Eco Wave Power Advances Taiwan Expansion as Partner Signs Land Lease for Suao Port Wave Energy Project

Rhea-AI Summary

Eco Wave Power (NASDAQ: WAVE) advanced its Suao Port, Taiwan project after partner I-Ke signed a land lease in December 2025 for a designated site. The lease is for five years with an extension option, and land use transfer application is due by March 22, 2026.

Port work permits are expected by October 2026. The site includes 6.75 hectares divided into three 2.25-hectare zones; I-Ke holds exclusive rights to Zone C. A 100 kW onshore unit was purchased under a turnkey sale agreement for a pilot deployment.

Positive

• Land lease signed in December 2025 enabling project development
• Lease term of five years with option to extend
• Port work permits expected by October 2026, establishing regulatory timeline
• Exclusive rights to Zone C (2.25 hectares) within a 6.75-hectare test area
• Planned deployment of a 100 kW onshore wave energy unit purchased under turnkey agreement

Negative

• Lease term limited to five years, potentially constraining long-term operations
• Project progress depends on transfer application by March 22, 2026 and permits by October 2026
• Pilot scope is small at 100 kW, limiting near-term generation and commercial scale impact

News Market Reaction – WAVE

+6.34%

3 alerts

+6.34% Session close to close

$40.88M Market Cap

0.8x Rel. Volume

In the Mar 23 session, WAVE gained 6.34%, reflecting a notable positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +6.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +6.3% in the session following this news. A strong positive reaction aligns with the project’s clear regulatory pathway and concrete deployment plan at Suao Port, including a 5-year lease and a planned 100 kW unit. Historically, WAVE has seen both aligned and divergent moves on constructive news, so sustained gains would have depended on how investors weighed long lead times, execution risk, and prior mixed post-news performance versus the strategic value of expansion into the Asia-Pacific market.

Key Figures

Land lease term: 5 years Land rights deadline: March 22, 2026 Permit target date: October 2026 +5 more

8 metrics

Land lease term 5 years Suao Port wave energy project lease duration

Land rights deadline March 22, 2026 Deadline to apply for transfer of land use rights

Permit target date October 2026 Expected timing to obtain all port work permits

Designated area 6.75 hectares Southern outer breakwater area at Suao Port for wave testing

Test zones 3 zones Zones A, B, C of 2.25 hectares each at Suao Port

Zone size 2.25 hectares Area of each test zone at Suao Port

Planned unit capacity 100 kW First onshore wave energy conversion unit to be deployed in Taiwan

Turnkey sale timing late 2024 Date of turnkey sale agreement for 100 kW unit

Historical Context

5 past events · Latest: Mar 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 18	AI visibility	Positive	-4.7%	NVIDIA GTC keynote highlighted AI-driven digital twin of wave energy tech.
Mar 17	AI conference feature	Positive	+14.0%	Wave technology showcased in NVIDIA CEO keynote segment on renewable power for AI.
Mar 12	Annual report & ops	Positive	-9.5%	2025 Form 20-F and multi-region operational progress with grants and pilots.
Mar 04	Production update	Positive	+3.9%	Record February 2026 production and peak output at Jaffa Port pilot.
Feb 19	DOE report highlight	Positive	+3.4%	U.S. DOE lab report emphasized advantages of coastal structure-integrated wave energy.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news often skews positive on operations and visibility, but price reactions have been mixed, with several constructive updates followed by negative sessions.

Recent Company History

Over the past month, Eco Wave Power reported record Jaffa Port production, a DOE lab highlight of coastal structure-integrated wave energy, and strong 2025 operational progress with cash of $6.3M and grants including €2.45M. It also gained AI-related visibility via NVIDIA GTC keynote features. Despite these milestones, several announcements (including the 20-F/20-F-linked update and one AI feature) were followed by negative sessions, underscoring a pattern where fundamentally positive news has not consistently translated into near-term price strength.

