Eco Wave Power Global AB (NASDAQ: WAVE) (“Eco Wave Power”) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) to explore wave energy as a key contributor to India’s renewable energy landscape. The agreement was formalized during India Energy Week 2025 on February 13, 2025.
The MoU was signed by Chandrasekhar N, Head of Research and Development at BPCL, and Inna Braverman, Founder and CEO of Eco Wave Power, in the presence of Honorable Minister Hardeep Singh Puri, Minister of Petroleum and Natural Gas, and BPCL Chairman and Managing Director G. Krishnakumar.
With India’s Ministry of New and Renewable Energy (MNRE) identifying ocean energy as a promising resource, the country’s 7,516 km coastline holds an estimated 40,000 MW of untapped wave energy potential. BPCL, a Fortune 500 company with a market capitalization of approximately $12 billion, selected Eco Wave Power as a strategic partner after an extensive evaluation of wave energy technologies.
As part of BPCL’s goal to achieve Net Zero emissions by 2040, the company is expanding its investments in renewable energy. Under this MoU, Eco Wave Power and BPCL will collaborate on wave energy projects, starting with a feasibility study.
The initial phase includes the deployment of a 100 kW pilot project at BPCL’s Mumbai Oil Terminals, with plans to scale up to larger commercial installations nationwide. BPCL will handle regulatory approvals, permits, and land use agreements, while Eco Wave Power will supply its patented wave energy conversion technology, conduct research, and optimize power generation efficiency.
This partnership grants Eco Wave Power direct access to one of the fastest-growing renewable energy markets, leveraging BPCL’s vast infrastructure and financial strength. India’s commitment to expanding its renewable capacity, combined with BPCL’s strategic vision, positions wave energy as a viable contributor to the country’s clean energy mix.
Inna Braverman, Founder and CEO of Eco Wave Power, stated: “Collaborating with BPCL, one of India’s largest energy players, is a pivotal moment for Eco Wave Power. With over 250 million people living along India’s coastline, the potential for wave energy is immense. This MoU is a significant step toward integrating wave power into India’s renewable energy strategy.”
Eco Wave Power’s wave energy model was showcased at the Net Zero Pavilion during India Energy Week 2025 in New Delhi, offering industry leaders and policymakers a firsthand look at its innovative technology. Additionally, Inna Braverman will speak at the 9th Annual Global Business Summit (GBS) on February 14-15, 2025, in New Delhi. Hosted by The Times Group, India’s largest media conglomerate, the event attracts global thought leaders, government officials, and industry pioneers, including Prime Minister Narendra Modi. She will discuss the vast potential of wave energy in India’s transition to a sustainable energy future.
Bharat Petroleum Corporation Limited (BPCL) is a Fortune 500 oil and gas company owned by the Government of India. With a strong presence in refining, marketing, and distribution, BPCL operates major refineries in Mumbai, Kochi, and Bina, ensuring the supply of high-quality fuels, lubricants, and petrochemicals to both domestic and international markets. The company’s extensive retail and supply network plays a critical role in India’s energy security. BPCL is actively driving innovation and sustainability, focusing on clean energy solutions, digital transformation, and customer-centric initiatives to shape the future of energy.
Eco Wave Power is a pioneering onshore wave energy company transforming the clean energy sector with its patented, smart, and cost-effective technology that harnesses ocean and sea waves to generate sustainable electricity. The company operates Israel’s first grid-connected wave energy system, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which has recognized it as a “Pioneering Technology”. With an ambitious global expansion plan, Eco Wave Power is set to launch projects in Los Angeles, Taiwan, and Portugal, adding to its 404.7 MW project pipeline. The company has received support from prestigious institutions like the European Union Regional Development Fund, Innovate UK, and Horizon 2020, and was honored with the United Nations’ Global Climate Action Award for its contributions to renewable energy.
