Eco Wave Power (NASDAQ: WAVE) announced today that it received its first purchase order from Bharat Petroleum Corporation Limited (BPCL), one of India's largest government-owned energy companies and a Fortune 500 corporation.
The order marks the first concrete step toward developing a wave energy project in Mumbai, India, following an agreement the two companies signed in 2025.
Under the purchase order, Eco Wave Power will conduct a feasibility study at Bharat Petroleum's Marine Oil Terminals at Jawahar Deep in Mumbai. The study will evaluate whether the company's technology can be installed at the facility to generate electricity from ocean waves. The work is expected to take approximately four months.
Turning ocean waves into electricity
Eco Wave Power has developed technology that captures the movement of ocean waves and converts it into electricity.
The system uses floating devices attached to existing coastal structures, including piers, breakwaters, and jetties. As waves move the floats up and down, the equipment transfers that motion into electricity.
Unlike some offshore wave energy technologies, Eco Wave Power keeps much of its equipment on land, which could make installation and maintenance easier and cheaper.
The company already operates a grid-connected wave energy installation in Israel and has launched a pilot project at the Port of Los Angeles in collaboration with Shell Marine Renewable Energy. Now, it's looking to expand into India.
India has enormous wave energy potential
According to India's Ministry of New and Renewable Energy, the country has approximately 40,000 megawatts of potential ocean energy resources along its coastline.
For perspective, that's equivalent to 40 gigawatts of generating capacity, although the estimate represents theoretical potential rather than electricity that can currently be produced commercially.
Bharat Petroleum has also committed to achieving net-zero emissions by 2040 and is exploring renewable energy technologies as part of that effort.
The latest purchase order moves that agreement into its first implementation phase. If the assessment produces favorable results, the companies could move forward with a pilot installation and potentially explore larger commercial projects elsewhere in India.
.jpg)
Publication Date
October 29, 2026
Category
Energy
Jeff Siegel
Senior Content Contributor
