South Korean company Ingine has signed an agency agreement with international trading and investment outfit Sinotrade for wave energy project development in Taiwan.
Under the agreement, signed on March 15, 2022, Sinotrade will act as a business representative for Ingine in Taiwan, and will also work to mobilize mutual resources to promote the deployment of Ingine’s wave energy technology locally.
In this endeavor, major stakeholders will include the Taiwan Power Company (TPC), local and national government including Taiwan’s Ministry of Economic Affairs’ Bureau of Energy, as well as selected Taiwanese harbors operated by the Taiwan International Ports Corporation (TIPC).
Commenting on the partnership, Ingine’s business development director Dae Hyun Kim said: “Currently, there is growing momentum in Taiwan to enable the development of marine renewable energy beyond offshore wind energy.
“The public, private and academic sectors are coming together to enable the energy transition in all its forms, developing domestic expertise as well as outsourcing technology when necessary.
“The team at INGINE believes that our shared determination can accelerate wave energy commercialization in Taiwan.”
Ingine has developed its proprietary multi-directional wave energy harvesting technology dubbed INWave. The technology is said to have lower operating cost than other wave energy plants, since the main facilities are installed ashore, eliminating the need for subsea transmission cables and streamlining maintenance work.
The company is forging ahead with its global expansion, having recently announced plans to develop various wave energy projects across the world.
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