Eco Wave Power Announces Major Milestone in Collaboration with Fortune 500 Energy Giant Bharat Petroleum as First Purchase Order Is Issued for Wave Energy Project in India
Eco Wave Power (WAVE) received a purchase order from Bharat Petroleum (BPCL) for a site assessment study in Mumbai, India. This follows a 2025 MoU and aims to evaluate the feasibility of installing Eco Wave's wave energy technology at BPCL's marine terminals. The assessment is expected to take four months and could lead to a pilot installation, advancing India's wave energy potential.
How this was made
The 30-second read
Why it matters
The newly issued purchase order funds technical feasibility work (site assessment, metocean study, and a final report) intended to support decisions on the proposed pilot installation.
Market read
For WAVE, the first purchase order is a tangible step toward pilot execution, improving near-term project visibility versus an MoU-only status.
What to watch
Key gating items are permitting, engineering outcomes from the metocean study, and BPCL’s internal investment decision after the four-month report.
Background
Eco Wave Power and Bharat Petroleum (BPCL) signed an MoU in 2025 to explore wave energy projects in India, starting with a planned pilot at BPCL’s Mumbai marine oil terminals.
Ticker impact
Eco Wave Power says BPCL issued its first purchase order for a four-month site assessment to support a Mumbai wave-energy pilot using WAVE’s technology.
Likely modest upside bias as investors price higher probability of pilot execution and follow-on commercialization.
This is a new, company-specific milestone (first PO) with a defined scope and completion window, but it is still an assessment phase rather than revenue-generating deployment.
Market effects
Supports sentiment for onshore wave energy and port-adjacent renewables by showing large oil majors funding feasibility work.
Highlights India as an active deployment target for ocean energy, potentially attracting more feasibility and pilot activity.
Reinforces the broader trend of integrating renewables into existing marine infrastructure, which can influence investor appetite for similar developers.
Counterpoint
A site assessment PO does not guarantee the pilot will be built, permitted, or financed, so the market may overreact to a non-revenue milestone.
Key entities
- companyEco Wave Power Global AB
Onshore wave energy developer whose patented technology is being assessed for a BPCL pilot in Mumbai.
- companyBharat Petroleum Corporation Limited
Indian energy company that issued the purchase order for the site assessment at its Marine Oil Terminals in Jawahar Deep, Mumbai.
- asset/siteBPCL Marine Oil Terminals (Jawahar Deep, Mumbai)
The specific marine infrastructure location where the wave-energy pilot feasibility work will be performed.
