Eco Wave Power Global AB (NASDAQ: WAVE) has entered into a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) to explore the potential of wave energy as a key renewable resource in India. The agreement was formalized during India Energy Week 2025, which took place on February 13, 2025.
The MoU was signed by Mr. Chandrasekhar N, Head of Research and Development at BPCL, and Ms. Inna Braverman, Founder and CEO of Eco Wave Power. The signing ceremony was attended by Honorable Minister Hardeep Singh Puri, Minister of Petroleum and Natural Gas, and BPCL Chairman and Managing Director Mr. G. Krishnakumar.
India’s Ministry of New and Renewable Energy (MNRE) has identified ocean energy as a promising resource. The country’s 7,516 km coastline is believed to hold around 40,000 MW of untapped wave energy potential. BPCL, a Fortune 500 company valued at approximately $12 billion, chose Eco Wave Power after evaluating several wave energy technologies.
This collaboration supports BPCL’s goal to achieve Net Zero emissions by 2040. As part of this initiative, BPCL is increasing its investment in renewable energy projects. Under the MoU, Eco Wave Power and BPCL will work together on wave energy projects, starting with a feasibility study.
The first phase will involve deploying a 100 kW pilot project at BPCL’s Mumbai Oil Terminals. The aim is to expand this project into larger commercial installations across India. BPCL will manage regulatory approvals, permits, and land use agreements, while Eco Wave Power will provide its patented wave energy technology, conduct research, and optimize power generation.
This partnership offers Eco Wave Power direct access to one of the fastest-growing renewable energy markets. BPCL’s vast infrastructure and financial resources will support the scaling of wave energy technology, positioning it as an important contributor to India’s renewable energy strategy.
Inna Braverman, CEO of Eco Wave Power, expressed excitement about the collaboration: “Partnering with BPCL, one of India’s largest energy companies, marks a crucial milestone for Eco Wave Power. With over 250 million people living along India’s coastline, the wave energy potential is enormous. This MoU is an important step towards integrating wave power into India’s renewable energy mix.”
Eco Wave Power’s wave energy technology was also showcased at the Net Zero Pavilion during India Energy Week 2025 in New Delhi. The display provided industry leaders and policymakers with an opportunity to see the innovative technology in action. Additionally, Inna Braverman will speak at the 9th Annual Global Business Summit (GBS) in New Delhi on February 14-15, 2025. The summit, hosted by The Times Group, is a major event that draws global thought leaders, government officials, and industry pioneers, including Prime Minister Narendra Modi. Braverman will discuss the significant role of wave energy in India’s transition to a sustainable energy future.
Bharat Petroleum Corporation Limited (BPCL) is a leading oil and gas company owned by the Government of India. With major refineries in Mumbai, Kochi, and Bina, BPCL supplies high-quality fuels, lubricants, and petrochemicals both domestically and internationally. The company is committed to sustainability, driving innovation in clean energy solutions, digital transformation, and customer-focused initiatives to shape the future of energy in India.
