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 moves from MoU to paid site assessment with BPCL in Mumbai.

What the company is saying

Eco Wave Power Global AB (NASDAQ:WAVE) is announcing a concrete advance in its collaboration with Bharat Petroleum Corporation Limited (BPCL) by securing a purchase order for an initial site assessment at BPCL's Marine Oil Terminals in Mumbai. The company frames this as the first implementation phase following a 2025 Memorandum of Understanding, emphasizing the transition from vision to action. The announcement highlights the technical feasibility study as a gateway to a planned pilot installation, with the assessment to be completed within four months. Management, including CEO Inna Braverman, underscores India's estimated 40,000 MW ocean energy potential and positions the BPCL partnership as a foundation for larger commercial-scale projects. The tone is optimistic, referencing global expansion and the company's 404.7 MW project pipeline, but focuses on the significance of major institutional partners and government presence at the MoU signing. The company does not disclose the financial value of the purchase order or any revenue impact, instead stressing the strategic and technical progress.

What the data suggests

The only committed step is the issuance of a purchase order by BPCL for a site assessment at Jawahar Deep, Mumbai, marking the first tangible phase after the 2025 MoU. The assessment will cover a detailed site work plan, a metocean study, and a final report, all to be delivered within four months. No financial figures, contract value, or revenue impact are disclosed. India's Ministry of New and Renewable Energy estimates 40,000 MW of ocean energy potential, but this is a national technical figure, not a project-specific or company-addressable number. Eco Wave Power's global project pipeline is stated as 404.7 MW, spanning Portugal, Taiwan, and India, but these are planned, not committed, projects. The company operates Israel's first grid-connected wave energy station and a pilot in Los Angeles, but no operational or financial metrics for those assets are provided. The announcement is specific about the next step (site assessment) but does not commit to a pilot build or commercial deployment, and no timeline or funding for those later phases is given.

Analysis

The announcement is upbeat, highlighting the issuance of a purchase order for a site assessment as a concrete step forward in the collaboration with BPCL. However, the majority of the key claims are forward-looking: the site assessment is only the first phase, with any pilot installation and commercial-scale deployment contingent on its outcome. The project pipeline figure (404.7 MW) and India's 40,000 MW ocean energy potential are cited to suggest scale, but these are aspirational and not tied to committed projects or revenue. No financial metrics (revenue, profit, cash flow) are disclosed, and the only near-term milestone is the completion of the assessment within four months; all material benefits (pilot, commercial deployment) are long-term and uncertain. The capital intensity is flagged by the large pipeline and the implied scale of future projects, but there is no evidence of committed funding or immediate earnings impact. The narrative inflates the significance of the milestone by referencing global expansion and large market potential, while the actual progress is limited to an early-stage feasibility study.

Risk flags

• ●The project is at a very early stage, with only a site assessment purchase order issued and no commitment yet to build a pilot or commercial facility. This means project execution risk is high, as subsequent phases depend on technical feasibility, regulatory approvals, and further agreements.
• ●No financial terms or contract value for the site assessment are disclosed, limiting visibility into the economic impact of this milestone and making it difficult to assess the company's ability to convert technical progress into revenue or profit.
• ●The company references a large project pipeline (404.7 MW) and India's 40,000 MW ocean energy potential, but these figures are aspirational and not tied to binding contracts or funded projects, increasing the risk of overstatement and investor misinterpretation of scale.
• ●The success of future phases depends on the willingness of BPCL and Indian authorities to proceed beyond the assessment, and the presence of government and institutional figures at the MoU signing does not guarantee follow-through or funding for later stages.

Bottom line

Eco Wave Power has secured a paid site assessment contract with BPCL, moving its India ambitions from a memorandum to an actionable project milestone. The assessment, to be completed within four months, is a necessary but early step toward a potential pilot installation at BPCL's Mumbai marine terminals. The announcement is credible in reporting the purchase order and specific work plan, but all references to India's 40,000 MW potential and the company's 404.7 MW pipeline are not yet linked to committed or revenue-generating projects. No financial impact or contract value is disclosed, and there is no guarantee the project will advance beyond the assessment phase. Investors should focus on whether the assessment leads to a binding pilot or commercial-scale contract, as this would be the true inflection point for value creation. The most important takeaway is that execution risk remains high until a build decision and funding are secured.

Announcement summary

(NASDAQ:WAVE) Eco Wave Power Global AB (publ) announced the issuance of a purchase order by Bharat Petroleum Corporation Limited (BPCL) for the initial site assessment phase of their planned wave energy project at BPCL's Marine Oil Terminals in Mumbai, India. The purchase order covers a comprehensive site assessment study at Jawahar Deep, Mumbai, representing the first implementation phase following the Memorandum of Understanding (MoU) signed between Eco Wave Power and BPCL in 2025 during India Energy Week. The assessment will evaluate the technical feasibility and site conditions for installing Eco Wave Power's onshore wave energy technology at BPCL's marine infrastructure, with the goal of advancing a planned pilot installation. The scope of work under the purchase order includes preparation of a detailed site assessment and work plan, a metocean study of local marine conditions, and a final site assessment report. The work is scheduled to be completed within four months of the purchase order's issuance. India’s Ministry of New and Renewable Energy estimates approximately 40,000 MW of ocean energy potential along the country's coastline. BPCL has committed to achieving Net Zero emissions by 2040 and is exploring innovative renewable energy technologies as part of its sustainability strategy. Under the 2025 MoU, Eco Wave Power and BPCL agreed to explore joint development of wave energy projects in India, starting with a feasibility assessment and planned pilot installation at BPCL's Marine Oil Terminals in Mumbai, with potential for larger commercial-scale deployments. Eco Wave Power's patented technology generates electricity from ocean waves using existing marine structures such as breakwaters, piers, and jetties, with energy conversion equipment located onshore. The company operates Israel's first grid-connected wave energy power station, recognized as a 'Pioneering Technology' by the Israeli Ministry of Energy and co-funded by EDF Power Solutions. In the United States, Eco Wave Power launched the first-ever onshore wave energy pilot station at the Port of Los Angeles in collaboration with Shell Marine Renewable Energy. Eco Wave Power is expanding globally with projects planned in Portugal, Taiwan, and India, representing a project pipeline of 404.7 MW. The company has received support from the European Union Regional Development Fund, Innovate UK, and the EU Horizon 2020 program, and was honored with the United Nations Global Climate Action Award. The company's American Depositary Shares are traded on the Nasdaq Capital Market under the ticker symbol 'WAVE'.

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