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Eco Wave Power Sees Significant Stock Boost After Taiwan Power Deal

By Fahim Awan
Published On October 14, 2024 11:52 AM UTC
Eco Wave Power Sees Significant Stock Boost After Taiwan Power Deal

Eco Wave Power Global AB (NASDAQ: WAVE) experienced a significant boost in its stock price, continuing a rally from the previous day. By the close of trading last Friday, WAVE shares surged by 16.30%, reaching $6.60.

This rise contributed to an overall weekly increase of 19.35%. The stock’s upward trajectory was fueled by a power sale agreement in Taiwan, marking a pivotal moment for the company’s growth in the region.

Agreement and Site Visit in Taiwan

Eco Wave Power recently signed an agreement for the sale of its first wave energy generation unit to I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company, a prominent maritime engineering firm.

In light of this, Eco Wave Power’s CEO, Ms. Inna Braverman, conducted an official site visit to the planned installation on Taiwan’s east coast. She was accompanied by I-Ke representatives and met with port officials who expressed their enthusiasm for the project, which represents a significant milestone in Taiwan’s renewable energy landscape.

Key Project Details and Financing

As part of the agreement, I-Ke will fully finance the 100-kilowatt (KW) pilot project by purchasing a turnkey conversion unit from Eco Wave Power. This unit includes all hydraulic and electric conversion systems, along with smart control and automation components.

I-Ke will handle the local production of floaters, hydraulic cylinders, and other parts located on the seaside infrastructure. This collaboration is seen as a potential stepping stone for expanding Taiwan’s role as a wave energy hub in the Asia-Pacific region.

Future Prospects and Expansion Plans

The project’s first phase involves constructing a 100-kW pilot wave energy station, with plans to scale it up to a 20-megawatt (MW) facility and eventually reach a commercial capacity of 400 MW.

Lian Tat, which signed a Memorandum of Understanding (MOU) with Eco Wave Power in 2023, has already selected the site for this demonstration and is evaluating 83 additional locations along Taiwan’s coastline for future expansion. Ms. Braverman’s upcoming visits to Singapore and India further highlight Eco Wave Power’s commitment to expanding its footprint in the Asian market.

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