiwanese coastline for the
commercial implementation of Eco Wave
Power's technology in the future. I hope and believe that we
will keep the momentum going, with the support of Eco Wave Power, the Port and the Government of
Taiwan."
Ms. Inna Braverman, Founder and
CEO of Eco Wave Power commented as
follows: "I am very excited to visit the first deployment site for
Eco Wave Power's technology in
Taiwan, which is also expected to
be our first deployment site in Asia. I am very impressed with the progress
achieved by Lian Tat and I-Ke in
such a short time frame and I would like to extend my gratitude to
Mr. Huang, the Port, and the Government of Taiwan for enabling for the implementation of
our innovative and groundbreaking project in Taiwan."
During Ms. Braverman's official visit to Taiwan she has also presented Eco Wave Power's technology during the
prestigious Taiwan Energy & Net Zero Conference and personally
presented the Company's technology to Mr. Yu Zheng Wei, the Head of Taiwan's Energy Bureau, and Mrs. Wang Mei Hua, Taiwan's former Minister for Economic
Affairs.
Mr. Yu Zheng Wei and Mrs. Wang
Mei Hua both conveyed significant interest in Eco Wave Power
and I-Ke's upcoming wave energy project in Taiwan.
Next week, Ms. Braverman will visit Singapore and India, where she will hold meetings with the
Singapore Navy and a large Fortune 500 petroleum company from
India, with the goal of further
reinforcing Eco Wave Power's
presence in the Asian market.
About Lian Tat Company
Lian Tat Company ("LTC") was established in March 12, 1959. Since its inception, it has been
acting as a resource integrator by sourcing machinery tools and
turnkey equipment from Europe and
USA to assist the
industrialization of local companies.
Since 1980, LTC expanded its business scope to source diesel
engines for marine and power plant applications by associating with
leading brands such as MAN, MTU, and Alstom. Its customers include
the Taiwanese Navy, Customs, and Coast Guard, the Taiwan Power
Company, shipping companies, such as Evergreen, and ferry owners
and operators.
Establishing a full-fledged marine engine service workshop in
1994, LTC set a new milestone in its history. With establishment of
the workshop, and a strong service team providing timely on-site
and workshop service, LTC has created unparalleled sales and
service records for the fleets of Taiwanese Navy and Coast
Guard.
More recently, LTC has undergone a transformation and ventured
into new industries, such as renewable energy and offshore wind
power maritime engineering. Its objective is to synergize with the
domestic maritime industry by integrating talent and resources,
while also forging collaborative partnerships.
About I-Ke International Ocean Energy
I-Ke International Ocean Energy is a wholly owned subsidiary of
Lian Tat Company. It benefits from the maritime expertise of its
parent company and aims to introduce commercial wave power
generation equipment domestically. Its mission is to promote clean
and pollution-free green energy in Taiwan.
Chairman CY Huang of Lian Tat Company established I-Ke
International Ocean Energy in 2023, and it specializes in the
development, execution, construction, and operation of wave power
projects in Taiwan. Last year,
upon signing the MoU with Eco Wave
Power, it immediately 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.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading
onshore wave energy company that developed a patented, smart and
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, which recognized Eco Wave
Power's technology as "Pioneering Technology." The Israeli
wave energy project marks the first grid-connected wave energy
system in Israel's history.
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.
Eco Wave Power received funding
from the European Union Regional Development Fund, Innovate UK and
the European Commission's Horizon 2020 framework program and was
honored with the "Global Climate Action Award" from the United
Nations.
Eco Wave Power's American
Depositary Shares (WAVE) are traded on the Nasdaq Capital
Market.
Read more about Eco Wave Power at
www.ecowavepower.com
For more information, please contact the Company
at:
info@ecowavepower.com
+97235094017
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements in this press release when it discusses the planned
installation of the 100KW pilot project, the terms of the finalized
agreement in relation to the pilot project, the belief that this
pilot project will position Taiwan
as the hub for later stage expansion into other Asia-Pacific regions, and the belief that the
parties will continue to work towards implementing their goals.
Forward-looking statements can be identified by words such as:
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "will", or variations of such words, and similar
references to future periods. These forward-looking statements and
their implications are neither historical facts nor assurances of
future performance and are based on the current expectations of the
management of Eco Wave Power and are
subject to a number of factors, uncertainties and changes in
circumstances that are difficult to predict and may be outside of
Eco Wave Power's control that could
cause actual results to differ materially from those described in
the forward-looking statements. Therefore, you should not rely on
any of these forward-looking statements. Except as otherwise
required by law, Eco Wave Power
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting Eco Wave Power is
contained under the heading "Risk Factors" in Eco Wave Power's Annual Report on Form 20-F for
the fiscal year ended December 31,
2023 filed with the SEC on March 28,
2024, which is available on the on the SEC's website,
www.sec.gov, and other documents filed or furnished to the SEC. Any
forward-looking statement made in this press release speaks only as
of the date hereof. References and links to websites have been
provided as a convenience and the information contained on such
websites is not incorporated by reference into this press
release.
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