October 31, 2026: Eco Wave Power Global AB (publ) (Eco Wave Power), a leading developer of onshore wave energy technology, has announced a significant milestone in its collaboration with Bharat Petroleum Corporation Limited (BPCL), one of India's largest government-owned energy companies and a Fortune 500 corporation, following the issuance of a purchase order for the initial site assessment phase of the companies' planned wave energy project in Mumbai, India.

The purchase order was issued by BPCL for a comprehensive site assessment study at its Marine Oil Terminals at Jawahar Deep, Mumbai. The study represents the first implementation phase following the Memorandum of Understanding (MoU) signed between Eco Wave Power and BPCL in 2025 during India Energy Week, in the presence of India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, and BPCL’s then Chairman and Managing Director, G. Krishnakumar.

The assessment is intended to evaluate the technical feasibility and site conditions for installing Eco Wave Power’s innovative onshore wave energy technology at BPCL’s existing marine infrastructure, with the objective of advancing the planned pilot installation.

Under the purchase order, the assessment will include the preparation of a detailed site assessment and work plan, a metocean study addressing local marine conditions, and a final site assessment report. The work is scheduled to be completed within four months of the purchase order’s issuance.

This development represents an important step in translating the strategic collaboration between Eco Wave Power and BPCL into concrete project development activities and reflects continued progress toward introducing wave energy technology into the Indian energy market.

Inna Braverman, Founder and CEO of Eco Wave Power, commented: “We are very pleased to see our collaboration with Bharat Petroleum advancing from a Memorandum of Understanding to its first concrete implementation phase.

“When we signed our agreement during India Energy Week in 2025, we shared a common vision of exploring how India’s vast wave energy resources could contribute to the country’s clean energy future. Today, we are taking another meaningful step toward turning that vision into reality.

“For Eco Wave Power, this milestone is particularly exciting because it demonstrates the growing interest of major global energy companies in our technology and the potential to integrate wave energy generation into existing marine infrastructure.

“India represents an extraordinary opportunity, with an estimated 40,000 MW of untapped ocean energy potential. We believe that our collaboration with BPCL, beginning with the planned pilot in Mumbai, can serve as an important foundation for exploring larger commercial-scale wave energy projects in the country.

We look forward to advancing the assessment phase and continuing to work with BPCL toward bringing our innovative technology to India.”

Advancing India’s Wave Energy Potential

India has identified ocean energy as a promising renewable energy resource, with its Ministry of New and Renewable Energy estimating approximately 40,000 MW of potential along the country’s coastline.

BPCL, a leading Indian energy corporation, has committed to achieving Net Zero emissions by 2040 and is actively exploring innovative renewable energy technologies as part of its long-term sustainability strategy.

Under the 2025 MoU, Eco Wave Power and BPCL agreed to explore the joint development of wave energy projects in India, beginning with a feasibility assessment and a planned pilot installation at BPCL’s Marine Oil Terminals in Mumbai, with the potential to pursue larger commercial-scale deployments in the future.

Eco Wave Power’s patented technology is designed to generate clean electricity from ocean waves by utilizing existing marine structures, such as breakwaters, piers, and jetties, while keeping the energy conversion equipment accessible onshore.

The newly issued purchase order represents a tangible advancement of the initial assessment phase and is expected to provide important technical information to support decisions regarding the proposed pilot installation.

The Company believes that successful advancement of the collaboration could open opportunities for further wave energy development in India, supporting the country’s renewable energy ambitions while demonstrating the potential of integrating wave energy technology into existing port and energy infrastructure.

(Source: Ocean news)