Key Terms

land lease agreement, port work permits, wave energy pilot station, wave energy conversion unit, +1 more

5 terms

land lease agreement financial

"it signed the land lease agreement with Suao Port for the designated"

A land lease agreement is a contract that lets a party use and develop a piece of land for a set time in exchange for regular payments, while someone else keeps ownership of the ground. For investors it matters because it affects how long a business can occupy or build on the site, the predictability of costs and income, and the property's resale value—think of it as renting the plot your house sits on, which changes both monthly bills and long‑term equity.

port work permits regulatory

"and all port work permits are expected to be obtained by October 2026"

Port work permits are official approvals from a harbor or port authority that allow a company or contractor to perform defined activities on port property—for example loading or unloading cargo, vessel repairs, construction, or maintenance. They matter to investors because obtaining or losing these permits can speed up or halt operations, change costs, and create fines or delays, affecting revenue and project timelines much like a building permit controls a construction job.

wave energy pilot station technical

"for the installation of a wave energy pilot station at the port."

A wave energy pilot station is a small-scale, real-world test site where devices capture power from sea waves to prove how the technology performs, how much it costs to run, and how it affects the environment. Like a prototype farm for a new crop, it helps reduce uncertainty for investors by producing performance data, revealing maintenance and grid-integration needs, and indicating whether the technology can scale profitably and meet regulatory or permitting requirements.

wave energy conversion unit technical

"deploy Taiwan's first 100 kW onshore wave energy conversion unit at the site"

A wave energy conversion unit is a machine placed in the ocean that captures the motion of waves and turns it into usable power, typically electricity, much like a wind turbine captures moving air. For investors, it represents a potential renewable-energy asset whose value depends on how much power it can reliably produce, how durable and costly it is to maintain, and on permitting, grid access and local wave conditions that determine revenue and risk.

turnkey sale agreement financial

"which was purchased under a turnkey sale agreement signed in late 2024"

A turnkey sale agreement is a contract in which one party sells an asset, property, or business and delivers it fully finished and ready to operate, so the buyer can ‘turn the key’ and start using it immediately. For investors this matters because it signals when control, revenue and most operating risks transfer from seller to buyer, affecting cash flow timing, earnings recognition and future maintenance or liability exposure — much like buying a fully furnished home instead of an unfinished one.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TAIPEI, Taiwan, March 23, 2026 /PRNewswire/ -- Eco Wave Power Global AB (publ) ("Eco Wave Power" or the "Company") (NASDAQ: WAVE), a leading developer of onshore wave energy technology, today announced a key milestone in the development of its wave energy project in Suao Port, Taiwan.

The Company's Taiwanese partner, I-Ke International Ocean Energy Co. ("I-Ke"), a subsidiary of Lian Tat Company, informed Eco Wave Power that in December 2025 it signed the land lease agreement with Suao Port for the designated wave energy project site. The agreement provides for a five-year lease term, with an option for extension, enabling the advancement of the project's next development phase.

Under the lease terms, the application for the transfer of land use rights must be submitted to the Taiwan International Ports Corporation by March 22, 2026, and all port work permits are expected to be obtained by October 2026, establishing a clear regulatory pathway for the project's implementation.

The Suao Port project represents a strategic step in Eco Wave Power's expansion into the Asia-Pacific region and supports the Company's objective to demonstrate the viability of locally manufactured wave energy systems in new international markets.

Inna Braverman, Founder and CEO of Eco Wave Power, said:

"We believe the signing of the land lease agreement for the Suao Port project represents an important milestone in advancing Eco Wave Power's presence in the Asia-Pacific market. Taiwan is actively investing in renewable energy solutions, and we are excited to progress this project together with our partner I-Ke and demonstrate how wave energy can be integrated into existing port infrastructure to produce clean electricity."

CY Huang, Chairman of I-Ke, added:

"We are pleased to advance the Suao Port wave energy project and strengthen our collaboration with Eco Wave Power. Taiwan is committed to expanding its renewable energy portfolio, and we believe wave energy can play an important role in supporting the country's clean energy transition. The signing of the land lease agreement marks an important step toward bringing this innovative technology to Taiwan."

