Eco Wave Power Global AB (NASDAQ: WAVE) announced that its Taiwanese partner I-Ke International Ocean Energy Co. signed a land lease agreement with Suao Port in December 2025 for a wave energy project site.

The agreement provides a five-year lease term with an extension option for the designated wave energy project site. I-Ke, a subsidiary of Lian Tat Company, must submit an application for land use rights transfer to Taiwan International Ports Corporation by March 22, 2026, with all port work permits expected by October 2026.

The Suao Port project involves deploying Taiwan's first 100 kW onshore wave energy conversion unit. I-Ke was awarded exclusive rights to Zone C, covering 2.25 hectares of the southern outer breakwater of Suao Port, following a competitive selection process completed in July 2025.

The Taiwan Port Corporation's Keelung Branch designated 6.75 hectares of the southern outer breakwater for wave energy testing, divided into three test zones of 2.25 hectares each. Eco Wave Power and I-Ke plan to install the wave energy unit under a turnkey sale agreement signed in late 2024.

"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," said Inna Braverman, founder and CEO of Eco Wave Power.

CY Huang, chairman of I-Ke, stated that Taiwan is committed to expanding its renewable energy portfolio and believes wave energy can support the country's clean energy transition.

The information is based on a company press release statement.