BPCL and Eco Wave Power Sign Landmark MoU to Pioneer Wave Energy Projects in India

NEW DELHI, Feb. 21, 2025 /PRNewswire/ -- In a major step toward revolutionizing India's renewable energy landscape, Bharat Petroleum Corporation Limited (BPCL) has signed a Memorandum of Understanding (MoU) with Eco Wave Power Global AB (Eco Wave Power) to develop wave energy-based renewable power projects across India jointly. The agreement, signed during India Energy Week 2025, marks a pivotal milestone in integrating wave energy as a significant component of India's clean energy transition.

The MoU was signed by Mr. Chandrasekhar N, Head (R&D), BPCL, and Ms. Inna Braverman, Founder & CEO, Eco Wave Power, in the presence of Shri Hardeep Singh Puri, Hon'ble Minister of Petroleum & Natural Gas, Government of India and Shri G. Krishnakumar, Chairman & Managing Director, BPCL. This collaboration aligns with the Ministry of New and Renewable Energy's (MNRE) recognition of ocean energy as a promising resource, with an estimated 40,000 MW of untapped potential along India's coastline.

Pioneering Wave Energy in India

BPCL, a Fortune 500 oil and gas major with a market capitalization of approximately $12 billion, has identified Eco Wave Power as a strategic partner following an extensive evaluation of wave energy technologies. As part of BPCL's commitment to Net Zero emissions by 2040, the company is expanding its renewable energy portfolio, with wave energy playing a critical role.

Under this MoU, BPCL and Eco Wave Power will conduct a feasibility study for deploying wave energy projects across India. The first phase will focus on installing a 100–300 kW pilot project at BPCL's Mumbai Oil Terminals, setting the foundation for larger commercial-scale installations.

BPCL will oversee regulatory approvals, permits, and land use consents, while Eco Wave Power will provide its patented wave energy conversion technology, conduct research, and optimize power generation efficiency. This partnership directly allows Eco Wave Power to enter one of the world's fastest-growing renewable energy markets, leveraging BPCL's vast infrastructure and financial strength.

Mr. G. Krishnakumar, Chairman & Managing Director, BPCL, emphasized the significance of the collaboration, stating, "Wave energy is a largely untapped resource, and this collaboration will serve as a model for sustainable energy development in India. By integrating Eco Wave Power's proven technology, we aim to drive innovation in clean energy production and contribute to India's long-term renewable energy goals."

Echoing this sentiment, Ms. Inna Braverman, Founder and CEO, Eco Wave Power, said, "Partnering with BPCL, one of India's largest energy companies, is a transformative moment for Eco Wave Power. With over 250 million people living along India's 7,516 km coastline, the potential for wave energy is enormous. This MoU represents a major step toward positioning wave energy as a mainstream power source in India's clean energy transition."

Showcasing Innovation at India Energy Week 2025

Eco Wave Power's wave energy generation model was showcased at the Net Zero Pavilion during India Energy Week 2025 as part of the signing ceremony, allowing industry leaders and policymakers to gain firsthand insights into its technology.

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.

Bharat Petroleum's Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, fuel stations, aviation service stations and LPG distributors. Its distribution network comprises over 22,000+ Fuel Stations, over 6,250 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 54 LPG Bottling Plants, 63 Aviation Service Stations, 5 Lube blending plants and 4 cross-country pipelines as on 31.08.2024.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 Fuel Stations over the next 5 years.

With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With 'Energising Lives' as its core purpose, Bharat Petroleum's vision is to be an admired global energy company leveraging talent, innovation & technology.