Background on the Suao Port Project

As previously announced by Eco Wave Power, I-Ke was awarded the official land use tender from the Suao Port Company for the installation of a wave energy pilot station at the port.

The Keelung Branch of Taiwan Port Corporation designated 6.75 hectares of the southern outer breakwater of Suao Port for wave energy testing, divided into three test zones (A, B and C) of 2.25 hectares each. Following a competitive selection process completed in July 2025, I-Ke was awarded exclusive rights to Zone C.

Eco Wave Power previously announced that, together with I-Ke, it intends to deploy Taiwan's first 100 kW onshore wave energy conversion unit at the site, which was purchased under a turnkey sale agreement signed in late 2024.

Further updates regarding the project will be provided as additional development milestones are achieved.

About Eco Wave Power Global AB (publ)

Eco Wave Power Global (NASDAQ: WAVE) is a pioneering onshore wave energy company that transforms the power of ocean and sea waves into clean, reliable, and cost-efficient electricity through its patented, intelligent technology.

With a mission to accelerate the global transition to renewable energy, Eco Wave Power developed and operates Israel's first grid-connected wave energy power station, recognized as a "Pioneering Technology" by the Israeli Ministry of Energy and co-funded by EDF Renewables IL. In the United States, the Company recently launched the first-ever onshore wave energy pilot station at the Port of Los Angeles, in collaboration with Shell Marine Renewable Energy.

Eco Wave Power is expanding rapidly worldwide, with upcoming projects in Portugal, Taiwan, and India, representing a robust project pipeline of 404.7 MW under development. The Company has received international recognition and support from organizations including the European Union Regional Development Fund, Innovate UK, and the EU Horizon 2020 program, and was honoured with the United Nations Global Climate Action Award.

Eco Wave Power's American Depositary Shares (ADSs) are traded on the Nasdaq Capital Market under the ticker symbol "WAVE."

For more information, please visit: www.ecowavepower.com

For press inquiries, please contact: info@ecowavepower.com

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 belief that the signing of the land lease agreement for the Suao Port project represents an important milestone in advancing Eco Wave Power's presence in the Asia-Pacific market. 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, 2025 filed with the SEC on March 12, 2026, 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.

Photo - https://mma.prnewswire.com/media/2939830/Eco_Wave_Power_Global_Photo.jpg

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SOURCE Eco Wave Power Global AB (publ)

FAQ

When was the Suao Port land lease signed for Eco Wave Power (WAVE)?

The land lease was signed in December 2025, marking a development milestone. According to the company, I-Ke executed the lease for the designated project site to enable the next project phase.

What is the lease term and extension option for the WAVE Suao Port project?

The lease term is five years with an option to extend beyond that period. According to the company, this provides near-term site access while preserving the possibility of a longer-term arrangement.

What regulatory timeline must WAVE meet for the Suao Port project in 2026?

The land use transfer application must be submitted by March 22, 2026, with port work permits expected by October 2026. According to the company, these steps establish a clear regulatory pathway for implementation.

What size of wave energy unit will Eco Wave Power deploy at Suao Port (WAVE)?

Eco Wave Power and I-Ke intend to deploy a 100 kW onshore wave energy conversion unit as a pilot. According to the company, the unit was purchased under a turnkey sale agreement signed in late 2024.

Which zone at Suao Port does I-Ke have rights to for the WAVE pilot?

I-Ke was awarded exclusive rights to Zone C, a 2.25-hectare test zone within a 6.75-hectare southern outer breakwater. According to the company, Zone C was selected following a competitive process completed in July 2025.

How does the Suao Port lease affect Eco Wave Power's expansion (WAVE) in Asia-Pacific?

The lease advances the company’s Asia-Pacific expansion by securing a pilot site in Taiwan. According to the company, the project aims to demonstrate locally manufactured wave systems integrated into port infrastructure.