Core Insights - Eco Wave Power Global AB has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) to introduce wave energy as a significant part of India's renewable energy strategy [1][5][7] Company Overview - Eco Wave Power is a leader in onshore wave energy technology, focusing on converting ocean and sea waves into sustainable electricity [12] - BPCL is a government-owned Fortune 500 oil and gas company with a market capitalization of approximately $12 billion, actively pursuing renewable energy initiatives [4][11] Collaboration Details - The MoU was signed during India Energy Week 2025, with the first phase involving a 100 kW pilot project at BPCL's Mumbai Oil Terminals [5][8] - BPCL will handle regulatory approvals and land use consents, while Eco Wave Power will provide its patented technology and optimize power generation efficiency [6] Market Potential - India's coastline has an estimated 40,000 MW of untapped ocean energy potential, aligning with the Ministry of New and Renewable Energy's recognition of ocean energy as a promising resource [3][4] - The partnership offers Eco Wave Power a direct entry into one of the fastest-growing renewable energy markets, leveraging BPCL's infrastructure and financial strength [7] Strategic Vision - BPCL aims to achieve Net Zero emissions by 2040, and this collaboration is part of its broader commitment to expanding renewable energy initiatives [5] - Inna Braverman, CEO of Eco Wave Power, emphasized the enormous potential for wave energy in India, given the significant population living along the coastline [8]
Eco Wave Power and Fortune 500 Giant Bharat Petroleum (BPCL) to Tap into India's 40,000 MW Wave Energy Potential with Landmark MoU