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Eco Wave Power Global AB (publ) (NASDAQ:WAVE) ("Eco Wave Power" or the "Company"), a leader in onshore wave energy technology, today announced that it signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) during India Energy Week 2025 on February 13, 2025. This agreement marks a pivotal step in introducing wave energy as a key component of India's renewable energy strategy.
The agreement was signed by Mr. Chandrasekhar N, Head of Research and Development, BPCL and Ms. Inna Braverman, Founder and CEO, Eco Wave Power in the presence of Honorable Minister Hardeep Singh Puri, Minister of Petroleum and Natural Gas of the Government of India and the Chairman and Managing Director of BPCL, Mr. G. Krishnakumar.
The collaboration aligns with India's Ministry of New and Renewable Energy's (MNRE) recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country's coastline.
BPCL, a government-owned Fortune 500 oil and gas giant with a market capitalization of approximately $12 billion, has identified Eco Wave Power as a strategic partner following an extensive evaluation of wave energy technologies. The collaboration aligns with India's Ministry of New and Renewable Energy's (MNRE) recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country's coastline.
As part of BPCL's commitment to achieving Net Zero emissions by 2040, the company is expanding its renewable energy initiatives. Under this MoU, Eco Wave Power and BPCL will jointly develop wave energy projects across India, beginning with a feasibility study. The first phase will include the deployment of a 100 kW pilot project at BPCL's Mumbai Oil Terminals, with plans for larger commercial-scale installations across the country.
BPCL will oversee regulatory approvals, permits, and land use consents, while Eco Wave Power will provide its patented wave energy conversion technology, conduct research, and optimize power generation efficiency.
This partnership provides Eco Wave Power with a direct entry point into one of the world's fastest-growing renewable energy markets, leveraging BPCL's vast infrastructure and financial strength. India's commitment to increasing its renewable energy capacity, combined with BPCL's strategic vision, presents a significant commercial opportunity for Eco Wave Power's scalable and cost-effective technology.
