Eco Wave Power Global AB (publ) has announced a significant milestone in its collaboration with Bharat Petroleum Corporation Limited (BPCL). The company secured a purchase order for a wave energy project at BPCL's Marine Oil Terminals in Mumbai, India. This development is crucial as it marks the first implementation phase following a Memorandum of Understanding signed in 2025.

On October 29, 2026, Eco Wave Power issued a press release detailing this advancement, which is expected to evaluate the feasibility of installing its innovative wave energy technology at BPCL's existing marine infrastructure. The purchase order signifies a comprehensive site assessment study at the Jawahar Deep Marine Oil Terminals, aiming to advance the planned pilot installation.

Eco Wave Power, listed on Nasdaq under the ticker WAVE, is a leading developer of onshore wave energy technology. The company focuses on converting ocean waves into clean electricity, utilizing existing coastal infrastructure. The collaboration with BPCL, one of India's largest energy companies, is seen as a pivotal step towards introducing wave energy technology into the Indian market.

According to the press release, the site assessment will include preparing a detailed work plan, conducting a metocean study, and producing a final site assessment report. This work is scheduled to be completed within four months of the purchase order's issuance.

Inna Braverman, Founder and CEO of Eco Wave Power, expressed enthusiasm about the collaboration, stating, "We are very pleased to see our collaboration with Bharat Petroleum advancing from a Memorandum of Understanding to its first concrete implementation phase." She emphasized the potential of India's vast wave energy resources in contributing to the country's clean energy future.

India has identified ocean energy as a promising renewable resource, with estimates suggesting approximately 40,000 MW of untapped potential along its coastline. BPCL is committed to achieving Net Zero emissions by 2040, actively exploring innovative renewable energy technologies as part of its sustainability strategy.

The purchase order represents a tangible advancement in the initial assessment phase and is expected to provide critical technical information to support decisions regarding the proposed pilot installation. Eco Wave Power believes that successful collaboration with BPCL could pave the way for further wave energy development in India, aligning with the country's renewable energy ambitions.

As Eco Wave Power progresses with this initiative, it may inspire similar projects in the region, potentially reshaping the electric services industry in India and beyond.