Eco Wave Power Announces Award of Land Use Tender for Wave Energy Project in Suao Port, Taiwan

Rhea-AI Summary

Eco Wave Power (NASDAQ: WAVE) has achieved a significant milestone as its partner I-KE International Ocean Energy Co. secured a land use tender from Suao Port Company in Taiwan for a wave energy pilot station. This marks Taiwan's first-ever allocation of a commercial port area for wave power testing.

The project will be developed in Zone C of Suao Port's southern outer breakwater, spanning 2.25 hectares. I-KE will collaborate with Eco Wave Power to install Taiwan's first 100 kW onshore wave energy conversion unit, purchased through a turnkey agreement in late 2024. The project aims to expand to 20 MW in the medium term, with potential growth to 400 MW across Taiwan's coastline.

Positive

• First-ever commercial port allocation for wave power testing in Taiwan's history
• Secured exclusive rights for 2.25 hectares in Zone C of Suao Port
• Strategic entry point into the Asian market for Eco Wave Power
• Potential for expansion to 400 MW capacity across Taiwan's coastline
• Strong local partnership with I-KE and Lian Tat Company

Negative

• None.

Insights

Renewable Energy Analyst

Eco Wave Power secures historic first Taiwan wave energy tender, enabling market entry to Asia with 100kW project and pathway to 400MW expansion.

This land tender award represents a strategic milestone for Eco Wave Power, marking their first entry into the Asian market through Taiwan's Suao Port. The significance cannot be overstated - this is the first time in Taiwan's history that a commercial port area has been designated for wave power testing, demonstrating exceptional regulatory breakthrough.

The project structure reveals a well-conceived market entry strategy: Eco Wave Power sold its technology on a turnkey basis to local partner I-KE International (subsidiary of Lian Tat Company) in late 2024, who then secured the land rights through competitive tender. This approach minimizes Eco Wave Power's direct capital exposure while establishing presence in a new geography.

What's particularly compelling is the scalability roadmap - starting with a 100kW pilot unit but with phased expansion plans to 20MW in the medium-term and potentially 400MW across Taiwan's coastline. Taiwan's geographic position facing the Pacific Ocean provides ideal wave conditions for commercial viability.

From a renewable energy diversification perspective, this project aligns perfectly with Taiwan's national energy transition strategy. Wave energy offers crucial advantages over other renewables by providing predictable, consistent generation patterns compared to intermittent solar and wind. The designation of 6.75 hectares specifically for wave energy testing indicates Taiwan's serious commitment to developing this technology as part of its renewable portfolio.

Taipei, Taiwan--(Newsfile Corp. - August 19, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a leading developer of onshore wave energy technology, is pleased to announce that its partner, I-KE International Ocean Energy Co. ("I-KE"), a subsidiary of Lian Tat Company, has been awarded the official land use tender from the Suao Port Company for the installation of a wave energy pilot station in Taiwan. This achievement marks the first time in Taiwan's history that a commercial port area has been opened for wave power testing, highlighting the nation's commitment to innovation and clean energy.

Inna Braverman and CY Huang explain the Eco Wave Power technology to Mr. Yu Zheng Wei Head of Taiwan's Energy Bureau, and Mrs. Wang Mei Hua, Taiwan's former Minister for Economic Affairs.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11247/263056_dc988b7a243e1b43_001full.jpg

In line with Taiwan's national energy transition policy, the Keelung Branch of Taiwan Port Corporation designated 6.75 hectares of the southern outer breakwater of Suao Port for wave energy testing. The area was divided into three test zones, A, B, and C, each measuring 2.25 hectares. Through a competitive selection process completed in July 2025, I-KE was awarded exclusive rights to Zone C, where it will work together with Eco Wave Power to deploy Taiwan's first 100 kW onshore wave energy conversion unit, which was purchased under a turnkey sale agreement signed with Eco Wave Power in late 2024.

This tender award is a first-of-its-kind event in Taiwan, setting an important precedent for the country's renewable energy sector. It directly supports Taiwan's national renewable energy transition strategy and positions Suao Port as a demonstration hub for low-carbon, smart, and innovative green energy. Facing the Pacific Ocean, the site offers stable, representative wave conditions with strong potential for commercial-scale wave power generation. The pilot project at Zone C is intended to serve as the foundation for a phased development roadmap, expanding to 20 MW in the medium term and potentially up to 400 MW of capacity across Taiwan's coastline.

Inna Braverman, Founder and CEO of Eco Wave Power, stated, "This tender award represents a groundbreaking moment for Eco Wave Power and for Taiwan. It is not only our entry point into the Asian market but also the first time that a Taiwanese port has been allocated for wave energy testing. With I-KE and Lian Tat as strong local partners, we are confident that this project will demonstrate the commercial viability of wave energy and pave the way for large-scale deployment."

CY Huang, Chairman of Lian Tat Company, added, "Being selected through a competitive process by Taiwan Port Corporation is a great honor. It validates the strength of Eco Wave Power's technology and Taiwan's readiness to embrace marine renewables. We look forward to establishing Suao Port as a green energy demonstration site with global visibility."

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 (NASDAQ: WAVE) is a pioneering onshore wave energy company transforming ocean and sea waves into clean, cost-efficient electricity using its patented and intelligent technology.

With a strong commitment to addressing climate change, the company 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.

Eco Wave Power is actively expanding its global footprint, with upcoming projects planned in the Port of Los Angeles, Portugal, Taiwan, and India-contributing to a growing project pipeline of 404.7 MW.

The company has earned support and recognition from leading international organizations, including the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and is a proud recipient of the United Nations Global Climate Action Award.

Eco Wave Power's American Depositary Shares are listed on the Nasdaq Capital Market under the symbol "WAVE." For more information, please visit www.ecowavepower.com.

Note: Information available on or through the websites mentioned herein does not form part of this press release.

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 expectation that the pilot project at Zone C is intended to serve as the foundation for a phased development roadmap, expanding to 20 MW in the medium term and potentially up to 400 MW of capacity across Taiwan's coastline, the belief that the tender award represents a groundbreaking moment for Eco Wave Power and for Taiwan, the expectation that the tender award is not only the Company's entry point into the Asian market but also the first time that a Taiwanese port has been allocated for wave energy testing, and that the tender award is a first-of-its-kind event in Taiwan. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263056

FAQ

What is the significance of Eco Wave Power's tender award in Taiwan?

The tender award marks the first time in Taiwan's history that a commercial port area has been opened for wave power testing, representing Eco Wave Power's entry into the Asian market through Suao Port.

What is the initial capacity of WAVE's wave energy project in Suao Port?

The initial project will deploy a 100 kW onshore wave energy conversion unit, with plans to expand to 20 MW in the medium term.

How much potential wave energy capacity does WAVE plan to develop in Taiwan?

Eco Wave Power plans to potentially develop up to 400 MW of wave energy capacity across Taiwan's coastline, starting with the pilot project in Suao Port.

Who are Eco Wave Power's partners for the Taiwan wave energy project?

Eco Wave Power is partnering with I-KE International Ocean Energy Co., a subsidiary of Lian Tat Company, which won the land use tender from Suao Port Company.

What is the size of the allocated area for WAVE's project in Suao Port?

I-KE was awarded Zone C, measuring 2.25 hectares, out of a total 6.75 hectares designated for wave energy testing in Suao Port's southern outer breakwater.