On Thursday, Eco Wave Power Global AB (NASDAQ:WAVE), an onshore wave energy company, announced it has signed a Memorandum of Understanding with Bharat Petroleum Corporation Limited (BPCL) at India Energy Week 2025.
Announced on February 11, this partnership aims to integrate wave energy into India’s renewable energy strategy.
BPCL, a state-owned energy giant, selected Eco Wave Power as a strategic partner after thoroughly evaluating wave energy technologies.
This collaboration aligns with India’s renewable energy goals, tapping into the country’s vast ocean energy potential, estimated at 40,000 MW.
As part of BPCL’s commitment to achieving Net Zero emissions by 2040, the partnership will begin with a 100 kW pilot project at Mumbai Oil Terminals, with plans for larger wave energy projects across India.
BPCL will oversee regulatory approvals and land use consents, while Eco Wave Power will provide its patented wave energy technology, conduct research, and optimize energy efficiency.
This collaboration offers Eco Wave Power direct entry into India’s rapidly growing renewable energy market, leveraging BPCL’s infrastructure and financial strength to scale commercial wave energy deployment.
“Partnering with BPCL, one of India’s largest energy companies, is a transformative moment for Eco Wave Power. With over 250 million people living along India’s 7,516 km coastline, the potential for wave energy is enormous. This MoU represents a major step toward positioning wave energy as a mainstream power source in India’s clean energy transition,” commented Inna Braverman, Founder and CEO of Eco Wave Power.
Price Action: On Wednesday, WAVE shares closed 3.96% higher at $8.93.
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This article EXCLUSIVE: Eco Wave Power Signs MoU With India’s Bharat Petroleum To Develop Wave Energy originally appeared on Benzinga.com
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