Eco Wave Power Sign Develops Memorandum of Understanding with India's Bharat Oil to Develop Wave Energy
Thursday, Ecological wave power Global ab (NASDAQ: Wave), an onshore volatility energy company, announced that it has been with Balat Petroleum Company Co., Ltd. (BPCL) in India Energy Week 2025.
The partnership was announced on February 11 to integrate wave energy into India's renewable energy strategy.
BPCL is a state-owned energy giant. After thoroughly evaluating wave energy technology, it chose Eco Wave Power as its strategic partner.
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This collaboration coincides with India's renewable energy targets, leveraging the country's enormous ocean energy potential, estimated at 40,000 MW.
As part of BPCL's commitment to achieve net zero emissions by 2040, the partnership will begin with a 100 kW pilot project at Mumbai Oil Terminal and plans to conduct a larger volatility energy project in India.
BPCL will oversee regulatory approvals and land use consent, while Eco Wave Power will provide its patented wave energy technology, conduct research and optimize energy efficiency.
This collaboration provides eco-wave power to directly enter India's fast-growing renewable energy market, leveraging BPCL's infrastructure and financial strength to expand commercial wave energy deployment.
“Working with BPCL, one of India’s largest energy companies, is a moment of change for Eco Wave Power. With over 250 million people living on India’s 7,516 km coastline, the potential for wave energy is huge. The MoU is aimed at bringing the Wave energy is positioned as a major step in the mainstream power supply in India's clean energy transition.
Price action: Wave shares closed at 3.96% to $8.93 on Wednesday.
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This article is exclusive: Eco Wave Power logo with India's Bharat Petroleum Memorandum of Understanding originally appeared on Benzinga.com
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